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.
MERC · Materials · 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%.
AREC · Materials · No 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%.
| Measure | MERC | AREC | WBTN | KARX |
|---|---|---|---|---|
| Moat Score (0–100) | 29 | 30 (highest) | 30 (highest) | 29 |
| Methodology version | moat-index@2.0.0 | moat-index@2.0.0 | moat-index@2.0.0 | moat-index@2.0.0 |
| Business trend | 36 | 20 | 54 (highest) | 50 |
| Pricing power | — | 0 | 42 (highest) | 16 |
| Returns on capital | 16 (highest) | — | 0 | 0 |
| Balance-sheet safety | 28 | 55 (highest) | 28 | 55 (highest) |
| Capital discipline | 37 | 44 (highest) | 24 | 24 |
| Price vs. high estimate | 193% above high estimate | No price data | No price data | No price data |
| Market cap | $43.4M | $167.9M | $1.3B | $14.2M |
| Moat tier | No moat | No moat | No moat | No moat |
| Filings as of | FY2025 | FY2025 | FY2025 | FY2025 |