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.
| Measure | TRGP | CWST | CNP | SR |
|---|---|---|---|---|
| Moat Score (0–100) | 33 | 34 (highest) | 34 (highest) | 33 |
| Pricing power | 15 | 58 | 78 | 80 (highest) |
| Returns on capital | 21 (highest) | 5 | 0 | 0 |
| Balance-sheet safety | 53 (highest) | 17 | 1 | 1 |
| Capital discipline | 60 (highest) | 60 (highest) | 54 | 43 |
| Margin of safety | 157% above value | 647% above value | 141% above value | 72% above value (highest margin of safety) |
| Market cap | $60.7B | $6.1B | $28.2B | $4.8B |
| Moat tier | No moat | No moat | No moat | No moat |
| Filings as of | FY2025 | FY2025 | FY2025 | FY2025 |