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.
SMC · Utilities · 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%.
PEG · Utilities · Shallow moat
Doesn't clear the bar
AVA · 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 | SMC | PEG | NFG | AVA |
|---|---|---|---|---|
| Moat Score (0–100) | 53 | 54 (highest) | 53 | 52 |
| 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 | 63 | 71 | 83 (highest) |
| Pricing power | 100 (highest) | 100 (highest) | 96 | — |
| Returns on capital | — | 3 | 34 (highest) | 2 |
| Balance-sheet safety | 0 | 30 | 33 | 92 (highest) |
| Capital allocation | 60 | 72 (highest) | 32 | 31 |
| 1502% above value if growth stopped today | 136% above value if growth stopped today | 42% above value if growth stopped today (largest discount to value if growth stopped today) | 62% above value if growth stopped today | |
| Market cap | $415M | $36.7B | $7.5B | $3.1B |
| Moat tier | Shallow moat | Shallow moat | Shallow moat | Shallow moat |
| Filing date | FY2025 | FY2025 | FY2025 | FY2025 |