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.
AM · Utilities · 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%.
EXC · Utilities · 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 | HNRG | AM | PCYO | EXC |
|---|---|---|---|---|
| Moat Score (0–100) | 47 | 48 (highest) | 47 | 47 |
| Methodology version | moat-index@3.0.0 | moat-index@3.0.0 | moat-index@3.0.0 | moat-index@3.0.0 |
| Business trend | 75 | 86 | 50 | 96 (highest) |
| Pricing power | 33 | — | 51 (highest) | — |
| Returns on capital | 12 (highest) | 11 | 0 | 1 |
| Balance-sheet safety | 56 | 51 | 95 (highest) | 40 |
| Capital allocation | 60 (highest) | 44 | 41 | 52 |
| 232% above value if growth stopped today | 135% above value if growth stopped today | 99% above value if growth stopped today | 88% above value if growth stopped today (largest discount to value if growth stopped today) | |
| Market cap | $668M | $10.8B | $257M | $48.6B |
| Moat tier | Shallow moat | Shallow moat | Shallow moat | Shallow moat |
| Filing date | FY2025 | FY2025 | FY2025 | FY2025 |