The Moat Index

Compare moats, side by side.

Two to four companies, scored on the same four filters from their SEC filings — so the comparison is apples to apples. The method is fully public.

FIGMA, INC.

FIG · Technology · Shallow moat

Shallow moat

Doesn't clear the bar

BlackBerry Limited

BB · Technology · Shallow moat

Shallow moat

Doesn't clear the bar

Certara, Inc.

CERT · Technology · Shallow moat

Shallow moat

Doesn't clear the bar

COURSERA, INC.

COUR · Technology · Shallow moat

Shallow moat

Doesn't clear the bar

Measure	FIG	BB	CERT	COUR
Moat Score (0–100)	45 (highest)	45 (highest)	45 (highest)	45 (highest)
Pricing power	98	96	100 (highest)	84
Returns on capital	0	4 (highest)	0	0
Balance-sheet safety	55	70 (highest)	40	55
Capital discipline	24	5	36	44 (highest)
Margin of safety	No price data	No price data	560% above value	No price data
Market cap	$8.1B	$5.3B	$1.1B	$933.5M
Moat tier	Shallow moat	Shallow moat	Shallow moat	Shallow moat
Filings as of	FY2025	FY2026	FY2025	FY2025

Scores reflect business quality, not buy/sell signals. Educational only — not investment advice, and not a recommendation on any company shown. See the methodology and disclaimer.