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.
FHI · Other · 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%.
MKTX · Other · Wide moat
On the watchlist
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 | FHI | MORN | MKTX |
|---|---|---|---|
| Moat Score (0–100) | 96 (highest) | 90 | 86 |
| Methodology version | moat-index@3.0.0 | moat-index@3.0.0 | moat-index@3.0.0 |
| Business trend | 97 (highest) | 94 | 64 |
| Pricing power | — | 98 | — |
| Returns on capital | 100 (highest) | 80 | 100 (highest) |
| Balance-sheet safety | 100 (highest) | 89 | 100 (highest) |
| Capital allocation | 86 | 90 (highest) | 81 |
| 35% above value if growth stopped today | 155% above value if growth stopped today | 19% above value if growth stopped today (largest discount to value if growth stopped today) | |
| Market cap | $4.3B | $6.9B | $4.2B |
| Moat tier | Wide moat | Wide moat | Wide moat |
| Filing date | FY2025 | FY2025 | FY2025 |