Backtest · 2015 cohort
The widest moats of 2015, scored with only what was filed then.
Scored as of 2015-12-31 from the 10-Ks on file at that date — no later restatements, no hindsight. 1,076 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, 2016.
| # | Company | Moat | As-of score | 1-yr return | 3-yr return | 5-yr return |
|---|---|---|---|---|---|---|
| 1 | THE CHEESECAKE FACTORY INCORPORATEDCAKEfrom FY2014 10-K | Wide moat | 100.0 | 31% | −2% | −16% |
| 2 | F5, INC.FFIVfrom FY2015 10-K | Wide moat | 100.0 | 49% | 66% | 81% |
| 3 | ResMed Inc.RMDfrom FY2015 10-K | Wide moat | 98.9 | 21% | 126% | 338% |
| 4 | Intuitive Surgical, Inc.ISRGfrom FY2014 10-K | Wide moat | 98.6 | 17% | 155% | 338% |
| 5 | NU SKIN ENTERPRISES, INC.NUSfrom FY2014 10-K | Wide moat | 98.0 | 34% | 74% | 71% |
| 6 | Gartner, Inc.ITfrom FY2014 10-K | Wide moat | 97.4 | 13% | 43% | 79% |
| 7 | RALPH LAUREN CORPORATIONRLfrom FY2015 10-K | Wide moat | 97.4 | −17% | 1% | 0% |
| 8 | AMBARELLA, INC.AMBAfrom FY2015 10-K | Wide moat | 96.0 | −3% | −33% | 69% |
| 9 | Arista Networks, Inc.ANETfrom FY2014 10-K | Wide moat | 96.0 | 25% | 172% | 266% |
| 10 | HASBRO, INC.HASfrom FY2014 10-K | Wide moat | 95.9 | 22% | 28% | 56% |
| 11 | Proto Labs, Inc.PRLBfrom FY2014 10-K | Wide moat | 95.9 | −16% | 77% | 138% |
| 12 | Fossil Group, Inc.FOSLfrom FY2014 10-K | Wide moat | 95.7 | −23% | −52% | −75% |
| 13 | TERADATA CORP /DE/TDCfrom FY2014 10-K | Wide moat | 95.3 | 5% | 44% | −15% |
| 14 | Estee Lauder Companies IncELfrom FY2015 10-K | Wide moat | 95.2 | −10% | 57% | 209% |
| 15 | THE BOSTON BEER COMPANY, INC.SAMfrom FY2014 10-K | Wide moat | 95.1 | −14% | 18% | 378% |
| 16 | GILEAD SCIENCES, INC.GILDfrom FY2014 10-K | Wide moat | 95.0 | −23% | −30% | −28% |
| 17 | NetApp, Inc.NTAPfrom FY2015 10-K | Wide moat | 95.0 | 40% | 147% | 185% |
| 18 | PRICE T ROWE GROUP INCTROWfrom FY2014 10-K | Wide moat | 94.8 | 11% | 42% | 142% |
| 19 | TRIPADVISOR, INC.TRIPfrom FY2014 10-K | Wide moat | 94.8 | −43% | −35% | −62% |
| 20 | Medifast, Inc.MEDfrom FY2014 10-K | Wide moat | 94.6 | 52% | 377% | 677% |
| 21 | USANA HEALTH SCIENCES, INC.USNAfrom FY2014 10-K | Wide moat | 94.5 | −2% | 83% | 23% |
| 22 | C.H. ROBINSON WORLDWIDE, INC.CHRWfrom FY2014 10-K | Wide moat | 94.4 | 21% | 44% | 68% |
| 23 | Capri Holdings LtdCPRIfrom FY2015 10-K | Wide moat | 94.2 | 7% | −3% | 1% |
| 24 | Cimpress plcCMPRfrom FY2015 10-K | Wide moat | 94.1 | 20% | 35% | 9% |
| 25 | BIOGEN INC.BIIBfrom FY2014 10-K | Wide moat | 93.9 | −1% | 3% | −18% |
| 26 | Veeva Systems Inc.VEEVfrom FY2015 10-K | Wide moat | 93.5 | 44% | 205% | 856% |
| 27 | DECKERS OUTDOOR CORPDECKfrom FY2015 10-K | Wide moat | 93.3 | 22% | 174% | 501% |
| 28 | OneSpan Inc.OSPNfrom FY2014 10-K | Wide moat | 93.3 | −16% | −23% | 29% |
| 29 | UTAH MEDICAL PRODUCTS INCUTMDfrom FY2015 10-K | Wide moat | 93.2 | 24% | 51% | 53% |
| 30 | Starbucks CorporationSBUXfrom FY2015 10-K | Wide moat | 93.2 | −4% | 17% | 95% |
| 31 | Oracle CorporationORCLfrom FY2015 10-K | Wide moat | 93.0 | 9% | 31% | 91% |
| 32 | TANDY LEATHER FACTORY, INCTLFfrom FY2014 10-K | Wide moat | 92.9 | 12% | −17% | −55% |
| 33 | Monster Beverage CorpMNSTfrom FY2014 10-K | Wide moat | 92.4 | −5% | 1% | 88% |
| 34 | IDEXX LABORATORIES INC /DEIDXXfrom FY2014 10-K | Wide moat | 92.0 | 65% | 157% | 591% |
| 35 | GLOBUS MEDICAL, INC.GMEDfrom FY2014 10-K | Wide moat | 92.0 | −7% | 48% | 137% |
| 36 | lululemon athletica inc.LULUfrom FY2015 10-K | Wide moat | 91.8 | 20% | 121% | 538% |
| 37 | UNDER ARMOUR, INC.UAAfrom FY2014 10-K | Wide moat | 91.7 | −25% | −55% | −56% |
| 38 | Johnson & JohnsonJNJfrom FY2014 10-K | Wide moat | 91.3 | 19% | 38% | 78% |
| 39 | QUALCOMM INC/DEQCOMfrom FY2015 10-K | Wide moat | 90.9 | 35% | 27% | 249% |
| 40 | MYRIAD GENETICS, INC.MYGNfrom FY2015 10-K | Wide moat | 90.8 | −60% | −32% | −53% |
| 41 | ALIGN TECHNOLOGY, INC.ALGNfrom FY2014 10-K | Wide moat | 90.4 | 51% | 214% | 719% |
| 42 | UNITED-GUARDIAN, INC.UGfrom FY2014 10-K | Wide moat | 89.2 | −20% | 8% | −8% |
| 43 | WILLIAMS-SONOMA, INC.WSMfrom FY2015 10-K | Wide moat | 89.2 | −11% | −5% | 107% |
| 44 | JACK HENRY & ASSOCIATES, INC.JKHYfrom FY2015 10-K | Wide moat | 88.9 | 18% | 68% | 119% |
| 45 | COMMVAULT SYSTEMS INCCVLTfrom FY2015 10-K | Wide moat | 88.6 | 38% | 51% | 44% |
| 46 | MSC INDUSTRIAL DIRECT CO., INC.MSMfrom FY2015 10-K | Wide moat | 88.4 | 67% | 44% | 88% |
| 47 | Gen Digital Inc.GENfrom FY2015 10-K | Wide moat | 88.1 | 46% | 18% | 132% |
| 48 | Tapestry, Inc.TPRfrom FY2015 10-K | Wide moat | 88.0 | 9% | 13% | 14% |
| 49 | SLEEP NUMBER CORPORATIONSNBRQfrom FY2014 10-K | Wide moat | 87.8 | — | — | — |
| 50 | Cracker Barrel Old Country Store, Inc.CBRLfrom FY2015 10-K | Wide moat | 87.5 | 39% | 52% | 28% |
| 51 | TruBridge, Inc.TBRGfrom FY2014 10-K | Wide moat | 87.5 | −49% | −43% | −39% |
| 52 | Apple Inc.AAPLfrom FY2015 10-K | Wide moat | 87.2 | 13% | 58% | 430% |
| 53 | Booking Holdings Inc.BKNGfrom FY2014 10-K | Wide moat | 87.0 | 19% | 38% | 74% |
| 54 | ADVANCE AUTO PARTS, INC.AAPfrom FY2014 10-K | Wide moat | 87.0 | 12% | 4% | 5% |
| 55 | BUCKLE, INCBKEfrom FY2015 10-K | Wide moat | 86.9 | −16% | −15% | 61% |
| 56 | INTUIT INC.INTUfrom FY2015 10-K | Wide moat | 86.4 | 23% | 113% | 313% |
| 57 | DELUXE CORPDLXfrom FY2014 10-K | Wide moat | 86.2 | 39% | −22% | −37% |
| 58 | GENASYS INC.GNSSfrom FY2015 10-K | Wide moat | 86.2 | −11% | 34% | 237% |
| 59 | V. F. CORPORATIONVFCfrom FY2014 10-K | Wide moat | 85.8 | −10% | 27% | 68% |
| 60 | COPART, INC.CPRTfrom FY2015 10-K | Wide moat | 85.8 | 48% | 153% | 540% |
| 61 | NETSCOUT SYSTEMS, INC.NTCTfrom FY2015 10-K | Wide moat | 85.7 | 6% | −22% | −11% |
| 62 | GOPRO, INC.GPROfrom FY2014 10-K | Wide moat | 85.7 | −53% | −77% | −57% |
| 63 | COLGATE-PALMOLIVE COMPANYCLfrom FY2014 10-K | Wide moat | 85.6 | 4% | −2% | 46% |
| 64 | 3M COMPANYMMMfrom FY2014 10-K | Wide moat | 85.5 | 25% | 40% | 35% |
| 65 | TYLER TECHNOLOGIES, INC.TYLfrom FY2014 10-K | Wide moat | 85.5 | −13% | 9% | 158% |
| 66 | EPAM SYSTEMS, INC.EPAMfrom FY2014 10-K | Wide moat | 85.5 | −15% | 52% | 363% |
| 67 | GAP, INCGAPfrom FY2015 10-K | Wide moat | 85.4 | −4% | 11% | −12% |
| 68 | BRINKER INTERNATIONAL, INC.EATfrom FY2015 10-K | Wide moat | 85.3 | 7% | 5% | 32% |
| 69 | NORTHROP GRUMMAN CORP /DE/NOCfrom FY2014 10-K | Wide moat | 85.0 | 27% | 38% | 70% |
| 70 | B-Scada, Inc.SCDAfrom FY2014 10-K | Wide moat | 84.8 | −64% | −87% | −99% |
| 71 | Westlake CorporationWLKfrom FY2014 10-K | Wide moat | 84.7 | 9% | 31% | 64% |
| 72 | DOLLAR TREE, INC.DLTRfrom FY2015 10-K | Wide moat | 84.6 | −2% | 16% | 36% |
| 73 | AUTOZONE INCAZOfrom FY2015 10-K | Wide moat | 84.5 | 8% | 14% | 60% |
| 74 | PROGRESS SOFTWARE CORP /MAPRGSfrom FY2014 10-K | Wide moat | 84.5 | 35% | 53% | 99% |
| 75 | WD-40 COMPANYWDFCfrom FY2015 10-K | Wide moat | 84.4 | 24% | 95% | 192% |
| 76 | Five Below, Inc.FIVEfrom FY2015 10-K | Wide moat | 84.4 | 23% | 218% | 409% |
| 77 | ZIFF DAVIS, INC.ZDfrom FY2014 10-K | Wide moat | 84.2 | 4% | −9% | 27% |
| 78 | PEGASYSTEMS INC.PEGAfrom FY2014 10-K | Wide moat | 84.1 | 34% | 78% | 394% |
| 79 | INTEL CORPINTCfrom FY2014 10-K | Wide moat | 83.8 | 11% | 51% | 67% |
| 80 | FASTENAL COFASTfrom FY2014 10-K | Wide moat | 83.8 | 20% | 37% | 169% |
| 81 | Accenture plcACNfrom FY2015 10-K | Wide moat | 83.7 | 17% | 46% | 175% |
| 82 | HALLIBURTON COMPANYHALfrom FY2014 10-K | Wide moat | 83.6 | 64% | −17% | −40% |
| 83 | UNITED THERAPEUTICS CorpUTHRfrom FY2014 10-K | Wide moat | 83.6 | −7% | −31% | −1% |
| 84 | JOHN WILEY & SONS, INC.WLYfrom FY2015 10-K | Wide moat | 83.5 | 27% | 16% | 19% |
| 85 | Simulations Plus, Inc.SLPfrom FY2015 10-K | Wide moat | 83.5 | −5% | 117% | 731% |
| 86 | S&P Global Inc.SPGIfrom FY2014 10-K | Wide moat | 83.2 | 16% | 86% | 271% |
| 87 | GENTEX CORPORATIONGNTXfrom FY2014 10-K | Wide moat | 83.2 | 32% | 36% | 134% |
| 88 | HERBALIFE LTD.HLFfrom FY2014 10-K | Wide moat | 83.1 | −10% | 116% | 82% |
| 89 | IPG PHOTONICS CORPIPGPfrom FY2014 10-K | Wide moat | 83.0 | 15% | 34% | 154% |
| 90 | FLOWSERVE CORPFLSfrom FY2014 10-K | Wide moat | 82.8 | 19% | −5% | −9% |
| 91 | Cirrus Logic, Inc.CRUSfrom FY2015 10-K | Wide moat | 82.8 | 95% | 17% | 187% |
| 92 | Cognex CorporationCGNXfrom FY2014 10-K | Wide moat | 82.8 | 91% | 135% | 406% |
| 93 | SPOK HOLDINGS, INC.SPOKfrom FY2014 10-K | Wide moat | 82.7 | 36% | −9% | −12% |
| 94 | LIFELOC TECHNOLOGIES, INC.LCTCfrom FY2014 10-K | Wide moat | 82.7 | −18% | −42% | −76% |
| 95 | TEXAS INSTRUMENTS INCORPORATEDTXNfrom FY2014 10-K | Wide moat | 82.3 | 39% | 88% | 241% |
| 96 | W.W. GRAINGER, INC.GWWfrom FY2014 10-K | Wide moat | 82.3 | 19% | 46% | 116% |
| 97 | Carter's, Inc.CRIfrom FY2014 10-K | Wide moat | 82.2 | −5% | −8% | 7% |
| 98 | INNOVEX INTERNATIONAL, INC.INVXfrom FY2014 10-K | Wide moat | 82.0 | — | — | — |
| 99 | MICROSOFT CORPORATIONMSFTfrom FY2015 10-K | Wide moat | 81.9 | 17% | 97% | 335% |
| 100 | Urban Outfitters, Inc.URBNfrom FY2015 10-K | Wide moat | 81.8 | 26% | 46% | 8% |
| 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 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.