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.
NWN · Utilities · Shallow moat
Doesn't clear the bar
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%.
CWT · Utilities · Shallow moat
Doesn't clear the bar
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%.
OPAL · Utilities · Shallow moat
Doesn't clear the bar
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 | NWN | CWT | PNW | OPAL |
|---|---|---|---|---|
| Moat Score (0–100) | 41 (highest) | 41 (highest) | 41 (highest) | 41 (highest) |
| Methodology version | moat-index@3.0.0 | moat-index@3.0.0 | moat-index@3.0.0 | moat-index@3.0.0 |
| Business trend | 79 | 62 | 69 | 80 (highest) |
| Pricing power | — | — | 100 | — |
| Returns on capital | 1 | 32 | 2 | 40 (highest) |
| Balance-sheet safety | 40 (highest) | 29 | 1 | 0 |
| Capital allocation | 44 (highest) | 43 | 33 | 44 (highest) |
| 124% above value if growth stopped today | 169% above value if growth stopped today | 84% above value if growth stopped today (largest discount to value if growth stopped today) | No price data | |
| Market cap | $2.1B | $3.0B | $12.8B | Not reported |
| Moat tier | Shallow moat | Shallow moat | Shallow moat | Shallow moat |
| Filing date | FY2025 | FY2025 | FY2025 | FY2025 |