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.
OPAL · 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%.
CEG · 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%.
NJR · 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 | TRGP | OPAL | CEG | NJR |
|---|---|---|---|---|
| Moat Score (0–100) | 41 (highest) | 41 (highest) | 41 (highest) | 40 |
| Methodology version | moat-index@3.0.0 | moat-index@3.0.0 | moat-index@3.0.0 | moat-index@3.0.0 |
| Business trend | 58 | 80 | 64 | 95 (highest) |
| Pricing power | 15 | — | — | — |
| Returns on capital | 18 | 40 (highest) | 6 | 5 |
| Balance-sheet safety | 53 (highest) | 0 | 52 | 5 |
| Capital allocation | 60 (highest) | 44 | 42 | 56 |
| 334% above value if growth stopped today | No price data | 229% above value if growth stopped today | 72% above value if growth stopped today (largest discount to value if growth stopped today) | |
| Market cap | $63.3B | Not reported | $84.7B | $5.2B |
| Moat tier | Shallow moat | Shallow moat | Shallow moat | Shallow moat |
| Filing date | FY2025 | FY2025 | FY2025 | FY2025 |