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.

Warner Music Group Corp.

WMG · Communications · Shallow moat

Shallow moat

Doesn't clear the bar

SPOK HOLDINGS, INC.

SPOK · Communications · Shallow moat

Shallow moat

Doesn't clear the bar

ZIFF DAVIS, INC.

ZD · Communications · Shallow moat

Shallow moat

Doesn't clear the bar

GLOBALSTAR, INC.

GSAT · Communications · Shallow moat

Shallow moat

Doesn't clear the bar

Measure	WMG	SPOK	ZD	GSAT
Moat Score (0–100)	58	59 (highest)	58	58
Pricing power	80	100 (highest)	100 (highest)	100 (highest)
Returns on capital	57 (highest)	11	43	0
Balance-sheet safety	14	100 (highest)	35	95
Capital discipline	69 (highest)	27	40	44
Margin of safety	No price data	24% above value	10% above value (highest margin of safety)	No price data
Market cap	—	$219.3M	$2.1B	$150.2B
Moat tier	Shallow moat	Shallow moat	Shallow moat	Shallow moat
Filings as of	FY2025	FY2025	FY2025	FY2025

Scores reflect business quality, not buy/sell signals. Educational only — not investment advice, and not a recommendation on any company shown. See the methodology and disclaimer.