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.
HWM · Industrials · 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%.
NELR · Industrials · 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%.
| Measure | HWM | ZBRA | ALH | NELR |
|---|---|---|---|---|
| Moat Score (0–100) | 59 (highest) | 59 (highest) | 59 (highest) | 58 |
| Methodology version | moat-index@3.0.0 | moat-index@3.0.0 | moat-index@3.0.0 | moat-index@3.0.0 |
| Business trend | 100 (highest) | 28 | 90 | 60 |
| Pricing power | — | 79 (highest) | 62 | 70 |
| Returns on capital | 25 | 44 | 100 (highest) | — |
| Balance-sheet safety | 65 | 63 | 28 | 78 (highest) |
| Capital discipline | 44 | 80 (highest) | 15 | 24 |
| Price vs. high estimate | 689% above high estimate | No price data | 216% above high estimate (largest discount to high estimate) | No price data |
| Market cap | $116.2B | Not reported | $5.1B | Not reported |
| Moat tier | Shallow moat | Shallow moat | Shallow moat | Shallow moat |
| Filings as of | FY2025 | FY2025 | FY2025 | FY2025 |