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.
| Measure | VAL | HL | NOG | EL |
|---|---|---|---|---|
| Moat Score (0–100) | 51 | 52 (highest) | 51 | 50 |
| Methodology version | moat-index@3.0.0 | moat-index@3.0.0 | moat-index@3.0.0 | moat-index@3.0.0 |
| Business trend | 85 (highest) | 85 (highest) | 75 | 14 |
| Pricing power | 0 | 11 | 92 | 99 (highest) |
| Returns on capital | 8 | 4 | 39 | 86 (highest) |
| Balance-sheet safety | 100 (highest) | 100 (highest) | 28 | 0 |
| Capital allocation | 60 (highest) | 60 (highest) | 24 | 53 |
| 20% below value if growth stopped today (largest discount to value if growth stopped today) | No price data | No price data | 158% above value if growth stopped today | |
| Market cap | $5.5B | Not reported | $2.1B | $28.9B |
| Moat tier | Shallow moat | Shallow moat | Shallow moat | Shallow moat |
| Filing date | FY2025 | FY2025 | FY2025 | FY2025 |