The widest moats of 2014, scored with only what was filed then.
Scored using filings available on 2014-12-31 — no later restatements, no hindsight. 1,408 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, 2015.
| # | Company | |||||
|---|---|---|---|---|---|---|
| 1 | HERBALIFE LTD.HLFfrom FY2013 10-K | Wide moat | 100.0 | 46% | 84% | 151% |
| 2 | RALPH LAUREN CORPORATIONRLfrom FY2014 10-K | Wide moat | 99.1 | −38% | −39% | −28% |
| 3 | MYRIAD GENETICS, INC.MYGNfrom FY2014 10-K | Wide moat | 99.0 | 24% | 1% | −21% |
| 4 | Medifast, Inc.MEDfrom FY2013 10-K | Wide moat | 99.0 | −11% | 140% | 288% |
| 5 | ResMed Inc.RMDfrom FY2014 10-K | Wide moat | 98.6 | −7% | 59% | 198% |
| 6 | Fossil Group, Inc.FOSLfrom FY2013 10-K | Wide moat | 98.0 | −69% | −92% | −93% |
| 7 | NU SKIN ENTERPRISES, INC.NUSfrom FY2013 10-K | Wide moat | 98.0 | −8% | 78% | 11% |
| 8 | Oracle CorporationORCLfrom FY2014 10-K | Wide moat | 97.8 | −18% | 9% | 31% |
| 9 | NetApp, Inc.NTAPfrom FY2014 10-K | Wide moat | 97.7 | −36% | 43% | 71% |
| 10 | F5, INC.FFIVfrom FY2014 10-K | Wide moat | 97.5 | −26% | 2% | 8% |
| 11 | Gartner, Inc.ITfrom FY2013 10-K | Wide moat | 97.3 | 5% | 49% | 87% |
| 12 | THE CHEESECAKE FACTORY INCORPORATEDCAKEfrom FY2013 10-K | Wide moat | 97.0 | −6% | 3% | −14% |
| 13 | Intuitive Surgical, Inc.ISRGfrom FY2013 10-K | Wide moat | 97.0 | 4% | 114% | 241% |
| 14 | FACTSET RESEARCH SYSTEMS INC.FDSfrom FY2014 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 | 96.2 | 13% | 41% | 102% |
| 15 | AMERICAN PUBLIC EDUCATION, INC.APEIfrom 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 | 96.2 | −49% | −29% | −24% |
| 16 | Proto Labs, Inc.PRLBfrom FY2013 10-K | Wide moat | 96.0 | −7% | 54% | 50% |
| 17 | TRIPADVISOR, INC.TRIPfrom FY2013 10-K | Wide moat | 96.0 | 11% | −53% | −54% |
| 18 | Estee Lauder Companies IncELfrom FY2014 10-K | Wide moat | 95.6 | 17% | 76% | 190% |
| 19 | THE BOSTON BEER COMPANY, INC.SAMfrom FY2013 10-K | Wide moat | 95.5 | −29% | −32% | 32% |
| 20 | J.B. HUNT TRANSPORT SERVICES, INC.JBHTfrom 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 | 95.4 | −13% | 44% | 48% |
| 21 | IDEXX LABORATORIES INC /DEIDXXfrom FY2013 10-K | Wide moat | 95.4 | −3% | 114% | 260% |
| 22 | AMBARELLA, INC.AMBAfrom FY2014 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 | 95.0 | 6% | 22% | 23% |
| 23 | Cirrus Logic, Inc.CRUSfrom FY2014 10-K | Wide moat | 94.4 | 24% | 125% | 258% |
| 24 | EXPONENT, INC.EXPOfrom 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 | 94.4 | 22% | 83% | 267% |
| 25 | USANA HEALTH SCIENCES, INC.USNAfrom FY2013 10-K | Wide moat | 94.2 | 24% | 47% | 52% |
| 26 | TERADATA CORP /DE/TDCfrom FY2013 10-K | Wide moat | 94.0 | −40% | −13% | −39% |
| 27 | TANDY LEATHER FACTORY, INCTLFfrom FY2013 10-K | Wide moat | 93.9 | −19% | −15% | −36% |
| 28 | DECKERS OUTDOOR CORPDECKfrom FY2013 10-K | Wide moat | 93.9 | −47% | −11% | 92% |
| 29 | Cboe Global Markets, Inc.CBOEfrom 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 | 93.9 | 2% | 102% | 101% |
| 30 | Grand Canyon Education, Inc.LOPEfrom 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 | 93.9 | −15% | 96% | 111% |
| 31 | NATURES SUNSHINE PRODUCTS INCNATRfrom 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 | 93.8 | −30% | −15% | −33% |
| 32 | Veeva Systems Inc.VEEVfrom FY2014 10-K | Wide moat | 93.8 | 9% | 110% | 447% |
| 33 | UNITED-GUARDIAN, INC.UGfrom FY2013 10-K | Wide moat | 93.6 | 10% | 8% | 34% |
| 34 | Monster Beverage CorpMNSTfrom FY2013 10-K | Wide moat | 93.6 | 33% | 74% | 77% |
| 35 | lululemon athletica inc.LULUfrom FY2014 10-K | Wide moat | 93.6 | 1% | 44% | 322% |
| 36 | NRC HealthNRCfrom 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 | 93.5 | 14% | 187% | 436% |
| 37 | INTUIT INC.INTUfrom FY2014 10-K | Wide moat | 93.4 | 5% | 80% | 207% |
| 38 | PAPA JOHN’S INTERNATIONAL, INC.PZZAfrom 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 | 93.4 | −3% | 3% | 18% |
| 39 | UNDER ARMOUR, INC.UAAfrom FY2013 10-K | Wide moat | 93.3 | 19% | −55% | −35% |
| 40 | ADVANCE AUTO PARTS, INC.AAPfrom FY2013 10-K | Wide moat | 93.1 | −4% | −33% | 1% |
| 41 | BIOGEN INC.BIIBfrom FY2013 10-K | Wide moat | 93.0 | −14% | −2% | −14% |
| 42 | COGNIZANT TECHNOLOGY SOLUTIONS CORPORATIONCTSHfrom 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 | 92.9 | 10% | 36% | 21% |
| 43 | FRANKLIN RESOURCES, INC.BENfrom FY2014 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 | 92.5 | −34% | −18% | −44% |
| 44 | NORDSON CORPORATIONNDSNfrom FY2014 10-K | Wide moat | 92.2 | −18% | 95% | 123% |
| 45 | PRICE T ROWE GROUP INCTROWfrom FY2013 10-K | Wide moat | 92.2 | −14% | 34% | 72% |
| 46 | COMMVAULT SYSTEMS INCCVLTfrom FY2014 10-K | Wide moat | 92.2 | −26% | 3% | −12% |
| 47 | Intrusion Inc.INTZfrom 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 | −61% | −57% | 96% |
| 48 | Omega Flex, Inc.OFLXfrom FY2013 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 | −7% | 104% | 234% |
| 49 | WINMARK CORPORATIONWINAfrom 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 | 91.5 | 9% | 55% | 135% |
| 50 | PriceSmart, Inc.PSMTfrom FY2014 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 | 91.5 | −10% | −0% | −20% |
| 51 | Starbucks CorporationSBUXfrom FY2014 10-K | Wide moat | 91.4 | 45% | 48% | 140% |
| 52 | Waters CorporationWATfrom FY2013 10-KThe businessTrend component abstained: Only one aligned fiscal year of revenue and diluted EPS is available; a trend needs at least two observations. The other four 20% weights were renormalized over the scored 80%. | Wide moat | 91.3 | 14% | 72% | 106% |
| 53 | Moody’s CorporationMCOfrom 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 | 91.3 | 3% | 59% | 168% |
| 54 | LANDSTAR SYSTEM, INC.LSTRfrom 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 | 91.1 | −17% | 49% | 66% |
| 55 | MESA LABORATORIES, INC.MLABfrom FY2014 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 | 91.0 | 26% | 59% | 219% |
| 56 | C.H. ROBINSON WORLDWIDE, INC.CHRWfrom FY2013 10-K | Wide moat | 91.0 | −14% | 31% | 19% |
| 57 | WILLIAMS-SONOMA, INC.WSMfrom FY2014 10-K | Wide moat | 90.9 | −22% | −24% | 11% |
| 58 | JACK HENRY & ASSOCIATES, INC.JKHYfrom FY2014 10-K | Wide moat | 90.9 | 25% | 94% | 149% |
| 59 | ZIFF DAVIS, INC.ZDfrom FY2013 10-K | Wide moat | 90.8 | 34% | 29% | 71% |
| 60 | GRACO INC.GGGfrom 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 | 90.6 | −9% | 77% | 111% |
| 61 | AbbVie Inc.ABBVfrom 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 | 90.2 | −10% | 66% | 66% |
| 62 | Gen Digital Inc.GENfrom FY2014 10-K | Wide moat | 90.1 | −16% | 48% | 37% |
| 63 | Texas Roadhouse, Inc.TXRHfrom 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 | 90.1 | 7% | 68% | 82% |
| 64 | McDONALD’S CORPORATIONMCDfrom 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 | 89.8 | 30% | 102% | 146% |
| 65 | COHEN & STEERS, INC.CNSfrom 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 | 89.4 | −24% | 31% | 103% |
| 66 | MSC INDUSTRIAL DIRECT CO., INC.MSMfrom FY2014 10-K | Wide moat | 89.3 | −29% | 28% | 11% |
| 67 | INTEL CORPINTCfrom FY2013 10-K | Wide moat | 89.2 | −4% | 41% | 92% |
| 68 | MICROSOFT CORPORATIONMSFTfrom FY2014 10-K | Wide moat | 89.2 | 20% | 98% | 282% |
| 69 | Apple Inc.AAPLfrom FY2014 10-K | Wide moat | 88.5 | −2% | 66% | 199% |
| 70 | CVR ENERGY, INCCVIfrom 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 | 88.3 | 1% | 29% | 67% |
| 71 | ARK RESTAURANTS CORP.ARKRfrom FY2014 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 | 88.2 | 7% | 31% | 24% |
| 72 | Urban Outfitters, Inc.URBNfrom FY2014 10-K | Wide moat | 88.1 | −35% | 2% | −21% |
| 73 | PPG INDUSTRIES INCPPGfrom 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 | 88.0 | −13% | 8% | 24% |
| 74 | GILEAD SCIENCES, INC.GILDfrom FY2013 10-K | Wide moat | 87.9 | 5% | −17% | −22% |
| 75 | FASTENAL COFASTfrom FY2013 10-K | Wide moat | 87.6 | −13% | 22% | 77% |
| 76 | OXFORD INDUSTRIES, INC.OXMfrom FY2014 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 | 87.5 | 16% | 50% | 54% |
| 77 | QUALCOMM INC/DEQCOMfrom FY2014 10-K | Wide moat | 87.5 | −30% | −3% | 42% |
| 78 | Capri Holdings LtdCPRIfrom FY2014 10-K | Wide moat | 87.5 | −46% | −14% | −49% |
| 79 | V. F. CORPORATIONVFCfrom FY2013 10-K | Wide moat | 87.4 | −16% | 9% | 63% |
| 80 | S&P Global Inc.SPGIfrom FY2013 10-K | Wide moat | 87.2 | 8% | 97% | 232% |
| 81 | DOLLAR TREE, INC.DLTRfrom FY2014 10-K | Wide moat | 87.2 | 12% | 54% | 33% |
| 82 | WD-40 COMPANYWDFCfrom FY2014 10-K | Wide moat | 87.0 | 15% | 46% | 148% |
| 83 | Mastercard IncMAfrom 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 | 86.9 | 11% | 81% | 266% |
| 84 | NEWMARKET CORPORATIONNEUfrom FY2013 10-K | Wide moat | 86.8 | −6% | 5% | 30% |
| 85 | MORNINGSTAR, INC.MORNfrom FY2013 10-K | Wide moat | 86.7 | 24% | 53% | 144% |
| 86 | THE SHERWIN-WILLIAMS COMPANYSHWfrom FY2013 10-KThe balanceSheet component abstained: Insufficient leverage/coverage inputs to score the balance sheet. The other four 20% weights were renormalized over the scored 80%. | Wide moat | 86.6 | −2% | 63% | 129% |
| 87 | O Reilly Automotive IncORLYfrom FY2013 10-K | Wide moat | 86.6 | 28% | 30% | 128% |
| 88 | United Parcel Service, IncUPSfrom 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 | 86.6 | −12% | 22% | 24% |
| 89 | VERA BRADLEY, INC.VRAfrom FY2014 10-K | Wide moat | 86.5 | −19% | −37% | −41% |
| 90 | MARATHON PETROLEUM CORPORATIONMPCfrom 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 | 86.5 | 14% | 60% | 57% |
| 91 | Tapestry, Inc.TPRfrom FY2014 10-K | Wide moat | 86.3 | −6% | 35% | −13% |
| 92 | LIQUIDITY SERVICES, INCLQDTfrom FY2014 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 | 86.3 | −18% | −41% | −27% |
| 93 | GAP, INCGAPfrom FY2014 10-K | Wide moat | 86.2 | −37% | −10% | −51% |
| 94 | Carter's, Inc.CRIfrom FY2013 10-K | Wide moat | 86.2 | 9% | 43% | 39% |
| 95 | TYLER TECHNOLOGIES, INC.TYLfrom FY2013 10-K | Wide moat | 85.9 | 55% | 66% | 184% |
| 96 | Maximus, Inc.MMSfrom FY2014 10-K | Wide moat | 85.6 | 2% | 34% | 44% |
| 97 | PrimeEnergy Resources CorporationPNRGfrom 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 | 85.4 | −34% | −29% | 110% |
| 98 | GENTEX CORPORATIONGNTXfrom FY2013 10-K | Wide moat | 85.4 | −10% | 25% | 81% |
| 99 | GLOBAL PAYMENTS INC.GPNfrom FY2014 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 | 55% | 147% | 362% |
| 100 | eBay Inc.EBAYfrom FY2013 10-K | Wide moat | 85.2 | 12% | 61% | 56% |
| Berkshire Hathaway (BRK.B, total return)benchmark · total return (same basis) | — | — | −12% | 32% | 53% | |
| S&P 500 (price return)benchmark · price return | — | — | −2% | 31% | 58% |
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.