Backtest · 2013 cohort
The widest moats of 2013, scored with only what was filed then.
Scored as of 2013-12-31 from the 10-Ks on file at that date — no later restatements, no hindsight. 922 companies scored; the table lists the 100 widest by as-of moat composite. The forward returns below were joined afterward: entry is the first market close on or after Jan 1, 2014.
| # | Company | Moat | As-of score | 1-yr return | 3-yr return | 5-yr return |
|---|---|---|---|---|---|---|
| 1 | MYRIAD GENETICS, INC.MYGNfrom FY2013 10-K | Wide moat | 100.0 | 59% | −22% | 34% |
| 2 | Medifast, Inc.MEDfrom FY2012 10-K | Wide moat | 99.5 | 24% | 67% | 428% |
| 3 | HERBALIFE LTD.HLFfrom FY2012 10-K | Wide moat | 99.4 | −53% | −38% | 49% |
| 4 | MANHATTAN ASSOCIATES, INC.MANHfrom FY2012 10-K | Wide moat | 98.4 | 35% | 86% | 44% |
| 5 | NU SKIN ENTERPRISES, INC.NUSfrom FY2012 10-K | Wide moat | 98.3 | −69% | −61% | −49% |
| 6 | Fossil Group, Inc.FOSLfrom FY2012 10-K | Wide moat | 98.2 | −7% | −78% | −86% |
| 7 | ResMed Inc.RMDfrom FY2013 10-K | Wide moat | 98.1 | 26% | 43% | 166% |
| 8 | Oracle CorporationORCLfrom FY2013 10-K | Wide moat | 98.1 | 19% | 7% | 28% |
| 9 | THE CHEESECAKE FACTORY INCORPORATEDCAKEfrom FY2012 10-K | Wide moat | 98.0 | 6% | 30% | −2% |
| 10 | C.H. ROBINSON WORLDWIDE, INC.CHRWfrom FY2012 10-K | Wide moat | 98.0 | 31% | 35% | 61% |
| 11 | RALPH LAUREN CORPORATIONRLfrom FY2013 10-K | Wide moat | 96.2 | 6% | −46% | −34% |
| 12 | Gartner, Inc.ITfrom FY2012 10-K | Wide moat | 96.1 | 20% | 43% | 80% |
| 13 | UNITED-GUARDIAN, INC.UGfrom FY2012 10-K | Wide moat | 96.0 | −28% | −37% | −15% |
| 14 | THE BOSTON BEER COMPANY, INC.SAMfrom FY2012 10-K | Wide moat | 96.0 | 26% | −23% | 6% |
| 15 | Estee Lauder Companies IncELfrom FY2013 10-K | Wide moat | 96.0 | 4% | 9% | 91% |
| 16 | TRIPADVISOR, INC.TRIPfrom FY2012 10-K | Wide moat | 95.9 | −7% | −41% | −33% |
| 17 | Cirrus Logic, Inc.CRUSfrom FY2013 10-K | Wide moat | 95.6 | 18% | 184% | 70% |
| 18 | Tapestry, Inc.TPRfrom FY2013 10-K | Wide moat | 95.6 | −31% | −29% | −27% |
| 19 | F5, INC.FFIVfrom FY2013 10-K | Wide moat | 95.2 | 47% | 63% | 81% |
| 20 | Intuitive Surgical, Inc.ISRGfrom FY2012 10-K | Wide moat | 94.9 | 38% | 69% | 268% |
| 21 | ADVANCE AUTO PARTS, INC.AAPfrom FY2012 10-K | Wide moat | 94.9 | 45% | 56% | 45% |
| 22 | ZIFF DAVIS, INC.ZDfrom FY2012 10-K | Wide moat | 94.8 | 26% | 76% | 53% |
| 23 | HASBRO, INC.HASfrom FY2012 10-K | Wide moat | 94.4 | 4% | 59% | 66% |
| 24 | STRYKER CORPSYKfrom FY2012 10-K | Wide moat | 94.4 | 28% | 67% | 121% |
| 25 | USANA HEALTH SCIENCES, INC.USNAfrom FY2012 10-K | Wide moat | 94.4 | 33% | 62% | 203% |
| 26 | TERADATA CORP /DE/TDCfrom FY2012 10-K | Wide moat | 94.2 | −2% | −38% | −16% |
| 27 | IDEXX LABORATORIES INC /DEIDXXfrom FY2012 10-K | Wide moat | 93.9 | 40% | 124% | 247% |
| 28 | PRICE T ROWE GROUP INCTROWfrom FY2012 10-K | Wide moat | 93.8 | 6% | 2% | 30% |
| 29 | VERA BRADLEY, INC.VRAfrom FY2013 10-K | Wide moat | 93.8 | −17% | −50% | −63% |
| 30 | INTUIT INC.INTUfrom FY2013 10-K | Wide moat | 93.4 | 21% | 56% | 170% |
| 31 | OneSpan Inc.OSPNfrom FY2012 10-K | Wide moat | 93.1 | 260% | 85% | 70% |
| 32 | MICROSOFT CORPORATIONMSFTfrom FY2013 10-K | Wide moat | 93.0 | 29% | 83% | 207% |
| 33 | lululemon athletica inc.LULUfrom FY2013 10-K | Wide moat | 92.8 | −6% | 14% | 111% |
| 34 | Monster Beverage CorpMNSTfrom FY2012 10-K | Wide moat | 92.3 | 62% | 105% | 119% |
| 35 | DECKERS OUTDOOR CORPDECKfrom FY2012 10-K | Wide moat | 92.3 | 7% | −31% | 54% |
| 36 | COLGATE-PALMOLIVE COMPANYCLfrom FY2012 10-K | Wide moat | 92.1 | 10% | 9% | 3% |
| 37 | GLOBUS MEDICAL, INC.GMEDfrom FY2012 10-K | Wide moat | 92.0 | 20% | 26% | 101% |
| 38 | WHERE FOOD COMES FROM, INC.WFCFfrom FY2012 10-K | Wide moat | 92.0 | 43% | 2% | 2% |
| 39 | CLEARONE INCCLROfrom FY2012 10-K | Wide moat | 91.6 | 9% | 28% | −85% |
| 40 | BIOGEN INC.BIIBfrom FY2012 10-K | Wide moat | 91.5 | 22% | 4% | 9% |
| 41 | TANDY LEATHER FACTORY, INCTLFfrom FY2012 10-K | Wide moat | 91.4 | −7% | −16% | −37% |
| 42 | UNDER ARMOUR, INC.UAAfrom FY2012 10-K | Wide moat | 91.2 | 54% | 37% | −18% |
| 43 | CUMBERLAND PHARMACEUTICALS INCCPIXfrom FY2012 10-K | Wide moat | 91.1 | 19% | 14% | 25% |
| 44 | FASTENAL COFASTfrom FY2012 10-K | Wide moat | 90.5 | 4% | 9% | 23% |
| 45 | NORDSON CORPORATIONNDSNfrom FY2013 10-K | Wide moat | 90.2 | 8% | 60% | 68% |
| 46 | SLEEP NUMBER CORPORATIONSNBRQfrom FY2012 10-K | Wide moat | 90.2 | — | — | — |
| 47 | INTEL CORPINTCfrom FY2012 10-K | Wide moat | 89.1 | 45% | 56% | 111% |
| 48 | BIO-TECHNE CorpTECHfrom FY2013 10-K | Wide moat | 88.7 | −2% | 13% | 60% |
| 49 | Simulations Plus, Inc.SLPfrom FY2013 10-K | Wide moat | 88.5 | 37% | 92% | 337% |
| 50 | WILLIAMS-SONOMA, INC.WSMfrom FY2013 10-K | Wide moat | 88.4 | 30% | −10% | −3% |
| 51 | AUTOZONE INCAZOfrom FY2013 10-K | Wide moat | 88.4 | 30% | 67% | 77% |
| 52 | Johnson & JohnsonJNJfrom FY2012 10-K | Wide moat | 88.0 | 18% | 38% | 61% |
| 53 | INTERPARFUMS, INC.IPARfrom FY2012 10-K | Wide moat | 88.0 | −20% | 1% | 107% |
| 54 | AMERICAN EAGLE OUTFITTERS INCAEOfrom FY2013 10-K | Wide moat | 87.7 | −3% | 16% | 54% |
| 55 | MSC INDUSTRIAL DIRECT CO., INC.MSMfrom FY2013 10-K | Wide moat | 87.7 | 6% | 27% | 9% |
| 56 | WD-40 COMPANYWDFCfrom FY2013 10-K | Wide moat | 87.6 | 16% | 66% | 161% |
| 57 | Capri Holdings LtdCPRIfrom FY2013 10-K | Wide moat | 87.4 | −9% | −48% | −53% |
| 58 | QUALCOMM INC/DEQCOMfrom FY2013 10-K | Wide moat | 87.2 | 3% | −3% | −9% |
| 59 | TruBridge, Inc.TBRGfrom FY2012 10-K | Wide moat | 87.2 | 3% | −55% | −49% |
| 60 | BUCKLE, INCBKEfrom FY2013 10-K | Wide moat | 87.1 | 8% | −45% | −45% |
| 61 | eBay Inc.EBAYfrom FY2012 10-K | Wide moat | 86.8 | 4% | 31% | 27% |
| 62 | MATTEL INC /DE/MATfrom FY2012 10-K | Wide moat | 86.5 | −33% | −30% | −75% |
| 63 | FORTINET, INC.FTNTfrom FY2012 10-K | Wide moat | 86.4 | 62% | 58% | 267% |
| 64 | JACK HENRY & ASSOCIATES, INC.JKHYfrom FY2013 10-K | Wide moat | 86.2 | 9% | 60% | 127% |
| 65 | TYLER TECHNOLOGIES, INC.TYLfrom FY2012 10-K | Wide moat | 86.2 | 6% | 43% | 80% |
| 66 | KORU MEDICAL SYSTEMS, INC.KRMDfrom FY2013 10-K | Wide moat | 85.9 | 125% | 125% | 655% |
| 67 | EPAM SYSTEMS, INC.EPAMfrom FY2012 10-K | Wide moat | 85.9 | 34% | 83% | 229% |
| 68 | LIVEPERSON, INC.LPSNfrom FY2012 10-K | Wide moat | 85.6 | −7% | −49% | 27% |
| 69 | GAP, INCGAPfrom FY2013 10-K | Wide moat | 85.3 | 11% | −33% | −23% |
| 70 | NETSCOUT SYSTEMS, INC.NTCTfrom FY2013 10-K | Wide moat | 85.3 | 26% | 11% | −18% |
| 71 | VERU INC.VERUfrom FY2013 10-K | Wide moat | 85.2 | −53% | −89% | −83% |
| 72 | Booking Holdings Inc.BKNGfrom FY2012 10-K | Wide moat | 85.0 | −0% | 29% | 50% |
| 73 | DELUXE CORPDLXfrom FY2012 10-K | Wide moat | 84.8 | 24% | 50% | −15% |
| 74 | NetApp, Inc.NTAPfrom FY2013 10-K | Wide moat | 84.7 | 4% | −6% | 65% |
| 75 | DOLLAR TREE, INC.DLTRfrom FY2013 10-K | Wide moat | 84.6 | 25% | 37% | 62% |
| 76 | JOHN WILEY & SONS, INC.WLYfrom FY2013 10-K | Wide moat | 84.5 | 12% | 8% | −1% |
| 77 | NORTHROP GRUMMAN CORP /DE/NOCfrom FY2012 10-K | Wide moat | 84.5 | 32% | 119% | 137% |
| 78 | TILE SHOP HOLDINGS, INC.TTSHfrom FY2012 10-K | Wide moat | 84.3 | −51% | 11% | −66% |
| 79 | COPART, INC.CPRTfrom FY2013 10-K | Wide moat | 84.2 | −0% | 52% | 160% |
| 80 | SPOK HOLDINGS, INC.SPOKfrom FY2012 10-K | Wide moat | 84.2 | 27% | 71% | 14% |
| 81 | GILEAD SCIENCES, INC.GILDfrom FY2012 10-K | Wide moat | 84.0 | 26% | 2% | −7% |
| 82 | LIFELOC TECHNOLOGIES, INC.LCTCfrom FY2012 10-K | Wide moat | 84.0 | 547% | 213% | 122% |
| 83 | COCA COLA COKOfrom FY2012 10-K | Wide moat | 83.8 | 7% | 13% | 36% |
| 84 | DONALDSON COMPANY, INC.DCIfrom FY2013 10-K | Wide moat | 83.8 | −9% | 4% | 9% |
| 85 | S&P Global Inc.SPGIfrom FY2012 10-K | Wide moat | 83.8 | 16% | 45% | 133% |
| 86 | Analog Devices, Inc.ADIfrom FY2013 10-K | Wide moat | 83.7 | 16% | 60% | 98% |
| 87 | Apple Inc.AAPLfrom FY2013 10-K | Wide moat | 83.7 | 41% | 56% | 119% |
| 88 | FLOWSERVE CORPFLSfrom FY2012 10-K | Wide moat | 83.5 | −22% | −34% | −47% |
| 89 | CISCO SYSTEMS, INC.CSCOfrom FY2013 10-K | Wide moat | 83.5 | 29% | 51% | 127% |
| 90 | Urban Outfitters, Inc.URBNfrom FY2013 10-K | Wide moat | 83.5 | −7% | −24% | −12% |
| 91 | IMAX CorporationIMAXfrom FY2012 10-K | Wide moat | 83.5 | 3% | 10% | −36% |
| 92 | Carter's, Inc.CRIfrom FY2012 10-K | Wide moat | 83.5 | 20% | 24% | 20% |
| 93 | Cimpress plcCMPRfrom FY2013 10-K | Wide moat | 83.3 | 34% | 69% | 91% |
| 94 | THE SHERWIN-WILLIAMS COMPANYSHWfrom FY2012 10-K | Wide moat | 83.2 | 45% | 55% | 126% |
| 95 | MORNINGSTAR, INC.MORNfrom FY2012 10-K | Wide moat | 83.1 | −16% | −2% | 46% |
| 96 | BECTON DICKINSON & COBDXfrom FY2013 10-K | Wide moat | 82.8 | 31% | 59% | 118% |
| 97 | AGILENT TECHNOLOGIES, INC.Afrom FY2013 10-K | Wide moat | 82.8 | 2% | 19% | 72% |
| 98 | Gen Digital Inc.GENfrom FY2013 10-K | Wide moat | 82.7 | 12% | 37% | 10% |
| 99 | ABBOTT LABORATORIESABTfrom FY2012 10-K | Wide moat | 82.6 | 20% | 9% | 103% |
| 100 | 3M COMPANYMMMfrom FY2012 10-K | Wide moat | 82.2 | 22% | 39% | 57% |
| Berkshire Hathaway (BRK.B, total return)benchmark · total return (same basis) | — | — | 27% | 39% | 73% | |
| S&P 500 (price return)benchmark · price return | — | — | 12% | 23% | 37% |
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 valuation, margin of safety, 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.