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.

NCS Multistage Holdings, Inc.

NCSM · Materials · Shallow moat

Shallow moat

Doesn't clear the bar

BASSETT FURNITURE INDUSTRIES, INCORPORATED

BSET · Materials · Shallow moat

Shallow moat

Doesn't clear the bar

AXIL Brands, Inc.

AXIL · Materials · Shallow moat

Shallow moat

Doesn't clear the bar

VERA BRADLEY, INC.

VRA · Materials · Shallow moat

Shallow moat

Doesn't clear the bar

Measure	NCSM	BSET	AXIL	VRA
Moat Score (0–100)	52	54 (highest)	53	52
Pricing power	64	87 (highest)	79	86
Returns on capital	4	15 (highest)	15 (highest)	7
Balance-sheet safety	100 (highest)	73	100 (highest)	55
Capital discipline	60	41	24	64 (highest)
Margin of safety	358% above value	62% above value (highest margin of safety)	308% above value	No price data
Market cap	$111.0M	$186.9M	$38.7M	$104.9M
Moat tier	Shallow moat	Shallow moat	Shallow moat	Shallow moat
Filings as of	FY2025	FY2025	FY2025	FY2026

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.