The widest moats of 2013, scored with only what was filed then.
Scored using filings available on 2013-12-31 — no later restatements, no hindsight. 1,326 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, 2014.
| # | Company | |||||
|---|---|---|---|---|---|---|
| 1 | HERBALIFE LTD.HLFfrom FY2012 10-K | Wide moat | 99.4 | −53% | −38% | 49% |
| 2 | MYRIAD GENETICS, INC.MYGNfrom FY2013 10-K | Wide moat | 99.0 | 59% | −22% | 34% |
| 3 | MANHATTAN ASSOCIATES, INC.MANHfrom FY2012 10-K | Wide moat | 98.9 | 35% | 86% | 44% |
| 4 | Fossil Group, Inc.FOSLfrom FY2012 10-K | Wide moat | 98.8 | −7% | −78% | −86% |
| 5 | ResMed Inc.RMDfrom FY2013 10-K | Wide moat | 98.3 | 26% | 43% | 166% |
| 6 | NU SKIN ENTERPRISES, INC.NUSfrom FY2012 10-K | Wide moat | 98.3 | −69% | −61% | −49% |
| 7 | Medifast, Inc.MEDfrom FY2012 10-K | Wide moat | 98.2 | 24% | 67% | 428% |
| 8 | Oracle CorporationORCLfrom FY2013 10-K | Wide moat | 98.1 | 19% | 7% | 28% |
| 9 | RALPH LAUREN CORPORATIONRLfrom FY2013 10-K | Wide moat | 97.0 | 6% | −46% | −34% |
| 10 | Grand Canyon Education, Inc.LOPEfrom 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 | 96.1 | 5% | 35% | 116% |
| 11 | FACTSET RESEARCH SYSTEMS INC.FDSfrom FY2013 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 | 96.0 | 31% | 58% | 95% |
| 12 | C.H. ROBINSON WORLDWIDE, INC.CHRWfrom FY2012 10-K | Wide moat | 95.9 | 31% | 35% | 61% |
| 13 | TRIPADVISOR, INC.TRIPfrom FY2012 10-K | Wide moat | 95.9 | −7% | −41% | −33% |
| 14 | AMERICAN PUBLIC EDUCATION, INC.APEIfrom 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 | 95.8 | −15% | −42% | −35% |
| 15 | Tapestry, Inc.TPRfrom FY2013 10-K | Wide moat | 95.6 | −31% | −29% | −27% |
| 16 | THE BOSTON BEER COMPANY, INC.SAMfrom FY2012 10-K | Wide moat | 95.5 | 26% | −23% | 6% |
| 17 | Cirrus Logic, Inc.CRUSfrom FY2013 10-K | Wide moat | 95.4 | 18% | 184% | 70% |
| 18 | PAPA JOHN’S INTERNATIONAL, INC.PZZAfrom 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 | 95.4 | 27% | 94% | −6% |
| 19 | Estee Lauder Companies IncELfrom FY2013 10-K | Wide moat | 95.4 | 4% | 9% | 91% |
| 20 | MESA LABORATORIES, INC.MLABfrom FY2013 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 | 95.3 | 5% | 64% | 178% |
| 21 | EXPONENT, INC.EXPOfrom 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 | 95.1 | 8% | 63% | 179% |
| 22 | TERADATA CORP /DE/TDCfrom FY2012 10-K | Wide moat | 95.0 | −2% | −38% | −16% |
| 23 | Proto Labs, Inc.PRLBfrom 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 | −3% | −25% | 59% |
| 24 | THE CHEESECAKE FACTORY INCORPORATEDCAKEfrom FY2012 10-K | Wide moat | 94.9 | 6% | 30% | −2% |
| 25 | Intuitive Surgical, Inc.ISRGfrom FY2012 10-K | Wide moat | 94.9 | 38% | 69% | 268% |
| 26 | VERA BRADLEY, INC.VRAfrom FY2013 10-K | Wide moat | 94.5 | −17% | −50% | −63% |
| 27 | NATURES SUNSHINE PRODUCTS INCNATRfrom 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 | 94.4 | −8% | −2% | −44% |
| 28 | USANA HEALTH SCIENCES, INC.USNAfrom FY2012 10-K | Wide moat | 94.4 | 33% | 62% | 203% |
| 29 | F5, INC.FFIVfrom FY2013 10-K | Wide moat | 94.4 | 47% | 63% | 81% |
| 30 | ADVANCE AUTO PARTS, INC.AAPfrom FY2012 10-K | Wide moat | 94.4 | 45% | 56% | 45% |
| 31 | DECKERS OUTDOOR CORPDECKfrom FY2012 10-K | Wide moat | 93.9 | 7% | −31% | 54% |
| 32 | lululemon athletica inc.LULUfrom FY2013 10-K | Wide moat | 93.9 | −6% | 14% | 111% |
| 33 | ZIFF DAVIS, INC.ZDfrom FY2012 10-K | Wide moat | 93.8 | 26% | 76% | 53% |
| 34 | Monster Beverage CorpMNSTfrom FY2012 10-K | Wide moat | 93.6 | 62% | 105% | 119% |
| 35 | IDEXX LABORATORIES INC /DEIDXXfrom FY2012 10-K | Wide moat | 93.5 | 40% | 124% | 247% |
| 36 | COGNIZANT TECHNOLOGY SOLUTIONS CORPORATIONCTSHfrom 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 | 93.3 | 7% | 14% | 30% |
| 37 | NRC HealthNRCfrom 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 | 92.9 | −25% | 9% | 131% |
| 38 | TANDY LEATHER FACTORY, INCTLFfrom FY2012 10-K | Wide moat | 92.9 | −7% | −16% | −37% |
| 39 | UNDER ARMOUR, INC.UAAfrom FY2012 10-K | Wide moat | 92.8 | 54% | 37% | −18% |
| 40 | WHERE FOOD COMES FROM, INC.WFCFfrom FY2012 10-K | Wide moat | 92.8 | 43% | 2% | 2% |
| 41 | Gartner, Inc.ITfrom FY2012 10-K | Wide moat | 92.7 | 20% | 43% | 80% |
| 42 | INTUIT INC.INTUfrom FY2013 10-K | Wide moat | 92.4 | 21% | 56% | 170% |
| 43 | Cboe Global Markets, Inc.CBOEfrom 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 | 92.3 | 26% | 50% | 101% |
| 44 | UNITED-GUARDIAN, INC.UGfrom FY2012 10-K | Wide moat | 92.1 | −28% | −37% | −15% |
| 45 | GLOBUS MEDICAL, INC.GMEDfrom FY2012 10-K | Wide moat | 92.0 | 20% | 26% | 101% |
| 46 | J.B. HUNT TRANSPORT SERVICES, INC.JBHTfrom 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 | 91.8 | 10% | 30% | 28% |
| 47 | AMBARELLA, INC.AMBAfrom FY2013 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 | 91.8 | 54% | 59% | 9% |
| 48 | Omega Flex, Inc.OFLXfrom FY2012 10-KThe balanceSheet component abstained: No debt, cash, or interest-expense disclosures to score the balance sheet. The other four 20% weights were renormalized over the scored 80%. | Wide moat | 91.7 | 77% | 177% | 190% |
| 49 | FRANKLIN RESOURCES, INC.BENfrom FY2013 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 | 91.4 | −0% | −25% | −37% |
| 50 | MICROSOFT CORPORATIONMSFTfrom FY2013 10-K | Wide moat | 91.4 | 29% | 83% | 207% |
| 51 | INTEL CORPINTCfrom FY2012 10-K | Wide moat | 91.3 | 45% | 56% | 111% |
| 52 | CLEARONE INCCLROfrom FY2012 10-K | Wide moat | 91.2 | 9% | 28% | −85% |
| 53 | COMMVAULT SYSTEMS INCCVLTfrom FY2013 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 | 91.1 | −30% | −29% | −22% |
| 54 | BIOGEN INC.BIIBfrom FY2012 10-K | Wide moat | 90.9 | 22% | 4% | 9% |
| 55 | Texas Roadhouse, Inc.TXRHfrom 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 | 90.8 | 25% | 84% | 134% |
| 56 | WINMARK CORPORATIONWINAfrom 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 | 90.6 | 1% | 48% | 89% |
| 57 | FASTENAL COFASTfrom FY2012 10-K | Wide moat | 90.4 | 4% | 9% | 23% |
| 58 | COHEN & STEERS, INC.CNSfrom 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 | 89.9 | 11% | −2% | 16% |
| 59 | STRYKER CORPSYKfrom FY2012 10-K | Wide moat | 89.8 | 28% | 67% | 121% |
| 60 | JACK HENRY & ASSOCIATES, INC.JKHYfrom FY2013 10-K | Wide moat | 89.7 | 9% | 60% | 127% |
| 61 | LANDSTAR SYSTEM, INC.LSTRfrom 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 | 89.7 | 27% | 55% | 79% |
| 62 | BUCKLE, INCBKEfrom FY2013 10-K | Wide moat | 89.3 | 8% | −45% | −45% |
| 63 | COLGATE-PALMOLIVE COMPANYCLfrom FY2012 10-K | Wide moat | 89.1 | 10% | 9% | 3% |
| 64 | McDONALD’S CORPORATIONMCDfrom 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 | 89.1 | 0% | 37% | 110% |
| 65 | NORDSON CORPORATIONNDSNfrom FY2013 10-K | Wide moat | 88.9 | 8% | 60% | 68% |
| 66 | AUTOZONE INCAZOfrom FY2013 10-K | Wide moat | 88.9 | 30% | 67% | 77% |
| 67 | MSC INDUSTRIAL DIRECT CO., INC.MSMfrom FY2013 10-K | Wide moat | 88.9 | 6% | 27% | 9% |
| 68 | OneSpan Inc.OSPNfrom FY2012 10-K | Wide moat | 88.9 | 260% | 85% | 70% |
| 69 | SLEEP NUMBER CORPORATIONSNBRQfrom FY2012 10-K | Wide moat | 88.8 | — | — | — |
| 70 | INTERPARFUMS, INC.IPARfrom FY2012 10-K | Wide moat | 88.7 | −20% | 1% | 107% |
| 71 | DOLLAR TREE, INC.DLTRfrom FY2013 10-K | Wide moat | 88.4 | 25% | 37% | 62% |
| 72 | eBay Inc.EBAYfrom FY2012 10-K | Wide moat | 88.4 | 4% | 31% | 27% |
| 73 | Capri Holdings LtdCPRIfrom FY2013 10-K | Wide moat | 87.8 | −9% | −48% | −53% |
| 74 | TYLER TECHNOLOGIES, INC.TYLfrom FY2012 10-K | Wide moat | 87.7 | 6% | 43% | 80% |
| 75 | LIQUIDITY SERVICES, INCLQDTfrom FY2013 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 | 87.5 | −65% | −56% | −71% |
| 76 | CUMBERLAND PHARMACEUTICALS INCCPIXfrom FY2012 10-K | Wide moat | 87.4 | 19% | 14% | 25% |
| 77 | WILLIAMS-SONOMA, INC.WSMfrom FY2013 10-K | Wide moat | 87.2 | 30% | −10% | −3% |
| 78 | CVR ENERGY, INCCVIfrom 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 | 87.2 | 4% | −20% | 38% |
| 79 | QUALCOMM INC/DEQCOMfrom FY2013 10-K | Wide moat | 87.0 | 3% | −3% | −9% |
| 80 | Accenture plcACNfrom FY2013 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 | 86.8 | 12% | 55% | 94% |
| 81 | MARATHON PETROLEUM CORPORATIONMPCfrom 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 | 86.7 | 5% | 28% | 52% |
| 82 | Apple Inc.AAPLfrom FY2013 10-K | Wide moat | 86.6 | 41% | 56% | 119% |
| 83 | Booking Holdings Inc.BKNGfrom FY2012 10-K | Wide moat | 86.6 | −0% | 29% | 50% |
| 84 | EPAM SYSTEMS, INC.EPAMfrom FY2012 10-KThe 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%. | Wide moat | 86.6 | 34% | 83% | 229% |
| 85 | Carter's, Inc.CRIfrom FY2012 10-K | Wide moat | 86.4 | 20% | 24% | 20% |
| 86 | Neogen CorporationNEOGfrom FY2013 10-K | Wide moat | 86.2 | 10% | 49% | 72% |
| 87 | Moody’s CorporationMCOfrom 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 | 86.1 | 26% | 29% | 94% |
| 88 | Waters CorporationWATfrom FY2012 10-K | Wide moat | 85.9 | 15% | 38% | 85% |
| 89 | PRICE T ROWE GROUP INCTROWfrom FY2012 10-K | Wide moat | 85.8 | 6% | 2% | 30% |
| 90 | AMERICAN EAGLE OUTFITTERS INCAEOfrom FY2013 10-K | Wide moat | 85.7 | −3% | 16% | 54% |
| 91 | Maximus, Inc.MMSfrom FY2013 10-K | Wide moat | 85.7 | 26% | 31% | 55% |
| 92 | DONALDSON COMPANY, INC.DCIfrom FY2013 10-K | Wide moat | 85.6 | −9% | 4% | 9% |
| 93 | Urban Outfitters, Inc.URBNfrom FY2013 10-K | Wide moat | 85.6 | −7% | −24% | −12% |
| 94 | O Reilly Automotive IncORLYfrom FY2012 10-K | Wide moat | 85.5 | 49% | 118% | 165% |
| 95 | Jazz Pharmaceuticals plcJAZZfrom 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 | 85.4 | 29% | −12% | −1% |
| 96 | WD-40 COMPANYWDFCfrom FY2013 10-K | Wide moat | 85.2 | 16% | 66% | 161% |
| 97 | ARK RESTAURANTS CORP.ARKRfrom FY2013 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 | 85.2 | 3% | 26% | 3% |
| 98 | GEOSPACE TECHNOLOGIES CORPGEOSfrom FY2013 10-K | Wide moat | 85.2 | −72% | −77% | −88% |
| 99 | GENTEX CORPORATIONGNTXfrom FY2012 10-K | Wide moat | 85.1 | 13% | 33% | 38% |
| 100 | NETSCOUT SYSTEMS, INC.NTCTfrom FY2013 10-K | Wide moat | 85.1 | 26% | 11% | −18% |
| 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 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.