The Moat Index

Compare moats, side by side.

Two to four companies, scored on the same four filters from their SEC filings — so the comparison is apples to apples. The method is fully public.

CHENIERE ENERGY, INC.

LNG · Utilities · Shallow moat

Shallow moat

Doesn't clear the bar

WASTE CONNECTIONS, INC.

WCN · Utilities · Shallow moat

Shallow moat

Doesn't clear the bar

PURE CYCLE CORPORATION

PCYO · Utilities · Shallow moat

Shallow moat

Doesn't clear the bar

NISOURCE INC.

NI · Utilities · Shallow moat

Shallow moat

Doesn't clear the bar

Measure	LNG	WCN	PCYO	NI
Moat Score (0–100)	43	44 (highest)	44 (highest)	42
Pricing power	64	71	51	100 (highest)
Returns on capital	28 (highest)	6	4	0
Balance-sheet safety	45	22	95 (highest)	2
Capital discipline	31	85 (highest)	41	60
Margin of safety	No price data	193% above value	100% above value	61% above value (highest margin of safety)
Market cap	—	$43.9B	$257.5M	$22.0B
Moat tier	Shallow moat	Shallow moat	Shallow moat	Shallow moat
Filings as of	FY2025	FY2025	FY2025	FY2025

Scores reflect business quality, not buy/sell signals. Educational only — not investment advice, and not a recommendation on any company shown. See the methodology and disclaimer.