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 | NI | PCYO | LNG | LNT |
|---|---|---|---|---|
| Moat Score (0–100) | 42 | 44 (highest) | 43 | 41 |
| Pricing power | 100 (highest) | 51 | 64 | 100 (highest) |
| Returns on capital | 0 | 4 | 28 (highest) | 3 |
| Balance-sheet safety | 2 | 95 (highest) | 45 | 0 |
| Capital discipline | 60 (highest) | 41 | 31 | 48 |
| Margin of safety | 61% above value | 100% above value | No price data | 55% above value (highest margin of safety) |
| Market cap | $22.0B | $257.5M | — | $19.2B |
| Moat tier | Shallow moat | Shallow moat | Shallow moat | Shallow moat |
| Filings as of | FY2025 | FY2025 | FY2025 | FY2025 |