Backtest · 2016 cohort
The widest moats of 2016, scored with only what was filed then.
Scored as of 2016-12-31 from the 10-Ks on file at that date — no later restatements, no hindsight. 1,148 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, 2017.
| # | Company | Moat | As-of score | 1-yr return | 3-yr return | 5-yr return |
|---|---|---|---|---|---|---|
| 1 | THE CHEESECAKE FACTORY INCORPORATEDCAKEfrom FY2015 10-K | Wide moat | 100.0 | −16% | −30% | −29% |
| 2 | INTUIT INC.INTUfrom FY2016 10-K | Wide moat | 100.0 | 40% | 139% | 473% |
| 3 | Medifast, Inc.MEDfrom FY2015 10-K | Wide moat | 100.0 | 77% | 186% | 489% |
| 4 | F5, INC.FFIVfrom FY2016 10-K | Wide moat | 100.0 | −8% | −3% | 68% |
| 5 | Capri Holdings LtdCPRIfrom FY2016 10-K | Wide moat | 99.1 | 49% | −11% | 53% |
| 6 | NU SKIN ENTERPRISES, INC.NUSfrom FY2015 10-K | Wide moat | 97.9 | 44% | −10% | 24% |
| 7 | BIOGEN INC.BIIBfrom FY2015 10-K | Wide moat | 97.6 | 15% | 1% | −16% |
| 8 | MYRIAD GENETICS, INC.MYGNfrom FY2016 10-K | Wide moat | 96.9 | 106% | 62% | 65% |
| 9 | ResMed Inc.RMDfrom FY2016 10-K | Wide moat | 96.5 | 41% | 164% | 345% |
| 10 | Intuitive Surgical, Inc.ISRGfrom FY2015 10-K | Wide moat | 96.1 | 75% | 179% | 405% |
| 11 | AMBARELLA, INC.AMBAfrom FY2016 10-K | Wide moat | 96.0 | 19% | 19% | 311% |
| 12 | Arista Networks, Inc.ANETfrom FY2015 10-K | Wide moat | 96.0 | 138% | 111% | 486% |
| 13 | LivaNova PLCLIVNfrom FY2015 10-K | Wide moat | 95.9 | 76% | 63% | 92% |
| 14 | C.H. ROBINSON WORLDWIDE, INC.CHRWfrom FY2015 10-K | Wide moat | 95.2 | 26% | 15% | 66% |
| 15 | PRICE T ROWE GROUP INCTROWfrom FY2015 10-K | Wide moat | 95.1 | 40% | 79% | 198% |
| 16 | Proto Labs, Inc.PRLBfrom FY2015 10-K | Wide moat | 95.1 | 97% | 92% | 3% |
| 17 | THE BOSTON BEER COMPANY, INC.SAMfrom FY2015 10-K | Wide moat | 94.6 | 12% | 118% | 205% |
| 18 | USANA HEALTH SCIENCES, INC.USNAfrom FY2015 10-K | Wide moat | 94.5 | 20% | 25% | 65% |
| 19 | Estee Lauder Companies IncELfrom FY2016 10-K | Wide moat | 94.2 | 67% | 176% | 403% |
| 20 | Veeva Systems Inc.VEEVfrom FY2016 10-K | Wide moat | 94.1 | 33% | 247% | 520% |
| 21 | GILEAD SCIENCES, INC.GILDfrom FY2015 10-K | Wide moat | 93.8 | 3% | −3% | 17% |
| 22 | UTAH MEDICAL PRODUCTS INCUTMDfrom FY2015 10-K | Wide moat | 93.5 | 13% | 55% | 47% |
| 23 | Starbucks CorporationSBUXfrom FY2016 10-K | Wide moat | 93.1 | 6% | 71% | 132% |
| 24 | TANDY LEATHER FACTORY, INCTLFfrom FY2015 10-K | Wide moat | 93.0 | −6% | −29% | −36% |
| 25 | INTEL CORPINTCfrom FY2015 10-K | Wide moat | 92.8 | 32% | 80% | 65% |
| 26 | OneSpan Inc.OSPNfrom FY2015 10-K | Wide moat | 92.6 | 1% | 25% | 23% |
| 27 | GLOBUS MEDICAL, INC.GMEDfrom FY2015 10-K | Wide moat | 92.0 | 74% | 140% | 198% |
| 28 | Monster Beverage CorpMNSTfrom FY2015 10-K | Wide moat | 91.7 | 38% | 40% | 112% |
| 29 | HEALTHEQUITY, INC.HQYfrom FY2016 10-K | Wide moat | 91.7 | 16% | 80% | 17% |
| 30 | IRADIMED CORPORATIONIRMDfrom FY2015 10-K | Wide moat | 91.6 | 37% | 110% | 326% |
| 31 | lululemon athletica inc.LULUfrom FY2016 10-K | Wide moat | 91.2 | 19% | 249% | 480% |
| 32 | DELUXE CORPDLXfrom FY2015 10-K | Wide moat | 90.9 | 9% | −26% | −48% |
| 33 | UNITED-GUARDIAN, INC.UGfrom FY2015 10-K | Wide moat | 90.7 | 23% | 54% | 41% |
| 34 | QUALCOMM INC/DEQCOMfrom FY2016 10-K | Wide moat | 90.7 | 3% | 51% | 230% |
| 35 | JACK HENRY & ASSOCIATES, INC.JKHYfrom FY2016 10-K | Wide moat | 90.6 | 32% | 69% | 104% |
| 36 | NetApp, Inc.NTAPfrom FY2016 10-K | Wide moat | 90.1 | 59% | 90% | 196% |
| 37 | DULUTH HOLDINGS INC.DLTHfrom FY2016 10-K | Wide moat | 90.1 | −28% | −63% | −41% |
| 38 | UNDER ARMOUR, INC.UAAfrom FY2015 10-K | Wide moat | 90.0 | −50% | −27% | −29% |
| 39 | ALIGN TECHNOLOGY, INC.ALGNfrom FY2015 10-K | Wide moat | 89.8 | 132% | 193% | 568% |
| 40 | Cracker Barrel Old Country Store, Inc.CBRLfrom FY2016 10-K | Wide moat | 89.7 | 4% | 11% | −2% |
| 41 | FASTENAL COFASTfrom FY2015 10-K | Wide moat | 89.4 | 17% | 69% | 197% |
| 42 | Gartner, Inc.ITfrom FY2015 10-K | Wide moat | 89.3 | 25% | 56% | 222% |
| 43 | RALPH LAUREN CORPORATIONRLfrom FY2016 10-K | Wide moat | 89.3 | 18% | 40% | 47% |
| 44 | WILLIAMS-SONOMA, INC.WSMfrom FY2016 10-K | Wide moat | 89.2 | 10% | 61% | 290% |
| 45 | DECKERS OUTDOOR CORPDECKfrom FY2016 10-K | Wide moat | 89.2 | 40% | 199% | 539% |
| 46 | Fossil Group, Inc.FOSLfrom FY2015 10-K | Wide moat | 89.0 | −67% | −70% | −59% |
| 47 | MORNINGSTAR, INC.MORNfrom FY2015 10-K | Wide moat | 89.0 | 32% | 110% | 372% |
| 48 | STRYKER CORPSYKfrom FY2015 10-K | Wide moat | 88.8 | 34% | 82% | 138% |
| 49 | Cimpress plcCMPRfrom FY2016 10-K | Wide moat | 88.6 | 30% | 35% | −22% |
| 50 | S&P Global Inc.SPGIfrom FY2015 10-K | Wide moat | 87.9 | 57% | 165% | 346% |
| 51 | Tapestry, Inc.TPRfrom FY2016 10-K | Wide moat | 87.7 | 32% | −15% | 32% |
| 52 | ADVANCE AUTO PARTS, INC.AAPfrom FY2015 10-K | Wide moat | 87.6 | −38% | −6% | 42% |
| 53 | TRIPADVISOR, INC.TRIPfrom FY2015 10-K | Wide moat | 87.6 | −27% | −28% | −33% |
| 54 | THE SHERWIN-WILLIAMS COMPANYSHWfrom FY2015 10-K | Wide moat | 87.2 | 52% | 114% | 287% |
| 55 | HASBRO, INC.HASfrom FY2015 10-K | Wide moat | 87.0 | 17% | 41% | 46% |
| 56 | ALPHABET INC.GOOGLfrom FY2015 10-K | Wide moat | 87.0 | 33% | 69% | 259% |
| 57 | V. F. CORPORATIONVFCfrom FY2015 10-K | Wide moat | 86.5 | 43% | 115% | 66% |
| 58 | BIO-TECHNE CorpTECHfrom FY2016 10-K | Wide moat | 86.5 | 30% | 119% | 392% |
| 59 | PEGASYSTEMS INC.PEGAfrom FY2015 10-K | Wide moat | 86.5 | 34% | 129% | 210% |
| 60 | HERBALIFE LTD.HLFfrom FY2015 10-K | Wide moat | 86.5 | 41% | 92% | 71% |
| 61 | AWARE, INC.AWREfrom FY2015 10-K | Wide moat | 86.4 | −28% | −45% | −48% |
| 62 | Apple Inc.AAPLfrom FY2016 10-K | Wide moat | 86.2 | 51% | 171% | 566% |
| 63 | Axon Enterprise, Inc.AXONfrom FY2015 10-K | Wide moat | 86.1 | 8% | 211% | 522% |
| 64 | Cirrus Logic, Inc.CRUSfrom FY2016 10-K | Wide moat | 85.9 | −7% | 49% | 64% |
| 65 | WD-40 COMPANYWDFCfrom FY2016 10-K | Wide moat | 85.8 | 1% | 73% | 123% |
| 66 | BRINKER INTERNATIONAL, INC.EATfrom FY2016 10-K | Wide moat | 85.8 | −17% | −4% | −13% |
| 67 | SLEEP NUMBER CORPORATIONSNBRQfrom FY2015 10-K | Wide moat | 85.7 | — | — | — |
| 68 | EPAM SYSTEMS, INC.EPAMfrom FY2015 10-K | Wide moat | 85.7 | 70% | 240% | 909% |
| 69 | BUCKLE, INCBKEfrom FY2016 10-K | Wide moat | 85.6 | 12% | 49% | 223% |
| 70 | Booking Holdings Inc.BKNGfrom FY2015 10-K | Wide moat | 85.6 | 21% | 40% | 67% |
| 71 | Accenture plcACNfrom FY2016 10-K | Wide moat | 85.5 | 35% | 90% | 278% |
| 72 | TEXAS INSTRUMENTS INCORPORATEDTXNfrom FY2015 10-K | Wide moat | 85.1 | 47% | 90% | 195% |
| 73 | COPART, INC.CPRTfrom FY2016 10-K | Wide moat | 85.0 | 56% | 235% | 427% |
| 74 | AUTOZONE INCAZOfrom FY2016 10-K | Wide moat | 84.9 | −7% | 50% | 158% |
| 75 | Westlake CorporationWLKfrom FY2015 10-K | Wide moat | 84.8 | 93% | 25% | 82% |
| 76 | Paycom Software, Inc.PAYCfrom FY2015 10-K | Wide moat | 84.8 | 73% | 485% | 771% |
| 77 | O Reilly Automotive IncORLYfrom FY2015 10-K | Wide moat | 84.6 | −11% | 56% | 148% |
| 78 | UNITED THERAPEUTICS CorpUTHRfrom FY2015 10-K | Wide moat | 84.6 | 6% | −39% | 46% |
| 79 | 3M COMPANYMMMfrom FY2015 10-K | Wide moat | 84.4 | 35% | 10% | 16% |
| 80 | Five Below, Inc.FIVEfrom FY2016 10-K | Wide moat | 84.4 | 71% | 215% | 413% |
| 81 | NORDSON CORPORATIONNDSNfrom FY2016 10-K | Wide moat | 84.2 | 31% | 50% | 132% |
| 82 | Carter's, Inc.CRIfrom FY2015 10-K | Wide moat | 84.1 | 38% | 34% | 26% |
| 83 | INTERPARFUMS, INC.IPARfrom FY2015 10-K | Wide moat | 84.0 | 34% | 130% | 246% |
| 84 | TYLER TECHNOLOGIES, INC.TYLfrom FY2015 10-K | Wide moat | 84.0 | 23% | 112% | 262% |
| 85 | IPG PHOTONICS CORPIPGPfrom FY2015 10-K | Wide moat | 83.9 | 125% | 48% | 76% |
| 86 | Oracle CorporationORCLfrom FY2016 10-K | Wide moat | 83.9 | 21% | 45% | 144% |
| 87 | IMAX CorporationIMAXfrom FY2015 10-K | Wide moat | 83.8 | −27% | −36% | −41% |
| 88 | NORTHROP GRUMMAN CORP /DE/NOCfrom FY2015 10-K | Wide moat | 83.7 | 32% | 59% | 78% |
| 89 | SPOK HOLDINGS, INC.SPOKfrom FY2015 10-K | Wide moat | 83.5 | −27% | −38% | −46% |
| 90 | Cognex CorporationCGNXfrom FY2015 10-K | Wide moat | 83.4 | 95% | 81% | 154% |
| 91 | GENTEX CORPORATIONGNTXfrom FY2015 10-K | Wide moat | 83.3 | 6% | 53% | 90% |
| 92 | Simulations Plus, Inc.SLPfrom FY2016 10-K | Wide moat | 83.0 | 77% | 229% | 480% |
| 93 | AUTODESK, INC.ADSKfrom FY2016 10-K | Wide moat | 82.6 | 41% | 147% | 272% |
| 94 | CHEMED CORPORATIONCHEfrom FY2015 10-K | Wide moat | 82.4 | 53% | 175% | 231% |
| 95 | CISCO SYSTEMS, INC.CSCOfrom FY2016 10-K | Wide moat | 82.4 | 32% | 75% | 142% |
| 96 | Genesco Inc.GCOfrom FY2016 10-K | Wide moat | 82.3 | −43% | −23% | 3% |
| 97 | Inogen IncINGNfrom FY2015 10-K | Wide moat | 82.3 | 82% | 3% | −48% |
| 98 | AMERICAN EAGLE OUTFITTERS INCAEOfrom FY2016 10-K | Wide moat | 82.2 | 27% | 0% | 84% |
| 99 | JOHN WILEY & SONS, INC.WLYfrom FY2016 10-K | Wide moat | 82.0 | 25% | −4% | 21% |
| 100 | KORU MEDICAL SYSTEMS, INC.KRMDfrom FY2016 10-K | Wide moat | 81.8 | 136% | 1364% | 602% |
| Berkshire Hathaway (BRK.B, total return)benchmark · total return (same basis) | — | — | 20% | 39% | 84% | |
| S&P 500 (price return)benchmark · price return | — | — | 19% | 44% | 112% |
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.