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.
| Measure | HBIO | ADPT | SCND | BAX |
|---|---|---|---|---|
| Moat Score (0–100) | 37 | 38 (highest) | 37 | 37 |
| Pricing power | 89 | 91 (highest) | 55 | 61 |
| Returns on capital | 0 | 0 | 4 | 27 (highest) |
| Balance-sheet safety | 28 | 28 | 55 (highest) | 0 |
| Capital discipline | 24 | 24 | 44 | 53 (highest) |
| Margin of safety | No price data | No price data | No price data | No price data |
| Market cap | $278.6M | $3.5B | $8.0M | $11.6B |
| Moat tier | No moat | No moat | No moat | No moat |
| Filings as of | FY2025 | FY2025 | FY2025 | FY2025 |