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 | HNRG | XEL | WEC | PNW |
|---|---|---|---|---|
| Moat Score (0–100) | 39 (highest) | 39 (highest) | 39 (highest) | 38 |
| Pricing power | 33 | 100 (highest) | 96 | 100 (highest) |
| Returns on capital | 18 (highest) | 3 | 3 | 2 |
| Balance-sheet safety | 56 (highest) | 0 | 1 | 1 |
| Capital discipline | 60 (highest) | 41 | 43 | 33 |
| Margin of safety | 115% above value | 54% above value | 45% above value (highest margin of safety) | 87% above value |
| Market cap | $700.2M | $49.1B | $36.9B | $13.0B |
| Moat tier | No moat | No moat | No moat | No moat |
| Filings as of | FY2025 | FY2025 | FY2025 | FY2025 |