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 | NRG | PNW | OGE | CWST |
|---|---|---|---|---|
| Moat Score (0–100) | 35 | 38 (highest) | 37 | 34 |
| Pricing power | 14 | 100 (highest) | 86 | 58 |
| Returns on capital | 56 (highest) | 2 | 5 | 5 |
| Balance-sheet safety | 7 | 1 | 2 | 17 (highest) |
| Capital discipline | 64 (highest) | 33 | 44 | 60 |
| Margin of safety | 41% above value (highest margin of safety) | 87% above value | 92% above value | 647% above value |
| Market cap | $24.6B | $13.0B | $10.0B | $6.1B |
| Moat tier | No moat | No moat | No moat | No moat |
| Filings as of | FY2025 | FY2025 | FY2025 | FY2025 |