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.
KEX · 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%.
| Measure | KEX | PLOW | BCO | STLD |
|---|---|---|---|---|
| Moat Score (0–100) | 56 (highest) | 56 (highest) | 56 (highest) | 56 (highest) |
| Methodology version | moat-index@3.0.0 | moat-index@3.0.0 | moat-index@3.0.0 | moat-index@3.0.0 |
| Business trend | 85 | 75 | 87 (highest) | 24 |
| Pricing power | — | 41 (highest) | 39 | 5 |
| Returns on capital | 0 | 49 | 38 | 76 (highest) |
| Balance-sheet safety | 62 | 78 (highest) | 17 | 77 |
| Capital discipline | 77 | 39 | 100 (highest) | 97 |
| Price vs. high estimate | 222% above high estimate | 103% above high estimate | 19% above high estimate | 19% below high estimate (largest discount to high estimate) |
| Market cap | $8.0B | $1.1B | $5.0B | $35.8B |
| Moat tier | Shallow moat | Shallow moat | Shallow moat | Shallow moat |
| Filings as of | FY2025 | FY2025 | FY2025 | FY2025 |