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 | NEPH | VIR | CLDX | PAHC |
|---|---|---|---|---|
| Moat Score (0–100) | 48 | 49 (highest) | 48 | 48 |
| Pricing power | 92 | 99 (highest) | 95 | 56 |
| Returns on capital | 4 | 10 | 0 | 69 (highest) |
| Balance-sheet safety | 73 (highest) | 55 | 55 | 30 |
| Capital discipline | 24 | 24 | 44 (highest) | 22 |
| Margin of safety | No price data | No price data | No price data | No price data |
| Market cap | $40.2M | $1.3B | $2.4B | — |
| Moat tier | Shallow moat | Shallow moat | Shallow moat | Shallow moat |
| Filings as of | FY2025 | FY2025 | FY2025 | FY2025 |