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.
FRHC · Other · Shallow moat
Doesn't clear the bar
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%.
ICE · Other · Shallow moat
Doesn't clear the bar
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%.
COHN · Other · Shallow moat
Doesn't clear the bar
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 | FRHC | ICE | COHN | NDAQ |
|---|---|---|---|---|
| Moat Score (0–100) | 54 | 56 (highest) | 55 | 54 |
| Methodology version | moat-index@2.0.0 | moat-index@2.0.0 | moat-index@2.0.0 | moat-index@2.0.0 |
| Business trend | 86 | 94 (highest) | 65 | 79 |
| Pricing power | 28 | — | — | 96 (highest) |
| Returns on capital | — | 18 | 38 (highest) | 16 |
| Balance-sheet safety | 78 (highest) | 25 | 55 | 19 |
| Capital discipline | 25 | 85 (highest) | 60 | 60 |
| Price vs. high estimate | 324% above high estimate | 86% above high estimate (largest discount to high estimate) | No price data | 159% above high estimate |
| Market cap | $9.7B | $80.3B | $27.0M | $52.4B |
| Moat tier | Shallow moat | Shallow moat | Shallow moat | Shallow moat |
| Filings as of | FY2026 | FY2025 | FY2025 | FY2025 |