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.
MDAI · Healthcare · 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%.
| Measure | TBPH | SNOA | ARQT | MDAI |
|---|---|---|---|---|
| Moat Score (0–100) | 44 (highest) | 44 (highest) | 44 (highest) | 44 (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 | 70 (highest) | 65 | 70 (highest) | 20 |
| Pricing power | 70 | 54 | 97 (highest) | 76 |
| Returns on capital | 0 (highest) | 0 (highest) | 0 (highest) | — |
| Balance-sheet safety | 28 | 55 (highest) | 28 | 55 (highest) |
| Capital allocation | 51 (highest) | 44 | 24 | 24 |
| No price data | No price data | No price data | No price data | |
| Market cap | $861M | $2.1M | $3.4B | $50.3M |
| Moat tier | Shallow moat | Shallow moat | Shallow moat | Shallow moat |
| Filing date | FY2025 | FY2026 | FY2025 | FY2025 |