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.
XEL · Utilities · No moat
Doesn't clear the bar
The businessTrend component abstained: Fewer than two aligned fiscal years of revenue and diluted EPS are available; the filing history does not contain a measurable trend. The other four 20% weights were renormalized over the scored 80%.
AES · Utilities · No 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%.
HTO · 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 | XEL | KNTK | AES | HTO |
|---|---|---|---|---|
| Moat Score (0–100) | 36 | 37 (highest) | 37 (highest) | 36 |
| Methodology version | moat-index@3.0.0 | moat-index@3.0.0 | moat-index@3.0.0 | moat-index@3.0.0 |
| Business trend | — | 80 | 60 | 98 (highest) |
| Pricing power | 100 (highest) | 23 | 31 | — |
| Returns on capital | 3 (highest) | 0 | — | 0 |
| Balance-sheet safety | 0 | 0 | 28 (highest) | 1 |
| Capital allocation | 41 | 80 (highest) | 28 | 45 |
| 142% above value if growth stopped today | 75% above value if growth stopped today (largest discount to value if growth stopped today) | 285% above value if growth stopped today | 121% above value if growth stopped today | |
| Market cap | $47.6B | $3.5B | $10.6B | $2.1B |
| Moat tier | No moat | No moat | No moat | No moat |
| Filing date | FY2025 | FY2025 | FY2025 | FY2025 |