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.
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%.
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%.
CEG · 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 | OPAL | PNW | NWN | CEG |
|---|---|---|---|---|
| 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 | 80 (highest) | 69 | 79 | 64 |
| Pricing power | — | 100 | — | — |
| Returns on capital | 40 (highest) | 2 | 1 | 6 |
| Balance-sheet safety | 0 | 1 | 40 | 52 (highest) |
| Capital allocation | 44 (highest) | 33 | 44 (highest) | 42 |
| No price data | 80% above value if growth stopped today (largest discount to value if growth stopped today) | 112% above value if growth stopped today | 229% above value if growth stopped today | |
| Market cap | Not reported | $12.5B | $2.0B | $84.7B |
| Moat tier | Shallow moat | Shallow moat | Shallow moat | Shallow moat |
| Filing date | FY2025 | FY2025 | FY2025 | FY2025 |