The widest moats of 2015, scored with only what was filed then.
Scored using filings available on 2015-12-31 — no later restatements, no hindsight. 1,505 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, 2016.
| # | Company | |||||
|---|---|---|---|---|---|---|
| 1 | F5, INC.FFIVfrom FY2015 10-K | Wide moat | 99.1 | 49% | 66% | 81% |
| 2 | ResMed Inc.RMDfrom FY2015 10-K | Wide moat | 98.0 | 21% | 126% | 338% |
| 3 | NU SKIN ENTERPRISES, INC.NUSfrom FY2014 10-K | Wide moat | 98.0 | 34% | 74% | 71% |
| 4 | Gartner, Inc.ITfrom FY2014 10-K | Wide moat | 97.5 | 13% | 43% | 79% |
| 5 | Cboe Global Markets, Inc.CBOEfrom 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 | 97.2 | 16% | 55% | 54% |
| 6 | THE CHEESECAKE FACTORY INCORPORATEDCAKEfrom FY2014 10-K | Wide moat | 96.7 | 31% | −2% | −16% |
| 7 | Fossil Group, Inc.FOSLfrom FY2014 10-K | Wide moat | 96.3 | −23% | −52% | −75% |
| 8 | TRIPADVISOR, INC.TRIPfrom FY2014 10-K | Wide moat | 96.0 | −43% | −35% | −62% |
| 9 | Arista Networks, Inc.ANETfrom FY2014 10-K | Wide moat | 96.0 | 25% | 172% | 266% |
| 10 | Proto Labs, Inc.PRLBfrom FY2014 10-K | Wide moat | 95.9 | −16% | 77% | 138% |
| 11 | FACTSET RESEARCH SYSTEMS INC.FDSfrom FY2015 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 | 7% | 32% | 123% |
| 12 | THE BOSTON BEER COMPANY, INC.SAMfrom FY2014 10-K | Wide moat | 95.2 | −14% | 18% | 378% |
| 13 | RALPH LAUREN CORPORATIONRLfrom FY2015 10-K | Wide moat | 95.0 | −17% | 1% | 0% |
| 14 | COGNIZANT TECHNOLOGY SOLUTIONS CORPORATIONCTSHfrom 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 | 95.0 | −3% | 10% | 43% |
| 15 | AMBARELLA, INC.AMBAfrom FY2015 10-K | Wide moat | 95.0 | −3% | −33% | 69% |
| 16 | PAPA JOHN’S INTERNATIONAL, INC.PZZAfrom 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 | 94.9 | 57% | −24% | 67% |
| 17 | J.B. HUNT TRANSPORT SERVICES, INC.JBHTfrom 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 | 94.8 | 37% | 35% | 98% |
| 18 | USANA HEALTH SCIENCES, INC.USNAfrom FY2014 10-K | Wide moat | 94.5 | −2% | 83% | 23% |
| 19 | Veeva Systems Inc.VEEVfrom FY2015 10-K | Wide moat | 94.3 | 44% | 205% | 856% |
| 20 | Capri Holdings LtdCPRIfrom FY2015 10-K | Wide moat | 94.3 | 7% | −3% | 1% |
| 21 | GILEAD SCIENCES, INC.GILDfrom FY2014 10-K | Wide moat | 94.2 | −23% | −30% | −28% |
| 22 | Intuitive Surgical, Inc.ISRGfrom FY2014 10-K | Wide moat | 94.2 | 17% | 155% | 338% |
| 23 | BIOGEN INC.BIIBfrom FY2014 10-K | Wide moat | 94.1 | −1% | 3% | −18% |
| 24 | Mastercard IncMAfrom 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 | 93.9 | 12% | 104% | 283% |
| 25 | NRC HealthNRCfrom 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 | 93.5 | 26% | 169% | 207% |
| 26 | TERADATA CORP /DE/TDCfrom FY2014 10-K | Wide moat | 93.5 | 5% | 44% | −15% |
| 27 | EXPONENT, INC.EXPOfrom 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 | 93.4 | 25% | 113% | 284% |
| 28 | TANDY LEATHER FACTORY, INCTLFfrom FY2014 10-K | Wide moat | 93.3 | 12% | −17% | −55% |
| 29 | COHEN & STEERS, INC.CNSfrom 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 | 17% | 38% | 216% |
| 30 | Starbucks CorporationSBUXfrom FY2015 10-K | Wide moat | 92.2 | −4% | 17% | 95% |
| 31 | Estee Lauder Companies IncELfrom FY2015 10-K | Wide moat | 92.2 | −10% | 57% | 209% |
| 32 | lululemon athletica inc.LULUfrom FY2015 10-K | Wide moat | 92.2 | 20% | 121% | 538% |
| 33 | IDEXX LABORATORIES INC /DEIDXXfrom FY2014 10-K | Wide moat | 92.1 | 65% | 157% | 591% |
| 34 | C.H. ROBINSON WORLDWIDE, INC.CHRWfrom FY2014 10-K | Wide moat | 92.1 | 21% | 44% | 68% |
| 35 | Monster Beverage CorpMNSTfrom FY2014 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 | 92.0 | −5% | 1% | 88% |
| 36 | WINMARK CORPORATIONWINAfrom 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 | 91.9 | 34% | 71% | 109% |
| 37 | UNDER ARMOUR, INC.UAAfrom FY2014 10-K | Wide moat | 91.8 | −25% | −55% | −56% |
| 38 | PrimeEnergy Resources CorporationPNRGfrom 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 | 91.1 | 12% | 46% | −10% |
| 39 | Texas Roadhouse, Inc.TXRHfrom 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 | 91.1 | 38% | 75% | 126% |
| 40 | Gen Digital Inc.GENfrom FY2015 10-K | Wide moat | 91.0 | 46% | 18% | 132% |
| 41 | GLOBUS MEDICAL, INC.GMEDfrom FY2014 10-K | Wide moat | 91.0 | −7% | 48% | 137% |
| 42 | Omega Flex, Inc.OFLXfrom 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 | 91.0 | 69% | 76% | 392% |
| 43 | UTAH MEDICAL PRODUCTS INCUTMDfrom FY2015 10-K | Wide moat | 90.8 | 24% | 51% | 53% |
| 44 | WILLIAMS-SONOMA, INC.WSMfrom FY2015 10-K | Wide moat | 90.7 | −11% | −5% | 107% |
| 45 | Moody’s CorporationMCOfrom 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 | 90.7 | −0% | 51% | 218% |
| 46 | JACK HENRY & ASSOCIATES, INC.JKHYfrom FY2015 10-K | Wide moat | 90.5 | 18% | 68% | 119% |
| 47 | OneSpan Inc.OSPNfrom FY2014 10-K | Wide moat | 90.5 | −16% | −23% | 29% |
| 48 | PRICE T ROWE GROUP INCTROWfrom FY2014 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 | 90.4 | 11% | 42% | 142% |
| 49 | THE TJX COMPANIES, INC.TJXfrom FY2015 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 | 8% | 32% | 102% |
| 50 | Cimpress plcCMPRfrom FY2015 10-K | Wide moat | 90.1 | 20% | 35% | 9% |
| 51 | Apple Inc.AAPLfrom FY2015 10-K | Wide moat | 90.0 | 13% | 58% | 430% |
| 52 | WEX Inc.WEXfrom 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 | 89.9 | 31% | 62% | 131% |
| 53 | Oracle CorporationORCLfrom FY2015 10-K | Wide moat | 89.8 | 9% | 31% | 91% |
| 54 | GRACO INC.GGGfrom 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 | 89.6 | 18% | 82% | 217% |
| 55 | EDWARDS LIFESCIENCES CORPORATIONEWfrom FY2014 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 | 89.1 | 21% | 89% | 238% |
| 56 | GOPRO, INC.GPROfrom FY2014 10-K | Wide moat | 89.1 | −53% | −77% | −57% |
| 57 | Waters CorporationWATfrom FY2014 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 | 89.0 | 5% | 41% | 92% |
| 58 | Booking Holdings Inc.BKNGfrom FY2014 10-K | Wide moat | 89.0 | 19% | 38% | 74% |
| 59 | O Reilly Automotive IncORLYfrom FY2014 10-K | Wide moat | 88.8 | 14% | 39% | 84% |
| 60 | QUALCOMM INC/DEQCOMfrom FY2015 10-K | Wide moat | 88.7 | 35% | 27% | 249% |
| 61 | ADVANCE AUTO PARTS, INC.AAPfrom FY2014 10-K | Wide moat | 88.7 | 12% | 4% | 5% |
| 62 | DOLLAR TREE, INC.DLTRfrom FY2015 10-K | Wide moat | 88.4 | −2% | 16% | 36% |
| 63 | LANDSTAR SYSTEM, INC.LSTRfrom 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 | 47% | 70% | 141% |
| 64 | DECKERS OUTDOOR CORPDECKfrom FY2015 10-K | Wide moat | 88.2 | 22% | 174% | 501% |
| 65 | ARK RESTAURANTS CORP.ARKRfrom FY2015 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 | 87.9 | 14% | −7% | −5% |
| 66 | ALIGN TECHNOLOGY, INC.ALGNfrom FY2014 10-K | Wide moat | 87.9 | 51% | 214% | 719% |
| 67 | MESA LABORATORIES, INC.MLABfrom FY2015 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 | 87.8 | 24% | 110% | 184% |
| 68 | THE SHERWIN-WILLIAMS COMPANYSHWfrom FY2014 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 | 87.6 | 9% | 59% | 198% |
| 69 | TYLER TECHNOLOGIES, INC.TYLfrom FY2014 10-K | Wide moat | 87.6 | −13% | 9% | 158% |
| 70 | NetApp, Inc.NTAPfrom FY2015 10-K | Wide moat | 87.6 | 40% | 147% | 185% |
| 71 | GENTEX CORPORATIONGNTXfrom FY2014 10-K | Wide moat | 87.5 | 32% | 36% | 134% |
| 72 | FASTENAL COFASTfrom FY2014 10-K | Wide moat | 87.4 | 20% | 37% | 169% |
| 73 | Grand Canyon Education, Inc.LOPEfrom 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 | 87.1 | 51% | 142% | 133% |
| 74 | ePlus inc.PLUSfrom FY2015 10-K | Wide moat | 86.9 | 27% | 54% | 94% |
| 75 | SLEEP NUMBER CORPORATIONSNBRQfrom FY2014 10-K | Wide moat | 86.8 | — | — | — |
| 76 | INTEL CORPINTCfrom FY2014 10-K | Wide moat | 86.3 | 11% | 51% | 67% |
| 77 | MSC INDUSTRIAL DIRECT CO., INC.MSMfrom FY2015 10-K | Wide moat | 86.3 | 67% | 44% | 88% |
| 78 | Cognex CorporationCGNXfrom FY2014 10-K | Wide moat | 86.2 | 91% | 135% | 406% |
| 79 | Johnson & JohnsonJNJfrom FY2014 10-K | Wide moat | 86.0 | 19% | 38% | 78% |
| 80 | Cracker Barrel Old Country Store, Inc.CBRLfrom FY2015 10-K | Wide moat | 86.0 | 39% | 52% | 28% |
| 81 | IPG PHOTONICS CORPIPGPfrom FY2014 10-K | Wide moat | 86.0 | 15% | 34% | 154% |
| 82 | V. F. CORPORATIONVFCfrom FY2014 10-K | Wide moat | 85.7 | −10% | 27% | 68% |
| 83 | NETSCOUT SYSTEMS, INC.NTCTfrom FY2015 10-K | Wide moat | 85.7 | 6% | −22% | −11% |
| 84 | COMMVAULT SYSTEMS INCCVLTfrom FY2015 10-K | Wide moat | 85.4 | 38% | 51% | 44% |
| 85 | NEWMARKET CORPORATIONNEUfrom FY2014 10-K | Wide moat | 85.4 | 17% | 15% | 18% |
| 86 | GAP, INCGAPfrom FY2015 10-K | Wide moat | 85.1 | −4% | 11% | −12% |
| 87 | COPART, INC.CPRTfrom FY2015 10-K | Wide moat | 85.1 | 48% | 153% | 540% |
| 88 | Carter's, Inc.CRIfrom FY2014 10-K | Wide moat | 85.1 | −5% | −8% | 7% |
| 89 | ULTA BEAUTY, INC.ULTAfrom FY2015 10-K | Wide moat | 85.1 | 41% | 36% | 55% |
| 90 | PPG INDUSTRIES INCPPGfrom 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 | 85.0 | −1% | 9% | 57% |
| 91 | CUMMINS INCCMIfrom FY2014 10-K | Wide moat | 84.8 | 61% | 62% | 186% |
| 92 | HEARTLAND EXPRESS INCHTLDfrom 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 | 84.8 | 24% | 11% | 10% |
| 93 | B-Scada, Inc.SCDAfrom FY2014 10-K | Wide moat | 84.8 | −64% | −87% | −99% |
| 94 | Inogen IncINGNfrom FY2014 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 | 84.7 | 66% | 211% | 11% |
| 95 | Accenture plcACNfrom FY2015 10-K | Wide moat | 84.7 | 17% | 46% | 175% |
| 96 | MYRIAD GENETICS, INC.MYGNfrom FY2015 10-K | Wide moat | 84.6 | −60% | −32% | −53% |
| 97 | Simulations Plus, Inc.SLPfrom FY2015 10-K | Wide moat | 84.6 | −5% | 117% | 731% |
| 98 | W.W. GRAINGER, INC.GWWfrom FY2014 10-K | Wide moat | 84.5 | 19% | 46% | 116% |
| 99 | AUTOZONE INCAZOfrom FY2015 10-K | Wide moat | 84.3 | 8% | 14% | 60% |
| 100 | POLARIS INC.PIIfrom FY2014 10-K | Wide moat | 84.3 | −4% | −6% | 21% |
| Berkshire Hathaway (BRK.B, total return)benchmark · total return (same basis) | — | — | 25% | 55% | 75% | |
| S&P 500 (price return)benchmark · price return | — | — | 12% | 25% | 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.