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.
| Measure | NCMI | ON | HQY | NEON |
|---|---|---|---|---|
| Moat Score (0–100) | 54 (highest) | 54 (highest) | 54 (highest) | 54 (highest) |
| Pricing power | 100 (highest) | 51 | 96 | 96 |
| Returns on capital | 14 | 62 (highest) | 14 | 0 |
| Balance-sheet safety | 55 | 40 | 46 | 100 (highest) |
| Capital discipline | 44 | 61 (highest) | 60 | 24 |
| Margin of safety | No price data | 98% above value (highest margin of safety) | 123% above value | No price data |
| Market cap | $352.9M | $34.7B | $8.3B | $14.4M |
| Moat tier | Shallow moat | Shallow moat | Shallow moat | Shallow moat |
| Filings as of | FY2025 | FY2025 | FY2026 | FY2025 |