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.
WMB · 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%.
ARTNA · 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%.
EVRG · 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 | KGS | WMB | ARTNA | EVRG |
|---|---|---|---|---|
| Moat Score (0–100) | 35 (highest) | 35 (highest) | 35 (highest) | 35 (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 | 60 | 78 (highest) | 77 | 56 |
| Pricing power | 65 | — | — | — |
| Returns on capital | 10 | 37 (highest) | 0 | 8 |
| Balance-sheet safety | 40 (highest) | 2 | 3 | 1 |
| Capital allocation | 0 | 24 | 61 | 75 (highest) |
| 467% above value if growth stopped today | 266% above value if growth stopped today (largest discount to value if growth stopped today) | No price data | No price data | |
| Market cap | $5.1B | $90.4B | Not reported | Not reported |
| Moat tier | No moat | No moat | No moat | No moat |
| Filing date | FY2025 | FY2025 | FY2025 | FY2025 |