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.

PURE CYCLE CORPORATION

PCYO · Utilities · Shallow moat

Shallow moat

Doesn't clear the bar

Clearway Energy, Inc.

CWEN · Utilities · Shallow moat

Shallow moat

Doesn't clear the bar

WASTE CONNECTIONS, INC.

WCN · Utilities · Shallow moat

Shallow moat

Doesn't clear the bar

CHENIERE ENERGY, INC.

LNG · Utilities · Shallow moat

Shallow moat

Doesn't clear the bar

Measure	PCYO	CWEN	WCN	LNG
Moat Score (0–100)	44	45 (highest)	44	43
Pricing power	51	70	71 (highest)	64
Returns on capital	4	25	6	28 (highest)
Balance-sheet safety	95 (highest)	28	22	45
Capital discipline	41	52	85 (highest)	31
Margin of safety	100% above value	12% below value (highest margin of safety)	193% above value	No price data
Market cap	$257.5M	$6.8B	$43.9B	—
Moat tier	Shallow moat	Shallow moat	Shallow moat	Shallow moat
Filings as of	FY2025	FY2025	FY2025	FY2025

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.