Backtest · 2014 cohort
The widest moats of 2014, scored with only what was filed then.
Scored as of 2014-12-31 from the 10-Ks on file at that date — no later restatements, no hindsight. 1,001 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, 2015.
| # | Company | Moat | As-of score | 1-yr return | 3-yr return | 5-yr return |
|---|---|---|---|---|---|---|
| 1 | MYRIAD GENETICS, INC.MYGNfrom FY2014 10-K | Wide moat | 100.0 | 24% | 1% | −21% |
| 2 | Medifast, Inc.MEDfrom FY2013 10-K | Wide moat | 100.0 | −11% | 140% | 288% |
| 3 | HERBALIFE LTD.HLFfrom FY2013 10-K | Wide moat | 100.0 | 46% | 84% | 151% |
| 4 | NetApp, Inc.NTAPfrom FY2014 10-K | Wide moat | 99.5 | −36% | 43% | 71% |
| 5 | THE CHEESECAKE FACTORY INCORPORATEDCAKEfrom FY2013 10-K | Wide moat | 99.0 | −6% | 3% | −14% |
| 6 | ResMed Inc.RMDfrom FY2014 10-K | Wide moat | 98.9 | −7% | 59% | 198% |
| 7 | RALPH LAUREN CORPORATIONRLfrom FY2014 10-K | Wide moat | 98.8 | −38% | −39% | −28% |
| 8 | F5, INC.FFIVfrom FY2014 10-K | Wide moat | 98.5 | −26% | 2% | 8% |
| 9 | Oracle CorporationORCLfrom FY2014 10-K | Wide moat | 98.1 | −18% | 9% | 31% |
| 10 | S&P Global Inc.SPGIfrom FY2013 10-K | Wide moat | 98.0 | 8% | 97% | 232% |
| 11 | NU SKIN ENTERPRISES, INC.NUSfrom FY2013 10-K | Wide moat | 98.0 | −8% | 78% | 11% |
| 12 | Fossil Group, Inc.FOSLfrom FY2013 10-K | Wide moat | 97.4 | −69% | −92% | −93% |
| 13 | Gartner, Inc.ITfrom FY2013 10-K | Wide moat | 97.1 | 5% | 49% | 87% |
| 14 | Intuitive Surgical, Inc.ISRGfrom FY2013 10-K | Wide moat | 97.0 | 4% | 114% | 241% |
| 15 | Cirrus Logic, Inc.CRUSfrom FY2014 10-K | Wide moat | 96.1 | 24% | 125% | 258% |
| 16 | UNITED-GUARDIAN, INC.UGfrom FY2013 10-K | Wide moat | 96.0 | 10% | 8% | 34% |
| 17 | Estee Lauder Companies IncELfrom FY2014 10-K | Wide moat | 96.0 | 17% | 76% | 190% |
| 18 | Proto Labs, Inc.PRLBfrom FY2013 10-K | Wide moat | 96.0 | −7% | 54% | 50% |
| 19 | TRIPADVISOR, INC.TRIPfrom FY2013 10-K | Wide moat | 96.0 | 11% | −53% | −54% |
| 20 | HASBRO, INC.HASfrom FY2013 10-K | Wide moat | 95.6 | 25% | 79% | 116% |
| 21 | THE BOSTON BEER COMPANY, INC.SAMfrom FY2013 10-K | Wide moat | 95.6 | −29% | −32% | 32% |
| 22 | IDEXX LABORATORIES INC /DEIDXXfrom FY2013 10-K | Wide moat | 95.3 | −3% | 114% | 260% |
| 23 | INTUIT INC.INTUfrom FY2014 10-K | Wide moat | 94.5 | 5% | 80% | 207% |
| 24 | TERADATA CORP /DE/TDCfrom FY2013 10-K | Wide moat | 94.2 | −40% | −13% | −39% |
| 25 | USANA HEALTH SCIENCES, INC.USNAfrom FY2013 10-K | Wide moat | 94.2 | 24% | 47% | 52% |
| 26 | PRICE T ROWE GROUP INCTROWfrom FY2013 10-K | Wide moat | 93.9 | −14% | 34% | 72% |
| 27 | C.H. ROBINSON WORLDWIDE, INC.CHRWfrom FY2013 10-K | Wide moat | 93.7 | −14% | 31% | 19% |
| 28 | ADVANCE AUTO PARTS, INC.AAPfrom FY2013 10-K | Wide moat | 93.7 | −4% | −33% | 1% |
| 29 | TANDY LEATHER FACTORY, INCTLFfrom FY2013 10-K | Wide moat | 93.3 | −19% | −15% | −36% |
| 30 | CLEARONE INCCLROfrom FY2013 10-K | Wide moat | 93.0 | 35% | −8% | −81% |
| 31 | DECKERS OUTDOOR CORPDECKfrom FY2013 10-K | Wide moat | 92.9 | −47% | −11% | 92% |
| 32 | Veeva Systems Inc.VEEVfrom FY2014 10-K | Wide moat | 92.7 | 9% | 110% | 447% |
| 33 | BIOGEN INC.BIIBfrom FY2013 10-K | Wide moat | 92.6 | −14% | −2% | −14% |
| 34 | Starbucks CorporationSBUXfrom FY2014 10-K | Wide moat | 92.4 | 45% | 48% | 140% |
| 35 | Monster Beverage CorpMNSTfrom FY2013 10-K | Wide moat | 92.4 | 33% | 74% | 77% |
| 36 | lululemon athletica inc.LULUfrom FY2014 10-K | Wide moat | 92.4 | 1% | 44% | 322% |
| 37 | COMMVAULT SYSTEMS INCCVLTfrom FY2014 10-K | Wide moat | 92.2 | −26% | 3% | −12% |
| 38 | UNDER ARMOUR, INC.UAAfrom FY2013 10-K | Wide moat | 92.0 | 19% | −55% | −35% |
| 39 | ZIFF DAVIS, INC.ZDfrom FY2013 10-K | Wide moat | 91.8 | 34% | 29% | 71% |
| 40 | Tapestry, Inc.TPRfrom FY2014 10-K | Wide moat | 91.5 | −6% | 35% | −13% |
| 41 | Gen Digital Inc.GENfrom FY2014 10-K | Wide moat | 91.0 | −16% | 48% | 37% |
| 42 | MICROSOFT CORPORATIONMSFTfrom FY2014 10-K | Wide moat | 90.9 | 20% | 98% | 282% |
| 43 | GILEAD SCIENCES, INC.GILDfrom FY2013 10-K | Wide moat | 90.3 | 5% | −17% | −22% |
| 44 | NORDSON CORPORATIONNDSNfrom FY2014 10-K | Wide moat | 90.2 | −18% | 95% | 123% |
| 45 | Johnson & JohnsonJNJfrom FY2013 10-K | Wide moat | 90.1 | −1% | 45% | 60% |
| 46 | WILLIAMS-SONOMA, INC.WSMfrom FY2014 10-K | Wide moat | 89.1 | −22% | −24% | 11% |
| 47 | PROGRESS SOFTWARE CORP /MAPRGSfrom FY2013 10-K | Wide moat | 89.0 | −11% | 65% | 66% |
| 48 | VERA BRADLEY, INC.VRAfrom FY2014 10-K | Wide moat | 89.0 | −19% | −37% | −41% |
| 49 | WD-40 COMPANYWDFCfrom FY2014 10-K | Wide moat | 88.8 | 15% | 46% | 148% |
| 50 | MATTEL INC /DE/MATfrom FY2013 10-K | Wide moat | 88.5 | −4% | −39% | −49% |
| 51 | BIO-TECHNE CorpTECHfrom FY2014 10-K | Wide moat | 88.3 | −2% | 49% | 153% |
| 52 | MSC INDUSTRIAL DIRECT CO., INC.MSMfrom FY2014 10-K | Wide moat | 88.1 | −29% | 28% | 11% |
| 53 | GLOBUS MEDICAL, INC.GMEDfrom FY2013 10-K | Wide moat | 87.9 | 13% | 82% | 151% |
| 54 | INTEL CORPINTCfrom FY2013 10-K | Wide moat | 87.8 | −4% | 41% | 92% |
| 55 | JACK HENRY & ASSOCIATES, INC.JKHYfrom FY2014 10-K | Wide moat | 87.7 | 25% | 94% | 149% |
| 56 | OneSpan Inc.OSPNfrom FY2013 10-K | Wide moat | 87.7 | −39% | −48% | −36% |
| 57 | STRYKER CORPSYKfrom FY2013 10-K | Wide moat | 87.6 | −3% | 75% | 138% |
| 58 | QUALCOMM INC/DEQCOMfrom FY2014 10-K | Wide moat | 87.5 | −30% | −3% | 42% |
| 59 | Capri Holdings LtdCPRIfrom FY2014 10-K | Wide moat | 87.2 | −46% | −14% | −49% |
| 60 | TruBridge, Inc.TBRGfrom FY2013 10-K | Wide moat | 87.1 | −14% | −44% | −49% |
| 61 | BUCKLE, INCBKEfrom FY2014 10-K | Wide moat | 86.9 | −39% | −43% | −24% |
| 62 | eBay Inc.EBAYfrom FY2013 10-K | Wide moat | 86.8 | 12% | 61% | 56% |
| 63 | PTC Inc.PTCfrom FY2014 10-K | Wide moat | 86.7 | −7% | 68% | 110% |
| 64 | COLGATE-PALMOLIVE COMPANYCLfrom FY2013 10-K | Wide moat | 86.5 | −4% | 16% | 11% |
| 65 | GAP, INCGAPfrom FY2014 10-K | Wide moat | 86.4 | −37% | −10% | −51% |
| 66 | EPAM SYSTEMS, INC.EPAMfrom FY2013 10-K | Wide moat | 85.7 | 62% | 133% | 365% |
| 67 | Apple Inc.AAPLfrom FY2014 10-K | Wide moat | 85.6 | −2% | 66% | 199% |
| 68 | Urban Outfitters, Inc.URBNfrom FY2014 10-K | Wide moat | 85.4 | −35% | 2% | −21% |
| 69 | DELUXE CORPDLXfrom FY2013 10-K | Wide moat | 85.3 | −13% | 32% | −11% |
| 70 | NORTHROP GRUMMAN CORP /DE/NOCfrom FY2013 10-K | Wide moat | 85.2 | 30% | 119% | 163% |
| 71 | SLEEP NUMBER CORPORATIONSNBRQfrom FY2013 10-K | Wide moat | 85.0 | — | — | — |
| 72 | JOHN WILEY & SONS, INC.WLYfrom FY2014 10-K | Wide moat | 84.8 | −23% | 21% | −7% |
| 73 | INTERPARFUMS, INC.IPARfrom FY2013 10-K | Wide moat | 84.8 | −14% | 69% | 192% |
| 74 | MORNINGSTAR, INC.MORNfrom FY2013 10-K | Wide moat | 84.6 | 24% | 53% | 144% |
| 75 | COPART, INC.CPRTfrom FY2014 10-K | Wide moat | 84.4 | 3% | 139% | 411% |
| 76 | Cracker Barrel Old Country Store, Inc.CBRLfrom FY2014 10-K | Wide moat | 84.4 | −7% | 35% | 44% |
| 77 | Five Below, Inc.FIVEfrom FY2014 10-K | Wide moat | 84.4 | −18% | 73% | 220% |
| 78 | SPOK HOLDINGS, INC.SPOKfrom FY2013 10-K | Wide moat | 84.2 | −1% | −2% | −17% |
| 79 | 3M COMPANYMMMfrom FY2013 10-K | Wide moat | 83.9 | −8% | 55% | 26% |
| 80 | TYLER TECHNOLOGIES, INC.TYLfrom FY2013 10-K | Wide moat | 83.9 | 55% | 66% | 184% |
| 81 | LIFELOC TECHNOLOGIES, INC.LCTCfrom FY2013 10-K | Wide moat | 83.9 | −41% | −51% | −68% |
| 82 | V. F. CORPORATIONVFCfrom FY2013 10-K | Wide moat | 83.8 | −16% | 9% | 63% |
| 83 | Carter's, Inc.CRIfrom FY2013 10-K | Wide moat | 83.7 | 9% | 43% | 39% |
| 84 | NETSCOUT SYSTEMS, INC.NTCTfrom FY2014 10-K | Wide moat | 83.5 | −17% | −13% | −32% |
| 85 | AUTOZONE INCAZOfrom FY2014 10-K | Wide moat | 83.4 | 19% | 19% | 93% |
| 86 | DOLLAR TREE, INC.DLTRfrom FY2014 10-K | Wide moat | 83.4 | 12% | 54% | 33% |
| 87 | DONALDSON COMPANY, INC.DCIfrom FY2014 10-K | Wide moat | 83.1 | −25% | 34% | 64% |
| 88 | FLOWSERVE CORPFLSfrom FY2013 10-K | Wide moat | 82.7 | −28% | −26% | −8% |
| 89 | BECTON DICKINSON & COBDXfrom FY2014 10-K | Wide moat | 82.6 | 8% | 63% | 110% |
| 90 | CROCS, INC.CROXfrom FY2013 10-K | Wide moat | 82.5 | −22% | 4% | 234% |
| 91 | Booking Holdings Inc.BKNGfrom FY2013 10-K | Wide moat | 82.4 | 9% | 56% | 82% |
| 92 | Microchip Technology IncorporatedMCHPfrom FY2014 10-K | Wide moat | 82.3 | 6% | 117% | 167% |
| 93 | PEGASYSTEMS INC.PEGAfrom FY2013 10-K | Wide moat | 82.2 | 34% | 139% | 308% |
| 94 | FRANKLIN COVEY CO.FCfrom FY2014 10-K | Wide moat | 82.0 | −15% | 14% | 62% |
| 95 | Meta Platforms, Inc.METAfrom FY2013 10-K | Wide moat | 82.0 | 30% | 131% | 167% |
| 96 | AUTODESK, INC.ADSKfrom FY2014 10-K | Wide moat | 81.9 | 1% | 80% | 216% |
| 97 | FASTENAL COFASTfrom FY2013 10-K | Wide moat | 81.9 | −13% | 22% | 77% |
| 98 | Cognex CorporationCGNXfrom FY2013 10-K | Wide moat | 81.9 | −18% | 205% | 184% |
| 99 | APPLIED INDUSTRIAL TECHNOLOGIES, INC.AITfrom FY2014 10-K | Wide moat | 81.7 | −9% | 61% | 64% |
| 100 | IPG PHOTONICS CORPIPGPfrom FY2013 10-K | Wide moat | 81.7 | 16% | 201% | 98% |
| 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 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.