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.
INDV · Healthcare · Narrow moat
On the watchlist
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%.
PBH · Healthcare · Narrow moat
Wonderful & reasonably priced
| Measure | INDV | CSBR | PBH | CHE |
|---|---|---|---|---|
| Moat Score (0–100) | 70 | 71 (highest) | 70 | 70 |
| Methodology version | moat-index@2.0.0 | moat-index@2.0.0 | moat-index@2.0.0 | moat-index@2.0.0 |
| Business trend | 78 | 74 | 90 (highest) | 82 |
| Pricing power | 100 (highest) | 75 | 94 | 0 |
| Returns on capital | — | 83 | 13 | 100 (highest) |
| Balance-sheet safety | 58 | 100 (highest) | 62 | 73 |
| Capital discipline | 43 | 24 | 92 | 95 (highest) |
| Price vs. high estimate | No price data | 1989% above high estimate | 36% below high estimate (largest discount to high estimate) | 137% above high estimate |
| Market cap | $4.9B | $84.0M | $2.4B | $7.1B |
| Moat tier | Narrow moat | Narrow moat | Narrow moat | Narrow moat |
| Filings as of | FY2025 | FY2025 | FY2026 | FY2025 |