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.
ADPT · Healthcare · Shallow moat
Doesn't clear the bar
GUTS · Healthcare · 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 | IART | ADPT | GUTS | TELA |
|---|---|---|---|---|
| Moat Score (0–100) | 40 | 41 (highest) | 41 (highest) | 40 |
| Methodology version | moat-index@3.0.0 | moat-index@3.0.0 | moat-index@3.0.0 | moat-index@3.0.0 |
| Business trend | 38 | 60 | 20 | 65 (highest) |
| Pricing power | 95 (highest) | 91 | 54 | 85 |
| Returns on capital | 5 (highest) | 0 | — | 0 |
| Balance-sheet safety | 28 | 28 | 55 (highest) | 28 |
| Capital allocation | 36 (highest) | 24 | 33 | 24 |
| 105% above value if growth stopped today | No price data | No price data | No price data | |
| Market cap | $1.5B | $3.4B | $119M | $30.8M |
| Moat tier | Shallow moat | Shallow moat | Shallow moat | Shallow moat |
| Filing date | FY2025 | FY2025 | FY2025 | FY2025 |