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.
IMCR · 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%.
THC · Healthcare · 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%.
| Measure | IMCR | THC | RGEN | BMRN |
|---|---|---|---|---|
| Moat Score (0–100) | 58 (highest) | 58 (highest) | 58 (highest) | 57 |
| Methodology version | moat-index@2.0.0 | moat-index@2.0.0 | moat-index@2.0.0 | moat-index@2.0.0 |
| Business trend | 70 | 54 | 77 | 91 (highest) |
| Pricing power | 100 (highest) | — | 85 | 99 |
| Returns on capital | — | 49 (highest) | 11 | 0 |
| Balance-sheet safety | 28 | 28 | 56 | 73 (highest) |
| Capital discipline | 33 | 100 (highest) | 60 | 24 |
| Price vs. high estimate | No price data | 9% below high estimate (largest discount to high estimate) | 608% above high estimate | 483% above high estimate |
| Market cap | $1.7B | $16.9B | $8.2B | $11.4B |
| Moat tier | Shallow moat | Shallow moat | Shallow moat | Shallow moat |
| Filings as of | FY2025 | FY2025 | FY2025 | FY2025 |