The Moat Index
Compare moats, side by side.
Two to four companies, scored on the same four filters from their SEC filings — so the comparison is apples to apples. The method is fully public.
| Measure | WEC | DUK | XEL | HNRG |
|---|---|---|---|---|
| Moat Score (0–100) | 39 | 41 (highest) | 39 | 39 |
| Pricing power | 96 | 100 (highest) | 100 (highest) | 33 |
| Returns on capital | 3 | 0 | 3 | 18 (highest) |
| Balance-sheet safety | 1 | 1 | 0 | 56 (highest) |
| Capital discipline | 43 | 52 | 41 | 60 (highest) |
| Margin of safety | 45% above value | 38% above value (highest margin of safety) | 54% above value | 115% above value |
| Market cap | $36.9B | $97.3B | $49.1B | $700.2M |
| Moat tier | No moat | Shallow moat | No moat | No moat |
| Filings as of | FY2025 | FY2025 | FY2025 | FY2025 |