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.
IDA · Utilities · 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%.
NJR · Utilities · 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%.
VST · Utilities · 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 | IDA | TRGP | NJR | VST |
|---|---|---|---|---|
| Moat Score (0–100) | 40 | 41 (highest) | 40 | 39 |
| Methodology version | moat-index@3.0.0 | moat-index@3.0.0 | moat-index@3.0.0 | moat-index@3.0.0 |
| Business trend | 82 | 58 | 95 (highest) | 45 |
| Pricing power | — | 15 | — | — |
| Returns on capital | 39 (highest) | 18 | 5 | 13 |
| Balance-sheet safety | 0 | 53 (highest) | 5 | 0 |
| Capital allocation | 40 | 60 | 56 | 100 (highest) |
| 181% above value if growth stopped today | 314% above value if growth stopped today | 98% above value if growth stopped today (largest discount to value if growth stopped today) | 427% above value if growth stopped today | |
| Market cap | $8.2B | $60.4B | $6.0B | $55.2B |
| Moat tier | Shallow moat | Shallow moat | Shallow moat | No moat |
| Filing date | FY2025 | FY2025 | FY2025 | FY2025 |