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.
WELPM · Utilities · Shallow moat
Doesn't clear the bar
The businessTrend component abstained: Fewer than two aligned fiscal years of revenue and diluted EPS are available; the filing history does not contain a measurable trend. 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%.
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%.
| Measure | PNW | WELPM | CWT | NWN |
|---|---|---|---|---|
| Moat Score (0–100) | 41 | 42 (highest) | 41 | 41 |
| Methodology version | moat-index@3.0.0 | moat-index@3.0.0 | moat-index@3.0.0 | moat-index@3.0.0 |
| Business trend | 69 | — | 62 | 79 (highest) |
| Pricing power | 100 (highest) | 99 | — | — |
| Returns on capital | 2 | 16 | 32 (highest) | 1 |
| Balance-sheet safety | 1 | 16 | 29 | 40 (highest) |
| Capital allocation | 33 | 35 | 43 | 44 (highest) |
| 77% above value if growth stopped today (largest discount to value if growth stopped today) | No price data | 144% above value if growth stopped today | 110% above value if growth stopped today | |
| Market cap | $12.3B | $3.4B | $2.7B | $2.0B |
| Moat tier | Shallow moat | Shallow moat | Shallow moat | Shallow moat |
| Filing date | FY2025 | FY2025 | FY2025 | FY2025 |