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 | OGE | HNRG | PNW | NRG |
|---|---|---|---|---|
| Moat Score (0–100) | 37 | 39 (highest) | 38 | 35 |
| Pricing power | 86 | 33 | 100 (highest) | 14 |
| Returns on capital | 5 | 18 | 2 | 56 (highest) |
| Balance-sheet safety | 2 | 56 (highest) | 1 | 7 |
| Capital discipline | 44 | 60 | 33 | 64 (highest) |
| Margin of safety | 92% above value | 115% above value | 87% above value | 41% above value (highest margin of safety) |
| Market cap | $10.0B | $700.2M | $13.0B | $24.6B |
| Moat tier | No moat | No moat | No moat | No moat |
| Filings as of | FY2025 | FY2025 | FY2025 | FY2025 |