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.
NEE · Utilities · 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%.
WTRG · Utilities · 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%.
| Measure | NEE | XEL | CWST | WTRG |
|---|---|---|---|---|
| Moat Score (0–100) | 43 (highest) | 43 (highest) | 43 (highest) | 42 |
| Methodology version | moat-index@2.0.0 | moat-index@2.0.0 | moat-index@2.0.0 | moat-index@2.0.0 |
| Business trend | 74 | 70 | 74 | 86 (highest) |
| Pricing power | — | 100 (highest) | 58 | — |
| Returns on capital | 3 | 3 | 5 (highest) | 4 |
| Balance-sheet safety | 40 (highest) | 0 | 17 | 2 |
| Capital discipline | 53 | 41 | 60 | 77 (highest) |
| Price vs. high estimate | 49% above high estimate (largest discount to high estimate) | 149% above high estimate | 1084% above high estimate | No price data |
| Market cap | $183.3B | $49.1B | $5.9B | — |
| Moat tier | Shallow moat | Shallow moat | Shallow moat | Shallow moat |
| Filings as of | FY2025 | FY2025 | FY2025 | FY2025 |