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.
NVAX · Healthcare · Narrow moat
On the watchlist
The returnsOnCapital component abstained: Not enough years of ROIC data to score returns on capital. The other four 20% weights were renormalized over the scored 80%.
CARL · Healthcare · Narrow moat
On the watchlist
The returnsOnCapital component abstained: Not enough years of ROIC data to score returns on capital. The other four 20% weights were renormalized over the scored 80%.
UHS · Healthcare · Narrow moat
Wonderful & reasonably priced
The pricingPower component abstained: Not enough years of gross-margin data to score pricing power. The other four 20% weights were renormalized over the scored 80%.
| Measure | NVAX | CARL | UHS | USPH |
|---|---|---|---|---|
| Moat Score (0–100) | 66 | 67 (highest) | 67 (highest) | 66 |
| Methodology version | moat-index@2.0.0 | moat-index@2.0.0 | moat-index@2.0.0 | moat-index@2.0.0 |
| Business trend | 72 | 70 | 96 (highest) | 72 |
| Pricing power | 76 | 100 (highest) | — | 35 |
| Returns on capital | — | — | 25 | 68 (highest) |
| Balance-sheet safety | 73 | 55 | 58 | 84 (highest) |
| Capital discipline | 44 | 44 | 88 (highest) | 70 |
| Price vs. high estimate | No price data | No price data | 46% below high estimate | No price data |
| Market cap | $1.3B | $301.4M | $9.7B | — |
| Moat tier | Narrow moat | Narrow moat | Narrow moat | Narrow moat |
| Filings as of | FY2025 | FY2025 | FY2025 | FY2025 |