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.
HNOI · Materials · 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%.
MXC · Materials · Shallow 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 | HNOI | ENTG | MXC | APOG |
|---|---|---|---|---|
| Moat Score (0–100) | 48 (highest) | 48 (highest) | 48 (highest) | 48 (highest) |
| Methodology version | moat-index@2.0.0 | moat-index@2.0.0 | moat-index@2.0.0 | moat-index@2.0.0 |
| Business trend | 50 | 76 (highest) | 69 | 65 |
| Pricing power | 34 | 76 (highest) | — | 36 |
| Returns on capital | — | 41 (highest) | 7 | 38 |
| Balance-sheet safety | 55 | 1 | 73 (highest) | 45 |
| Capital discipline | 52 | 46 | 43 | 53 (highest) |
| Price vs. high estimate | No price data | 676% above high estimate | 39% below high estimate | 44% below high estimate (largest discount to high estimate) |
| Market cap | $8.1M | $20.3B | $18.9M | $836.5M |
| Moat tier | Shallow moat | Shallow moat | Shallow moat | Shallow moat |
| Filings as of | FY2025 | FY2025 | FY2026 | FY2026 |