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.

ON Semiconductor Corporation

ON · Technology · Shallow moat

Shallow moat

Doesn't clear the bar

Micron Technology, Inc.

MU · Technology · Shallow moat

Shallow moat

Doesn't clear the bar

PAYSIGN, INC.

PAYS · Technology · Shallow moat

Shallow moat

Doesn't clear the bar

HEALTHEQUITY, INC.

HQY · Technology · Shallow moat

Shallow moat

Doesn't clear the bar

Measure	ON	MU	PAYS	HQY
Moat Score (0–100)	54 (highest)	54 (highest)	54 (highest)	54 (highest)
Pricing power	51	37	74	96 (highest)
Returns on capital	62 (highest)	61	0	14
Balance-sheet safety	40	96	100 (highest)	46
Capital discipline	61 (highest)	28	60	60
Margin of safety	98% above value (highest margin of safety)	803% above value	352% above value	123% above value
Market cap	$34.7B	$952.5B	$471.0M	$8.3B
Moat tier	Shallow moat	Shallow moat	Shallow moat	Shallow moat
Filings as of	FY2025	FY2025	FY2025	FY2026

Scores reflect business quality, not buy/sell signals. Educational only — not investment advice, and not a recommendation on any company shown. See the methodology and disclaimer.