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 | NEON | HQY | NCMI | ESE |
|---|---|---|---|---|
| Moat Score (0–100) | 54 (highest) | 54 (highest) | 54 (highest) | 53 |
| Pricing power | 96 | 96 | 100 (highest) | 64 |
| Returns on capital | 0 | 14 (highest) | 14 (highest) | 13 |
| Balance-sheet safety | 100 (highest) | 46 | 55 | 70 |
| Capital discipline | 24 | 60 | 44 | 79 (highest) |
| Margin of safety | No price data | 123% above value (highest margin of safety) | No price data | 279% above value |
| Market cap | $14.4M | $8.3B | $352.9M | $8.2B |
| Moat tier | Shallow moat | Shallow moat | Shallow moat | Shallow moat |
| Filings as of | FY2025 | FY2026 | FY2025 | FY2025 |