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.
GCMG · Other · Narrow 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%.
CME · Other · Narrow 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%.
VCTR · Other · Narrow 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 | GCMG | CME | CBOE | VCTR |
|---|---|---|---|---|
| Moat Score (0–100) | 71 | 72 (highest) | 71 | 70 |
| Methodology version | moat-index@2.0.0 | moat-index@2.0.0 | moat-index@2.0.0 | moat-index@2.0.0 |
| Business trend | 68 | 86 | 94 (highest) | 94 (highest) |
| Pricing power | — | — | 53 | — |
| Returns on capital | 88 (highest) | 24 | 46 | 56 |
| Balance-sheet safety | 46 | 100 (highest) | 100 (highest) | 49 |
| Capital discipline | 80 (highest) | 77 | 60 | 80 (highest) |
| Price vs. high estimate | 893% above high estimate | No price data | 93% above high estimate | 81% above high estimate (largest discount to high estimate) |
| Market cap | $2.5B | — | $29.1B | $6.3B |
| Moat tier | Narrow moat | Narrow moat | Narrow moat | Narrow moat |
| Filings as of | FY2025 | FY2025 | FY2025 | FY2025 |