The widest moats of 2011, scored with only what was filed then.
Scored using filings available on 2011-12-31 — no later restatements, no hindsight. 516 companies scored; the table lists the 100 widest by point-in-time moat composite. The forward returns below were joined afterward: entry is the first market close on or after Jan 1, 2012.
| # | Company | |||||
|---|---|---|---|---|---|---|
| 1 | GILEAD SCIENCES, INC.GILDfrom FY2010 10-K | Wide moat | 100.0 | 79% | 353% | 267% |
| 2 | Cimpress plcCMPRfrom FY2011 10-K | Wide moat | 96.6 | 13% | 142% | 206% |
| 3 | INTUIT INC.INTUfrom FY2011 10-K | Wide moat | 96.0 | 19% | 80% | 131% |
| 4 | HERBALIFE LTD.HLFfrom FY2010 10-K | Wide moat | 95.9 | −37% | −25% | −1% |
| 5 | MYRIAD GENETICS, INC.MYGNfrom FY2011 10-K | Wide moat | 95.7 | 32% | 65% | −19% |
| 6 | AMERICAN PUBLIC EDUCATION, INC.APEIfrom FY2010 10-KThe 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%. | Wide moat | 95.3 | −14% | −16% | −42% |
| 7 | Estee Lauder Companies IncELfrom FY2011 10-K | Wide moat | 95.2 | 10% | 39% | 46% |
| 8 | Intuitive Surgical, Inc.ISRGfrom FY2010 10-K | Wide moat | 95.2 | 5% | 11% | 36% |
| 9 | ResMed Inc.RMDfrom FY2011 10-K | Wide moat | 95.1 | 67% | 134% | 164% |
| 10 | Perdoceo Education CorporationPRDOfrom FY2010 10-KThe 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%. | Wide moat | 94.8 | −57% | −16% | 21% |
| 11 | MICROSOFT CORPORATIONMSFTfrom FY2011 10-K | Wide moat | 94.6 | 6% | 90% | 169% |
| 12 | ADVANCE AUTO PARTS, INC.AAPfrom FY2010 10-K | Wide moat | 94.5 | 5% | 131% | 150% |
| 13 | BIOGEN INC.BIIBfrom FY2010 10-K | Wide moat | 94.3 | 32% | 201% | 157% |
| 14 | Fossil Group, Inc.FOSLfrom FY2010 10-K | Wide moat | 94.3 | 19% | 39% | −67% |
| 15 | RALPH LAUREN CORPORATIONRLfrom FY2011 10-K | Wide moat | 94.0 | 12% | 38% | −29% |
| 16 | ADTRAN Holdings, Inc.ADTNfrom FY2010 10-K | Wide moat | 93.5 | −32% | −24% | −18% |
| 17 | Monster Beverage CorpMNSTfrom FY2010 10-K | Wide moat | 93.2 | 17% | 134% | 195% |
| 18 | FACTSET RESEARCH SYSTEMS INC.FDSfrom FY2011 10-KThe 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%. | Wide moat | 92.9 | 3% | 66% | 99% |
| 19 | COGNIZANT TECHNOLOGY SOLUTIONS CORPORATIONCTSHfrom FY2010 10-KThe 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%. | Wide moat | 92.9 | 16% | 60% | 72% |
| 20 | Tapestry, Inc.TPRfrom FY2011 10-K | Wide moat | 92.5 | −7% | −33% | −31% |
| 21 | STRYKER CORPSYKfrom FY2010 10-K | Wide moat | 92.2 | 11% | 93% | 152% |
| 22 | EZCORP, INC.EZPWfrom FY2011 10-K | Wide moat | 92.2 | −26% | −57% | −61% |
| 23 | GENASYS INC.GNSSfrom FY2011 10-K | Wide moat | 92.2 | −32% | 78% | 14% |
| 24 | PriceSmart, Inc.PSMTfrom FY2011 10-KThe 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%. | Wide moat | 91.8 | 10% | 30% | 23% |
| 25 | BECTON DICKINSON & COBDXfrom FY2011 10-K | Wide moat | 91.7 | 9% | 100% | 144% |
| 26 | UNDER ARMOUR, INC.UAAfrom FY2010 10-K | Wide moat | 91.7 | 34% | 271% | 231% |
| 27 | Urban Outfitters, Inc.URBNfrom FY2011 10-K | Wide moat | 90.9 | 48% | 26% | 3% |
| 28 | Covista Inc.CVSAfrom FY2011 10-K | Wide moat | 90.8 | −38% | 18% | −14% |
| 29 | DOLLAR TREE, INC.DLTRfrom FY2011 10-K | Wide moat | 90.8 | −3% | 71% | 88% |
| 30 | DECKERS OUTDOOR CORPDECKfrom FY2010 10-K | Wide moat | 90.7 | −50% | 17% | −25% |
| 31 | C.H. ROBINSON WORLDWIDE, INC.CHRWfrom FY2010 10-K | Wide moat | 90.7 | −8% | 13% | 17% |
| 32 | Waters CorporationWATfrom FY2010 10-K | Wide moat | 90.6 | 17% | 50% | 80% |
| 33 | lululemon athletica inc.LULUfrom FY2011 10-K | Wide moat | 90.6 | 57% | 18% | 42% |
| 34 | BUCKLE, INCBKEfrom FY2011 10-K | Wide moat | 90.2 | 26% | 59% | −19% |
| 35 | First Solar, Inc.FSLRfrom FY2010 10-K | Wide moat | 90.1 | −11% | 24% | −6% |
| 36 | COPART, INC.CPRTfrom FY2011 10-K | Wide moat | 90.0 | 30% | 55% | 137% |
| 37 | Starbucks CorporationSBUXfrom FY2011 10-K | Wide moat | 89.6 | 23% | 88% | 162% |
| 38 | F5, INC.FFIVfrom FY2011 10-K | Wide moat | 89.6 | −5% | 23% | 37% |
| 39 | COLGATE-PALMOLIVE COMPANYCLfrom FY2010 10-K | Wide moat | 89.3 | 20% | 62% | 61% |
| 40 | CLEAN HARBORS, INCCLHfrom FY2010 10-KThe 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%. | Wide moat | 89.0 | −13% | −23% | −11% |
| 41 | LIQUIDITY SERVICES, INCLQDTfrom FY2011 10-KThe 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%. | Wide moat | 88.5 | 11% | −79% | −74% |
| 42 | Carter's, Inc.CRIfrom FY2010 10-K | Wide moat | 88.3 | 43% | 121% | 129% |
| 43 | TERADATA CORP /DE/TDCfrom FY2010 10-K | Wide moat | 88.1 | 29% | −11% | −44% |
| 44 | HAEMONETICS CORPORATIONHAEfrom FY2011 10-K | Wide moat | 88.0 | 34% | 18% | 26% |
| 45 | QUALCOMM INC/DEQCOMfrom FY2011 10-K | Wide moat | 87.7 | 19% | 42% | 34% |
| 46 | DONALDSON COMPANY, INC.DCIfrom FY2011 10-K | Wide moat | 87.5 | 1% | 17% | 34% |
| 47 | HASBRO, INC.HASfrom FY2010 10-K | Wide moat | 87.4 | 17% | 90% | 190% |
| 48 | Oracle CorporationORCLfrom FY2011 10-K | Wide moat | 87.4 | 36% | 77% | 59% |
| 49 | NORDSON CORPORATIONNDSNfrom FY2011 10-K | Wide moat | 87.2 | 59% | 94% | 188% |
| 50 | COMMVAULT SYSTEMS INCCVLTfrom FY2011 10-KThe 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%. | Wide moat | 87.1 | 68% | 20% | 22% |
| 51 | Booking Holdings Inc.BKNGfrom FY2010 10-K | Wide moat | 87.0 | 32% | 135% | 204% |
| 52 | COCA COLA COKOfrom FY2010 10-K | Wide moat | 86.7 | 10% | 31% | 39% |
| 53 | McDONALD’S CORPORATIONMCDfrom FY2010 10-KThe 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%. | Wide moat | 86.7 | −6% | 4% | 42% |
| 54 | GAP, INCGAPfrom FY2011 10-K | Wide moat | 86.6 | 72% | 139% | 43% |
| 55 | Apple Inc.AAPLfrom FY2011 10-K | Wide moat | 86.5 | 35% | 97% | 117% |
| 56 | BIO-TECHNE CorpTECHfrom FY2011 10-K | Wide moat | 86.5 | 3% | 40% | 61% |
| 57 | Maximus, Inc.MMSfrom FY2011 10-K | Wide moat | 86.2 | 56% | 161% | 171% |
| 58 | JACK HENRY & ASSOCIATES, INC.JKHYfrom FY2011 10-K | Wide moat | 86.0 | 22% | 92% | 182% |
| 59 | ZIFF DAVIS, INC.ZDfrom FY2010 10-K | Wide moat | 85.9 | 15% | 131% | 222% |
| 60 | MSC INDUSTRIAL DIRECT CO., INC.MSMfrom FY2011 10-K | Wide moat | 85.6 | 10% | 24% | 48% |
| 61 | IDEXX LABORATORIES INC /DEIDXXfrom FY2010 10-K | Wide moat | 85.4 | 19% | 86% | 197% |
| 62 | ECOLAB INC.ECLfrom FY2010 10-K | Wide moat | 85.3 | 30% | 86% | 116% |
| 63 | NetApp, Inc.NTAPfrom FY2011 10-K | Wide moat | 85.3 | −7% | 16% | 4% |
| 64 | OPEN TEXT CORPOTEXfrom FY2011 10-K | Wide moat | 85.2 | 10% | 128% | 149% |
| 65 | SYNAPTICS INCORPORATEDSYNAfrom FY2011 10-K | Wide moat | 85.1 | 0% | 112% | 84% |
| 66 | AGILENT TECHNOLOGIES, INC.Afrom FY2011 10-K | Wide moat | 85.0 | 16% | 60% | 87% |
| 67 | SILICON LABORATORIES INC.SLABfrom FY2010 10-K | Wide moat | 84.8 | −1% | 8% | 50% |
| 68 | UNIVERSAL TECHNICAL INSTITUTE, INCUTIfrom FY2011 10-KThe 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%. | Wide moat | 84.8 | −22% | −17% | −74% |
| 69 | Analog Devices, Inc.ADIfrom FY2011 10-K | Wide moat | 84.7 | 26% | 69% | 132% |
| 70 | PAPA JOHN’S INTERNATIONAL, INC.PZZAfrom FY2010 10-KThe 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%. | Wide moat | 84.5 | 48% | 208% | 371% |
| 71 | JOHN WILEY & SONS, INC.WLYfrom FY2011 10-K | Wide moat | 84.3 | −10% | 39% | 35% |
| 72 | Mastercard IncMAfrom FY2010 10-KThe 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%. | Wide moat | 84.3 | 39% | 135% | 194% |
| 73 | INTEL CORPINTCfrom FY2010 10-K | Wide moat | 84.1 | −10% | 65% | 76% |
| 74 | SOMNIGROUP INTERNATIONAL INC.SGIfrom FY2010 10-K | Wide moat | 83.7 | −41% | −2% | 24% |
| 75 | SEI INVESTMENTS COMPANYSEICfrom FY2010 10-KThe 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%. | Wide moat | 83.6 | 42% | 139% | 210% |
| 76 | NETFLIX INCNFLXfrom FY2010 10-K | Wide moat | 83.6 | 27% | 383% | 1138% |
| 77 | GENTEX CORPORATIONGNTXfrom FY2010 10-K | Wide moat | 83.4 | −35% | 28% | 51% |
| 78 | AUTOZONE INCAZOfrom FY2011 10-K | Wide moat | 83.4 | 12% | 93% | 147% |
| 79 | SEMTECH CORPSMTCfrom FY2011 10-K | Wide moat | 83.2 | 18% | 11% | 26% |
| 80 | ACI WORLDWIDE, INC.ACIWfrom FY2010 10-KThe 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%. | Wide moat | 83.2 | 55% | 106% | 94% |
| 81 | COHERENT CORP.COHRfrom FY2011 10-KThe 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%. | Wide moat | 82.5 | 7% | −23% | 67% |
| 82 | Johnson & JohnsonJNJfrom FY2010 10-KThe 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%. | Wide moat | 82.4 | 12% | 74% | 104% |
| 83 | LABCORP HOLDINGS INC.LHfrom FY2010 10-K | Wide moat | 82.3 | 1% | 29% | 49% |
| 84 | Amgen Inc.AMGNfrom FY2010 10-KThe 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%. | Wide moat | 82.2 | 42% | 164% | 160% |
| 85 | AMAZON COM INCAMZNfrom FY2010 10-K | Wide moat | 82.2 | 44% | 72% | 321% |
| 86 | eBay Inc.EBAYfrom FY2010 10-K | Wide moat | 81.9 | 71% | 79% | 126% |
| 87 | SYNOPSYS INCSNPSfrom FY2011 10-K | Wide moat | 81.6 | 20% | 60% | 120% |
| 88 | TRACTOR SUPPLY CO /DE/TSCOfrom FY2010 10-K | Wide moat | 81.6 | 33% | 131% | 129% |
| 89 | GameStop Corp.GMEfrom FY2011 10-K | Wide moat | 81.6 | 12% | 57% | 29% |
| 90 | ICU MEDICAL INC/DEICUIfrom FY2010 10-K | Wide moat | 81.5 | 38% | 80% | 230% |
| 91 | INTEGRA LIFESCIENCES HOLDINGS CORPIARTfrom FY2010 10-K | Wide moat | 81.5 | 26% | 71% | 172% |
| 92 | CENCORA, INC.CORfrom FY2011 10-K | Wide moat | 81.5 | 16% | 148% | 139% |
| 93 | SIFCO Industries, Inc.SIFfrom FY2011 10-K | Wide moat | 81.2 | −14% | 53% | −62% |
| 94 | United Parcel Service, IncUPSfrom FY2010 10-KThe 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%. | Wide moat | 81.1 | 6% | 62% | 79% |
| 95 | FLOWSERVE CORPFLSfrom FY2010 10-K | Wide moat | 81.0 | 51% | 81% | 53% |
| 96 | CLEARFIELD, INC.CLFDfrom FY2011 10-K | Wide moat | 80.9 | −35% | 68% | 183% |
| 97 | AMPHENOL CORP /DE/APHfrom FY2010 10-K | Wide moat | 80.5 | 49% | 139% | 206% |
| 98 | Bio-Rad Laboratories, Inc.BIOfrom FY2010 10-KThe capitalDiscipline component abstained: Not enough owner-earnings history to score capital discipline. The other four 20% weights were renormalized over the scored 80%. | Wide moat | 80.1 | 10% | 23% | 86% |
| 99 | CHURCH & DWIGHT CO., INC.CHDfrom FY2010 10-K | Narrow moat | 79.9 | 22% | 84% | 113% |
| 100 | Microchip Technology IncorporatedMCHPfrom FY2011 10-K | Narrow moat | 79.8 | −2% | 40% | 111% |
| Berkshire Hathaway (BRK.B, total return)benchmark · total return (same basis) | — | — | 20% | 92% | 111% | |
| S&P 500 (price return)benchmark · price return | — | — | 15% | 61% | 77% |
Two benchmarks, and we’re careful about the basis. Company returns are total returns (dividends reinvested). Berkshire Hathaway (BRK.B, total return) is on the same total-return basis — the fair, like-for-like comparison (Berkshire pays no dividend, so its dividend-adjusted and price series coincide). The S&P 500 (price return) is a price index that excludes dividends and so understates the market by roughly its dividend yield — shown for reference, not as a fair bar. A “—” is an unfinished forward window or a name without joined returns, never a zero. Where a name stopped trading mid-window it reports null with a note, never a guessed return.
The caveats, in the engine’s own words
- Point-in-time reconstruction: each score uses only SEC filings on file by Dec 31 of the cohort year; restatements filed later are ignored, and filers with December fiscal year-ends are scored off the prior fiscal year (their 10-K arrives the following spring).
- Survivorship bias: unless delisted companies were ingested explicitly by CIK, the cohort is drawn from companies still filing with the SEC today — names that failed or delisted since are missing, which flatters any forward-looking comparison. Companies whose filings had already gone stale at the cutoff are computed but excluded from the ranking (the stale count). The same caveat extends to returns: a name that stopped trading mid-window reports null with a note, never a guessed return through its delisting. Price histories are keyed by each company's ticker symbol as of today; a symbol that changed hands between issuers during a window can misattribute price history.
- Scores are business-quality only: no prices feed them, so the price-vs.-estimate comparison and price-dependent verdicts are absent. Forward returns are a separate join of market data made after scoring and never influence any score.
- Forward returns start strictly after the information cutoff: entry is the first trading close on or after Jan 1 of the year following the cohort year, and each 1y/3y/5y window runs anchor-to-anchor to the first trading close of the corresponding later year. Windows that have not fully elapsed are null — never annualized or extrapolated from a partial period.
- Return basis honesty: company returns are total returns (split-adjusted closes with dividends reinvested at the ex-date); the S&P 500 benchmark is the ^GSPC price index, which excludes dividends and therefore understates the index by roughly its dividend yield in any comparison. A second benchmark, Berkshire Hathaway (BRK.B), is computed on the SAME total-return basis as the companies — Berkshire pays no dividend, so its dividend-adjusted series equals its price series, and the same code path is used so the comparison is strictly like-for-like. Each record labels its own returnBasis.
- Educational, not investment advice. Hindsight makes every backtest look wiser than anyone could have been at the time.