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.
VG · Utilities · No 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%.
GWRS · Utilities · No 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%.
FE · Utilities · No 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 | VG | GWRS | PESI | FE |
|---|---|---|---|---|
| Moat Score (0–100) | 17 (highest) | 17 (highest) | 17 (highest) | 16 |
| Methodology version | moat-index@2.0.0 | moat-index@2.0.0 | moat-index@2.0.0 | moat-index@2.0.0 |
| Business trend | 50 (highest) | 45 | 30 | 39 |
| Pricing power | — | — | 2 | — |
| Returns on capital | 13 (highest) | 0 | 0 | 0 |
| Balance-sheet safety | 4 | 0 | 28 (highest) | 0 |
| Capital discipline | 0 | 24 (highest) | 24 (highest) | 24 (highest) |
| Price vs. high estimate | 24% above high estimate (largest discount to high estimate) | 104% above high estimate | No price data | 147% above high estimate |
| Market cap | $37.7B | $202.2M | $305.0M | $28.0B |
| Moat tier | No moat | No moat | No moat | No moat |
| Filings as of | FY2025 | FY2025 | FY2025 | FY2025 |