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.
REYN · Materials · Shallow moat
Doesn't clear the bar
The returnsOnCapital component abstained: Not enough years of ROIC data to score returns on capital. The other four 20% weights were renormalized over the scored 80%.
AR · Materials · 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%.
FSI · Materials · Shallow moat
Doesn't clear the bar
| Measure | REYN | AR | FSI | EL |
|---|---|---|---|---|
| Moat Score (0–100) | 45 (highest) | 45 (highest) | 45 (highest) | 45 (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 | 50 (highest) | 40 | 41 | 17 |
| Pricing power | 35 | — | 45 | 99 (highest) |
| Returns on capital | — | 4 | 50 | 62 (highest) |
| Balance-sheet safety | 32 | 90 | 91 (highest) | 23 |
| Capital allocation | 64 (highest) | 48 | 0 | 24 |
| 37% above value if growth stopped today (largest discount to value if growth stopped today) | 275% above value if growth stopped today | 142% above value if growth stopped today | 585% above value if growth stopped today | |
| Market cap | $4.8B | $12.4B | $81.6M | $39.6B |
| Moat tier | Shallow moat | Shallow moat | Shallow moat | Shallow moat |
| Filing date | FY2025 | FY2025 | FY2025 | FY2026 |