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.
WATT · Technology · Shallow moat
Doesn't clear the bar
The returnsOnCapital component abstained: Not enough years of ROIC data to score returns on capital. The other four 20% weights were renormalized over the scored 80%.
| Measure | WATT | NEON | CIEN | ZDGE |
|---|---|---|---|---|
| Moat Score (0–100) | 48 (highest) | 48 (highest) | 48 (highest) | 48 (highest) |
| Methodology version | moat-index@3.0.0 | moat-index@3.0.0 | moat-index@3.0.0 | moat-index@3.0.0 |
| Business trend | 60 (highest) | 20 | 49 | 60 (highest) |
| Pricing power | 33 | 96 (highest) | 72 | 70 |
| Returns on capital | — | 0 | 33 (highest) | 11 |
| Balance-sheet safety | 55 | 100 (highest) | 37 | 55 |
| Capital allocation | 44 | 24 | 48 (highest) | 44 |
| No price data | No price data | 2504% above value if growth stopped today | No price data | |
| Market cap | $32.1M | $13M | $55.1B | Not reported |
| Moat tier | Shallow moat | Shallow moat | Shallow moat | Shallow moat |
| Filing date | FY2025 | FY2025 | FY2025 | FY2025 |