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.
WELPP · 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 | WELPP | 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 discipline | 33 | 35 | 43 | 44 (highest) |
| Price vs. high estimate | 69% above high estimate (largest discount to high estimate) | No price data | 116% above high estimate | 74% above high estimate |
| Market cap | $12.8B | $2.2B | $3.0B | $2.1B |
| Moat tier | Shallow moat | Shallow moat | Shallow moat | Shallow moat |
| Filings as of | FY2025 | FY2025 | FY2025 | FY2025 |