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.
TNGX · Healthcare · No 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 | HRTX | TNGX | IONS | OPCH |
|---|---|---|---|---|
| Moat Score (0–100) | 38 | 39 (highest) | 38 | 38 |
| Methodology version | moat-index@3.0.0 | moat-index@3.0.0 | moat-index@3.0.0 | moat-index@3.0.0 |
| Business trend | 65 | 55 | 33 | 95 (highest) |
| Pricing power | 75 | — | 100 (highest) | 33 |
| Returns on capital | 0 | 0 | 8 (highest) | 5 |
| Balance-sheet safety | 28 | 55 (highest) | 28 | 34 |
| Capital allocation | 24 | 44 (highest) | 24 | 24 |
| No price data | No price data | No price data | 31% above value if growth stopped today | |
| Market cap | $85.8M | $3.6B | $9.2B | $3.4B |
| Moat tier | No moat | No moat | No moat | No moat |
| Filing date | FY2025 | FY2025 | FY2025 | FY2025 |