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.
EXP · Materials · Narrow moat
Wonderful & reasonably priced
The balanceSheet component abstained: Insufficient leverage/coverage inputs to score the balance sheet. The other four 20% weights were renormalized over the scored 80%.
| Measure | NEU | EXP | PNRG | EBF |
|---|---|---|---|---|
| Moat Score (0–100) | 74 | 75 (highest) | 75 (highest) | 74 |
| Methodology version | moat-index@3.0.0 | moat-index@3.0.0 | moat-index@3.0.0 | moat-index@3.0.0 |
| Business trend | 82 | 90 (highest) | 80 | 64 |
| Pricing power | 41 | 43 | 98 (highest) | 53 |
| Returns on capital | 96 (highest) | 84 | 18 | 74 |
| Balance-sheet safety | 68 | — | 78 | 100 (highest) |
| Capital allocation | 84 | 82 | 100 (highest) | 80 |
| 57% above value if growth stopped today | 30% above value if growth stopped today | 2% below value if growth stopped today (largest discount to value if growth stopped today) | No price data | |
| Market cap | $7.3B | $6.7B | $306M | Not reported |
| Moat tier | Narrow moat | Narrow moat | Narrow moat | Narrow moat |
| Filing date | FY2025 | FY2026 | FY2025 | FY2026 |