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.
MTN · Communications · 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%.
NMAX · Communications · Shallow 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%.
ADEA · Communications · 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%.
CCOI · Communications · Shallow moat
Doesn't clear the bar
| Measure | MTN | NMAX | ADEA | CCOI |
|---|---|---|---|---|
| Moat Score (0–100) | 51 | 52 (highest) | 51 | 51 |
| Methodology version | moat-index@2.0.0 | moat-index@2.0.0 | moat-index@2.0.0 | moat-index@2.0.0 |
| Business trend | 81 (highest) | 70 | 50 | 58 |
| Pricing power | — | 64 | — | 81 (highest) |
| Returns on capital | 48 | — | 55 | 90 (highest) |
| Balance-sheet safety | 15 | 28 | 41 (highest) | 0 |
| Capital discipline | 60 (highest) | 44 | 59 | 24 |
| Price vs. high estimate | 3% below high estimate (largest discount to high estimate) | No price data | 63% above high estimate | 204% above high estimate |
| Market cap | $5.2B | $886.2M | $2.9B | $620.8M |
| Moat tier | Shallow moat | Shallow moat | Shallow moat | Shallow moat |
| Filings as of | FY2025 | FY2025 | FY2025 | FY2025 |