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.
KEX · Industrials · 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 | STLD | BCO | KEX | SKAS |
|---|---|---|---|---|
| Moat Score (0–100) | 56 (highest) | 56 (highest) | 56 (highest) | 56 (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 | 24 | 87 (highest) | 85 | 25 |
| Pricing power | 5 | 39 | — | 62 (highest) |
| Returns on capital | 76 | 38 | 0 | 80 (highest) |
| Balance-sheet safety | 77 (highest) | 17 | 62 | 55 |
| Capital allocation | 97 | 100 (highest) | 77 | 55 |
| 32% above value if growth stopped today | 93% above value if growth stopped today | 222% above value if growth stopped today | 52% below value if growth stopped today (largest discount to value if growth stopped today) | |
| Market cap | $35.8B | $5.0B | $8.0B | $6.7M |
| Moat tier | Shallow moat | Shallow moat | Shallow moat | Shallow moat |
| Filing date | FY2025 | FY2025 | FY2025 | FY2025 |