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.
SM · Materials · Shallow moat
Doesn't clear the bar
The capitalDiscipline component abstained: Not enough owner-earnings history to score capital discipline. The other four 20% weights were renormalized over the scored 80%.
CNR · 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%.
| Measure | SM | CDE | VMC | CNR |
|---|---|---|---|---|
| Moat Score (0–100) | 59 | 60 (highest) | 60 (highest) | 59 |
| Methodology version | moat-index@2.0.0 | moat-index@2.0.0 | moat-index@2.0.0 | moat-index@2.0.0 |
| Business trend | 71 (highest) | 65 | 70 | 52 |
| Pricing power | 86 (highest) | 65 | 42 | — |
| Returns on capital | 43 | 9 | 64 | 88 (highest) |
| Balance-sheet safety | 37 | 100 (highest) | 39 | 55 |
| Capital discipline | — | 60 | 82 (highest) | 42 |
| Price vs. high estimate | No price data | No price data | 118% above high estimate | 16% above high estimate (largest discount to high estimate) |
| Market cap | $3.6B | $9.1B | $36.6B | $4.3B |
| Moat tier | Shallow moat | Shallow moat | Shallow moat | Shallow moat |
| Filings as of | FY2025 | FY2025 | FY2025 | FY2025 |