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.
VST · 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%.
CWT · 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 | VST | CWT | HNRG | NI |
|---|---|---|---|---|
| Moat Score (0–100) | 45 | 46 (highest) | 45 | 45 |
| Methodology version | moat-index@2.0.0 | moat-index@2.0.0 | moat-index@2.0.0 | moat-index@2.0.0 |
| Business trend | 68 | 80 (highest) | 65 | 61 |
| Pricing power | — | — | 33 | 100 (highest) |
| Returns on capital | 13 | 32 (highest) | 12 | 0 |
| Balance-sheet safety | 0 | 29 | 56 (highest) | 2 |
| Capital discipline | 100 (highest) | 43 | 60 | 60 |
| Price vs. high estimate | 214% above high estimate | 119% above high estimate (largest discount to high estimate) | 243% above high estimate | 157% above high estimate |
| Market cap | $53.4B | $3.1B | $691.0M | $21.7B |
| Moat tier | Shallow moat | Shallow moat | Shallow moat | Shallow moat |
| Filings as of | FY2025 | FY2025 | FY2025 | FY2025 |