The Moat Index
Compare moats, side by side.
Two to four companies, scored on the same five investor questions from their SEC filings — so the comparison is apples to apples. The method is fully public.
AVPT · Technology · Wide moat
On the watchlist
The returnsOnCapital component abstained: Not enough years of ROIC data to score returns on capital. The other four 20% weights were renormalized over the scored 80%.
KFY · Technology · Wide moat
Wonderful & reasonably priced
The pricingPower component abstained: Not enough years of gross-margin data to score pricing power. The other four 20% weights were renormalized over the scored 80%.
| Measure | EXLS | AVPT | FN | KFY |
|---|---|---|---|---|
| Moat Score (0–100) | 80 | 81 (highest) | 81 (highest) | 80 |
| Methodology version | moat-index@3.0.0 | moat-index@3.0.0 | moat-index@3.0.0 | moat-index@3.0.0 |
| Business trend | 100 (highest) | 80 | 100 (highest) | 49 |
| Pricing power | 60 | 100 (highest) | 29 | — |
| Returns on capital | 59 | — | 92 (highest) | 72 |
| Balance-sheet safety | 89 | 100 (highest) | 100 (highest) | 100 (highest) |
| Capital discipline | 94 | 44 | 82 | 100 (highest) |
| Price vs. high estimate | 30% above high estimate | No price data | 281% above high estimate | 17% below high estimate (largest discount to high estimate) |
| Market cap | $4.3B | $2.6B | $17.0B | $3.9B |
| Moat tier | Wide moat | Wide moat | Wide moat | Wide moat |
| Filings as of | FY2025 | FY2025 | FY2025 | FY2026 |