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.

HEALTHEQUITY, INC.

HQY · Technology · Shallow moat

Shallow moat

Doesn't clear the bar

PAYSIGN, INC.

PAYS · Technology · Shallow moat

Shallow moat

Doesn't clear the bar

ON Semiconductor Corporation

ON · Technology · Shallow moat

Shallow moat

Doesn't clear the bar

NATIONAL CINEMEDIA, INC.

NCMI · Technology · Shallow moat

Shallow moat

Doesn't clear the bar

Measure	HQY	PAYS	ON	NCMI
Moat Score (0–100)	54 (highest)	54 (highest)	54 (highest)	54 (highest)
Pricing power	96	74	51	100 (highest)
Returns on capital	14	0	62 (highest)	14
Balance-sheet safety	46	100 (highest)	40	55
Capital discipline	60	60	61 (highest)	44
Margin of safety	123% above value	352% above value	98% above value (highest margin of safety)	No price data
Market cap	$8.3B	$471.0M	$34.7B	$352.9M
Moat tier	Shallow moat	Shallow moat	Shallow moat	Shallow moat
Filings as of	FY2026	FY2025	FY2025	FY2025

Scores reflect business quality, not buy/sell signals. Educational only — not investment advice, and not a recommendation on any company shown. See the methodology and disclaimer.