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.
MRK · Healthcare · Wide 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%.
ZTS · Healthcare · Wide moat
Wonderful & reasonably priced
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 | MRK | IRMD | ISRG | ZTS |
|---|---|---|---|---|
| Moat Score (0–100) | 89 | 91 (highest) | 90 | 89 |
| Methodology version | moat-index@3.0.0 | moat-index@3.0.0 | moat-index@3.0.0 | moat-index@3.0.0 |
| Business trend | 88 | 100 (highest) | 95 | 88 |
| Pricing power | 98 | 100 (highest) | 100 (highest) | 100 (highest) |
| Returns on capital | — | 93 (highest) | 77 | — |
| Balance-sheet safety | 74 | 100 (highest) | 100 (highest) | 68 |
| Capital discipline | 97 | 60 | 77 | 100 (highest) |
| Price vs. high estimate | 24% above high estimate | 290% above high estimate | 270% above high estimate | 24% below high estimate (largest discount to high estimate) |
| Market cap | $324.1B | $1.2B | $119.8B | $32.0B |
| Moat tier | Wide moat | Wide moat | Wide moat | Wide moat |
| Filings as of | FY2025 | FY2025 | FY2025 | FY2025 |