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.
WMB · 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%.
ES · 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%.
CMS · 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 | WMB | ES | TXNM | CMS |
|---|---|---|---|---|
| Moat Score (0–100) | 29 | 30 (highest) | 29 | 29 |
| Methodology version | moat-index@2.0.0 | moat-index@2.0.0 | moat-index@2.0.0 | moat-index@2.0.0 |
| Business trend | 53 | 77 (highest) | 59 | 67 |
| Pricing power | — | — | 56 | — |
| Returns on capital | 37 (highest) | 0 | 0 | 1 |
| Balance-sheet safety | 2 (highest) | 1 | 0 | 0 |
| Capital discipline | 24 | 41 | 33 | 45 (highest) |
| Price vs. high estimate | 126% above high estimate | 26% above high estimate | 206% above high estimate | 24% above high estimate (largest discount to high estimate) |
| Market cap | $90.6B | $27.8B | $6.3B | $22.3B |
| Moat tier | No moat | No moat | No moat | No moat |
| Filings as of | FY2025 | FY2025 | FY2025 | FY2025 |