The Moat Index

Compare moats, side by side.

Two to four companies, scored on the same four filters from their SEC filings — so the comparison is apples to apples. The method is fully public.

SUPER MICRO COMPUTER, INC.

SMCI · Technology · Shallow moat

Shallow moat

Doesn't clear the bar

CLEARFIELD, INC.

CLFD · Technology · Shallow moat

Shallow moat

Doesn't clear the bar

ENERSYS

ENS · Technology · Shallow moat

Shallow moat

Doesn't clear the bar

Emerald Holding, Inc.

EEX · Technology · Shallow moat

Shallow moat

Doesn't clear the bar

Measure	SMCI	CLFD	ENS	EEX
Moat Score (0–100)	55	56 (highest)	56 (highest)	55
Pricing power	19	53	38	98 (highest)
Returns on capital	58 (highest)	35	54	37
Balance-sheet safety	100 (highest)	100 (highest)	54	28
Capital discipline	60	48	86 (highest)	44
Margin of safety	25% above value (highest margin of safety)	85% above value	45% above value	207% above value
Market cap	$14.4B	$424.0M	$7.2B	$996.4M
Moat tier	Shallow moat	Shallow moat	Shallow moat	Shallow moat
Filings as of	FY2025	FY2025	FY2026	FY2025

Scores reflect business quality, not buy/sell signals. Educational only — not investment advice, and not a recommendation on any company shown. See the methodology and disclaimer.