The widest moats of 2012, scored with only what was filed then.
Scored using filings available on 2012-12-31 — no later restatements, no hindsight. 1,236 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, 2013.
| # | Company | |||||
|---|---|---|---|---|---|---|
| 1 | GILEAD SCIENCES, INC.GILDfrom FY2011 10-K | Wide moat | 99.1 | 100% | 164% | 110% |
| 2 | INTUIT INC.INTUfrom FY2012 10-K | Wide moat | 98.6 | 24% | 57% | 171% |
| 3 | MESA LABORATORIES, INC.MLABfrom FY2012 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 | 98.3 | 47% | 95% | 145% |
| 4 | Fossil Group, Inc.FOSLfrom FY2011 10-K | Wide moat | 98.2 | 26% | −64% | −91% |
| 5 | ResMed Inc.RMDfrom FY2012 10-K | Wide moat | 97.9 | 11% | 30% | 122% |
| 6 | HERBALIFE LTD.HLFfrom FY2011 10-K | Wide moat | 97.6 | 154% | 76% | 121% |
| 7 | MANHATTAN ASSOCIATES, INC.MANHfrom FY2011 10-K | Wide moat | 97.4 | 87% | 310% | 219% |
| 8 | MYRIAD GENETICS, INC.MYGNfrom FY2012 10-K | Wide moat | 96.6 | −22% | 55% | 26% |
| 9 | Grand Canyon Education, Inc.LOPEfrom 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 | 96.6 | 84% | 64% | 280% |
| 10 | RALPH LAUREN CORPORATIONRLfrom FY2012 10-K | Wide moat | 96.3 | 16% | −24% | −25% |
| 11 | THE BOSTON BEER COMPANY, INC.SAMfrom FY2011 10-K | Wide moat | 96.0 | 59% | 43% | 36% |
| 12 | Estee Lauder Companies IncELfrom FY2012 10-K | Wide moat | 95.9 | 22% | 48% | 123% |
| 13 | Medifast, Inc.MEDfrom FY2011 10-K | Wide moat | 95.8 | −1% | 10% | 195% |
| 14 | PAPA JOHN’S INTERNATIONAL, INC.PZZAfrom 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 | 95.7 | 64% | 103% | 116% |
| 15 | Tapestry, Inc.TPRfrom FY2012 10-K | Wide moat | 95.7 | 4% | −33% | −3% |
| 16 | Oracle CorporationORCLfrom FY2012 10-K | Wide moat | 95.7 | 10% | 7% | 42% |
| 17 | CLEARONE INCCLROfrom FY2011 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 | 95.5 | 113% | 213% | 113% |
| 18 | FACTSET RESEARCH SYSTEMS INC.FDSfrom FY2012 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 | 95.5 | 22% | 81% | 127% |
| 19 | AMERICAN PUBLIC EDUCATION, INC.APEIfrom 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 | 95.5 | 15% | −50% | −30% |
| 20 | NU SKIN ENTERPRISES, INC.NUSfrom FY2011 10-K | Wide moat | 95.1 | 278% | 10% | 111% |
| 21 | 8x8, Inc.EGHTfrom FY2012 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 | 95.0 | 33% | 45% | 93% |
| 22 | Intuitive Surgical, Inc.ISRGfrom FY2011 10-K | Wide moat | 94.9 | −24% | 10% | 126% |
| 23 | EXPONENT, INC.EXPOfrom 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 | 94.7 | 35% | 77% | 166% |
| 24 | TERADATA CORP /DE/TDCfrom FY2011 10-K | Wide moat | 94.6 | −30% | −59% | −40% |
| 25 | Cirrus Logic, Inc.CRUSfrom FY2012 10-K | Wide moat | 94.5 | −33% | −2% | 78% |
| 26 | NATURES SUNSHINE PRODUCTS INCNATRfrom FY2011 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 | 94.3 | 35% | −13% | 6% |
| 27 | U S PHYSICAL THERAPY INC /NVUSPHfrom 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 | 94.2 | 23% | 94% | 181% |
| 28 | LIVEPERSON, INC.LPSNfrom FY2011 10-K | Wide moat | 94.2 | 7% | −51% | −16% |
| 29 | CUMBERLAND PHARMACEUTICALS INCCPIXfrom FY2011 10-K | Wide moat | 94.0 | 20% | 18% | 65% |
| 30 | ADVANCE AUTO PARTS, INC.AAPfrom FY2011 10-K | Wide moat | 94.0 | 52% | 111% | 48% |
| 31 | TRIPADVISOR, INC.TRIPfrom FY2011 10-K | Wide moat | 94.0 | 82% | 88% | −21% |
| 32 | UNITED-GUARDIAN, INC.UGfrom FY2011 10-K | Wide moat | 93.8 | 45% | 14% | 12% |
| 33 | WHERE FOOD COMES FROM, INC.WFCFfrom 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 | 93.7 | 80% | 116% | 175% |
| 34 | Monster Beverage CorpMNSTfrom FY2011 10-K | Wide moat | 93.6 | 23% | 166% | 247% |
| 35 | ADTRAN Holdings, Inc.ADTNfrom FY2011 10-K | Wide moat | 93.6 | 33% | −10% | 9% |
| 36 | IDEXX LABORATORIES INC /DEIDXXfrom FY2011 10-K | Wide moat | 93.3 | 12% | 51% | 236% |
| 37 | INTERPARFUMS, INC.IPARfrom FY2011 10-K | Wide moat | 93.2 | 79% | 23% | 142% |
| 38 | TANDY LEATHER FACTORY, INCTLFfrom FY2011 10-K | Wide moat | 93.2 | 77% | 34% | 41% |
| 39 | USANA HEALTH SCIENCES, INC.USNAfrom FY2011 10-K | Wide moat | 93.1 | 134% | 287% | 356% |
| 40 | WINMARK CORPORATIONWINAfrom FY2011 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 | 93.1 | 51% | 67% | 137% |
| 41 | OneSpan Inc.OSPNfrom FY2011 10-K | Wide moat | 93.0 | −7% | 105% | 73% |
| 42 | COGNIZANT TECHNOLOGY SOLUTIONS CORPORATIONCTSHfrom 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 | 93.0 | 30% | 53% | 88% |
| 43 | lululemon athletica inc.LULUfrom FY2012 10-K | Wide moat | 93.0 | −21% | −25% | 8% |
| 44 | C.H. ROBINSON WORLDWIDE, INC.CHRWfrom FY2011 10-K | Wide moat | 92.6 | −6% | 5% | 60% |
| 45 | F5, INC.FFIVfrom FY2012 10-K | Wide moat | 92.6 | −12% | −4% | 31% |
| 46 | STRYKER CORPSYKfrom FY2011 10-K | Wide moat | 92.4 | 36% | 69% | 204% |
| 47 | DOLLAR TREE, INC.DLTRfrom FY2012 10-K | Wide moat | 92.4 | 41% | 98% | 172% |
| 48 | ZIFF DAVIS, INC.ZDfrom FY2011 10-K | Wide moat | 92.4 | 60% | 169% | 161% |
| 49 | Waters CorporationWATfrom FY2011 10-K | Wide moat | 91.6 | 12% | 47% | 121% |
| 50 | VERA BRADLEY, INC.VRAfrom FY2012 10-K | Wide moat | 91.6 | 0% | −33% | −48% |
| 51 | SPS COMMERCE, INC.SPSCfrom FY2011 10-K | Wide moat | 91.5 | 64% | 72% | 24% |
| 52 | MSC INDUSTRIAL DIRECT CO., INC.MSMfrom FY2012 10-K | Wide moat | 91.4 | 6% | −19% | 45% |
| 53 | DECKERS OUTDOOR CORPDECKfrom FY2011 10-K | Wide moat | 91.3 | 118% | 23% | 109% |
| 54 | UNDER ARMOUR, INC.UAAfrom FY2011 10-K | Wide moat | 91.3 | 80% | 230% | 24% |
| 55 | INTEL CORPINTCfrom FY2011 10-K | Wide moat | 91.1 | 25% | 76% | 157% |
| 56 | Starbucks CorporationSBUXfrom FY2012 10-K | Wide moat | 90.7 | 42% | 121% | 126% |
| 57 | COLGATE-PALMOLIVE COMPANYCLfrom FY2011 10-K | Wide moat | 90.6 | 24% | 30% | 58% |
| 58 | SLEEP NUMBER CORPORATIONSNBRQfrom FY2011 10-K | Wide moat | 90.3 | — | — | — |
| 59 | BIOGEN INC.BIIBfrom FY2011 10-K | Wide moat | 90.3 | 87% | 96% | 123% |
| 60 | BUCKLE, INCBKEfrom FY2012 10-K | Wide moat | 90.1 | 17% | −23% | −27% |
| 61 | Gulfport Energy CorporationGPORfrom 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 | 90.0 | — | — | — |
| 62 | McDONALD’S CORPORATIONMCDfrom 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 | 89.6 | 10% | 44% | 123% |
| 63 | SOMNIGROUP INTERNATIONAL INC.SGIfrom FY2011 10-K | Wide moat | 89.6 | 67% | 112% | 98% |
| 64 | COCA COLA COKOfrom FY2011 10-K | Wide moat | 89.5 | 11% | 23% | 42% |
| 65 | Texas Roadhouse, Inc.TXRHfrom 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 | 89.5 | 62% | 116% | 239% |
| 66 | EZCORP, INC.EZPWfrom FY2012 10-K | Wide moat | 89.2 | −43% | −76% | −40% |
| 67 | Cyanotech CorpCYANfrom FY2012 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 | 89.0 | −0% | 8% | −17% |
| 68 | eBay Inc.EBAYfrom FY2011 10-K | Wide moat | 88.9 | 1% | 17% | 69% |
| 69 | JOHN WILEY & SONS, INC.WLYfrom FY2012 10-K | Wide moat | 88.8 | 38% | 18% | 87% |
| 70 | JACK HENRY & ASSOCIATES, INC.JKHYfrom FY2012 10-K | Wide moat | 88.8 | 45% | 96% | 204% |
| 71 | Gartner, Inc.ITfrom FY2011 10-K | Wide moat | 88.7 | 47% | 86% | 163% |
| 72 | NORDSON CORPORATIONNDSNfrom FY2012 10-K | Wide moat | 88.6 | 14% | 0% | 138% |
| 73 | Simulations Plus, Inc.SLPfrom FY2012 10-K | Wide moat | 88.4 | 20% | 140% | 305% |
| 74 | HASBRO, INC.HASfrom FY2011 10-K | Wide moat | 88.3 | 56% | 103% | 191% |
| 75 | LIQUIDITY SERVICES, INCLQDTfrom FY2012 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 | 88.3 | −46% | −84% | −89% |
| 76 | FASTENAL COFASTfrom FY2011 10-K | Wide moat | 88.1 | −1% | −10% | 26% |
| 77 | GRACO INC.GGGfrom FY2011 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 | 88.0 | 46% | 40% | 174% |
| 78 | THE CHEESECAKE FACTORY INCORPORATEDCAKEfrom FY2011 10-K | Wide moat | 87.8 | 46% | 46% | 60% |
| 79 | NRC HealthNRCfrom 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 | 87.7 | — | — | — |
| 80 | HERITAGE GLOBAL INC.HGBLfrom 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 | 87.6 | −35% | −79% | −59% |
| 81 | DONALDSON COMPANY, INC.DCIfrom FY2012 10-K | Wide moat | 87.3 | 28% | −13% | 56% |
| 82 | LANDSTAR SYSTEM, INC.LSTRfrom 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 | 87.3 | 7% | 13% | 103% |
| 83 | J.B. HUNT TRANSPORT SERVICES, INC.JBHTfrom 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 | 87.2 | 26% | 20% | 99% |
| 84 | VERU INC.VERUfrom FY2012 10-K | Wide moat | 87.1 | 18% | −79% | −79% |
| 85 | Neogen CorporationNEOGfrom FY2012 10-K | Wide moat | 86.9 | 46% | 80% | 164% |
| 86 | Gen Digital Inc.GENfrom FY2012 10-K | Wide moat | 86.8 | 23% | 15% | 103% |
| 87 | ALLIENT INCALNTfrom FY2011 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 | 86.7 | 92% | 279% | 432% |
| 88 | Lattice Semiconductor CorpLSCCfrom FY2011 10-K | Wide moat | 86.6 | 34% | 55% | 46% |
| 89 | Booking Holdings Inc.BKNGfrom FY2011 10-K | Wide moat | 86.6 | 79% | 95% | 180% |
| 90 | Balchem CorpBCPCfrom FY2011 10-K | Wide moat | 86.3 | 53% | 57% | 123% |
| 91 | COMMVAULT SYSTEMS INCCVLTfrom FY2012 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 | 86.3 | 3% | −47% | −26% |
| 92 | LIFELOC TECHNOLOGIES, INC.LCTCfrom FY2011 10-K | Wide moat | 86.3 | 132% | 783% | 640% |
| 93 | SEI INVESTMENTS COMPANYSEICfrom 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 | 86.1 | 43% | 118% | 212% |
| 94 | Maximus, Inc.MMSfrom FY2012 10-K | Wide moat | 86.1 | 32% | 70% | 124% |
| 95 | BIO-TECHNE CorpTECHfrom FY2012 10-K | Wide moat | 86.0 | 38% | 33% | 103% |
| 96 | Hyperscale Data, Inc.GPUSfrom FY2011 10-K | Wide moat | 86.0 | −17% | −21% | 380% |
| 97 | IPG PHOTONICS CORPIPGPfrom FY2011 10-K | Wide moat | 86.0 | 12% | 26% | 226% |
| 98 | Apple Inc.AAPLfrom FY2012 10-K | Wide moat | 85.9 | 3% | 43% | 143% |
| 99 | Carter's, Inc.CRIfrom FY2011 10-K | Wide moat | 85.9 | 29% | 69% | 120% |
| 100 | SONO TEK CORPSOTKfrom FY2012 10-K | Wide moat | 85.8 | 98% | 106% | 257% |
| Berkshire Hathaway (BRK.B, total return)benchmark · total return (same basis) | — | — | 26% | 40% | 112% | |
| S&P 500 (price return)benchmark · price return | — | — | 25% | 38% | 84% |
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.