The widest moats of 2016, scored with only what was filed then.
Scored using filings available on 2016-12-31 — no later restatements, no hindsight. 1,600 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, 2017.
| # | Company | |||||
|---|---|---|---|---|---|---|
| 1 | Capri Holdings LtdCPRIfrom FY2016 10-K | Wide moat | 99.2 | 49% | −11% | 53% |
| 2 | F5, INC.FFIVfrom FY2016 10-K | Wide moat | 99.1 | −8% | −3% | 68% |
| 3 | FACTSET RESEARCH SYSTEMS INC.FDSfrom FY2016 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 | 98.6 | 18% | 68% | 204% |
| 4 | NU SKIN ENTERPRISES, INC.NUSfrom FY2015 10-K | Wide moat | 97.9 | 44% | −10% | 24% |
| 5 | BIOGEN INC.BIIBfrom FY2015 10-K | Wide moat | 97.5 | 15% | 1% | −16% |
| 6 | THE CHEESECAKE FACTORY INCORPORATEDCAKEfrom FY2015 10-K | Wide moat | 96.4 | −16% | −30% | −29% |
| 7 | AMBARELLA, INC.AMBAfrom FY2016 10-K | Wide moat | 96.0 | 19% | 19% | 311% |
| 8 | Arista Networks, Inc.ANETfrom FY2015 10-K | Wide moat | 96.0 | 138% | 111% | 486% |
| 9 | ResMed Inc.RMDfrom FY2016 10-K | Wide moat | 95.5 | 41% | 164% | 345% |
| 10 | Proto Labs, Inc.PRLBfrom FY2015 10-K | Wide moat | 95.4 | 97% | 92% | 3% |
| 11 | J.B. HUNT TRANSPORT SERVICES, INC.JBHTfrom 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 | 95.3 | 21% | 25% | 118% |
| 12 | INTUIT INC.INTUfrom FY2016 10-K | Wide moat | 95.0 | 40% | 139% | 473% |
| 13 | COGNIZANT TECHNOLOGY SOLUTIONS CORPORATIONCTSHfrom 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 | 95.0 | 26% | 13% | 68% |
| 14 | RMR GROUP INC.RMRfrom FY2016 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 | 50% | 18% | 19% |
| 15 | THE BOSTON BEER COMPANY, INC.SAMfrom FY2015 10-K | Wide moat | 94.9 | 12% | 118% | 205% |
| 16 | Veeva Systems Inc.VEEVfrom FY2016 10-K | Wide moat | 94.7 | 33% | 247% | 520% |
| 17 | LivaNova PLCLIVNfrom FY2015 10-K | Wide moat | 94.7 | 76% | 63% | 92% |
| 18 | USANA HEALTH SCIENCES, INC.USNAfrom FY2015 10-K | Wide moat | 94.5 | 20% | 25% | 65% |
| 19 | Alphabet Inc.GOOGLfrom 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 | 94.1 | 33% | 69% | 259% |
| 20 | MYRIAD GENETICS, INC.MYGNfrom FY2016 10-K | Wide moat | 93.8 | 106% | 62% | 65% |
| 21 | Mastercard IncMAfrom 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 | 93.8 | 45% | 193% | 262% |
| 22 | NRC HealthNRCfrom 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 | 93.5 | 99% | 271% | 142% |
| 23 | PAPA JOHN’S INTERNATIONAL, INC.PZZAfrom 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 | 93.4 | −32% | −23% | 67% |
| 24 | GILEAD SCIENCES, INC.GILDfrom FY2015 10-K | Wide moat | 93.2 | 3% | −3% | 17% |
| 25 | JACK HENRY & ASSOCIATES, INC.JKHYfrom FY2016 10-K | Wide moat | 92.6 | 32% | 69% | 104% |
| 26 | PRICE T ROWE GROUP INCTROWfrom FY2015 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 | 92.5 | 40% | 79% | 198% |
| 27 | GRACO INC.GGGfrom 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 | 92.3 | 65% | 97% | 202% |
| 28 | Intuitive Surgical, Inc.ISRGfrom FY2015 10-K | Wide moat | 92.2 | 75% | 179% | 405% |
| 29 | Starbucks CorporationSBUXfrom FY2016 10-K | Wide moat | 92.1 | 6% | 71% | 132% |
| 30 | C.H. ROBINSON WORLDWIDE, INC.CHRWfrom FY2015 10-K | Wide moat | 92.0 | 26% | 15% | 66% |
| 31 | lululemon athletica inc.LULUfrom FY2016 10-K | Wide moat | 91.8 | 19% | 249% | 480% |
| 32 | Monster Beverage CorpMNSTfrom FY2015 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 | 91.5 | 38% | 40% | 112% |
| 33 | O Reilly Automotive IncORLYfrom FY2015 10-K | Wide moat | 91.4 | −11% | 56% | 148% |
| 34 | LANDSTAR SYSTEM, INC.LSTRfrom 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 | 91.2 | 22% | 36% | 124% |
| 35 | Texas Roadhouse, Inc.TXRHfrom 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 | 91.2 | 14% | 23% | 101% |
| 36 | FASTENAL COFASTfrom FY2015 10-K | Wide moat | 91.1 | 17% | 69% | 197% |
| 37 | GLOBUS MEDICAL, INC.GMEDfrom FY2015 10-K | Wide moat | 91.0 | 74% | 140% | 198% |
| 38 | Omega Flex, Inc.OFLXfrom FY2015 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 | 31% | 114% | 158% |
| 39 | THE TJX COMPANIES, INC.TJXfrom FY2016 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 | 90.8 | 3% | 72% | 114% |
| 40 | WILLIAMS-SONOMA, INC.WSMfrom FY2016 10-K | Wide moat | 90.8 | 10% | 61% | 290% |
| 41 | WINMARK CORPORATIONWINAfrom 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 | 90.8 | 6% | 61% | 114% |
| 42 | TANDY LEATHER FACTORY, INCTLFfrom FY2015 10-K | Wide moat | 90.6 | −6% | −29% | −36% |
| 43 | Medifast, Inc.MEDfrom FY2015 10-K | Wide moat | 90.6 | 77% | 186% | 489% |
| 44 | DULUTH HOLDINGS INC.DLTHfrom FY2016 10-K | Wide moat | 90.6 | −28% | −63% | −41% |
| 45 | UTAH MEDICAL PRODUCTS INCUTMDfrom FY2015 10-K | Wide moat | 90.2 | 13% | 55% | 47% |
| 46 | EXPONENT, INC.EXPOfrom 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 | 21% | 142% | 312% |
| 47 | Estee Lauder Companies IncELfrom FY2016 10-K | Wide moat | 90.0 | 67% | 176% | 403% |
| 48 | TRIPADVISOR, INC.TRIPfrom FY2015 10-K | Wide moat | 89.9 | −27% | −28% | −33% |
| 49 | IRADIMED CORPORATIONIRMDfrom FY2015 10-K | Wide moat | 89.7 | 37% | 110% | 326% |
| 50 | OneSpan Inc.OSPNfrom FY2015 10-K | Wide moat | 89.6 | 1% | 25% | 23% |
| 51 | Gartner, Inc.ITfrom FY2015 10-K | Wide moat | 89.5 | 25% | 56% | 222% |
| 52 | Cboe Global Markets, Inc.CBOEfrom 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 | 89.5 | 70% | 69% | 88% |
| 53 | Moody’s CorporationMCOfrom 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 | 89.4 | 55% | 162% | 322% |
| 54 | ALLEGIANT TRAVEL COMPANYALGTfrom 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 | 89.4 | −5% | 12% | 23% |
| 55 | DELUXE CORPDLXfrom FY2015 10-K | Wide moat | 89.2 | 9% | −26% | −48% |
| 56 | HEALTHEQUITY, INC.HQYfrom FY2016 10-K | Wide moat | 89.0 | 16% | 80% | 17% |
| 57 | MORNINGSTAR, INC.MORNfrom FY2015 10-K | Wide moat | 88.7 | 32% | 110% | 372% |
| 58 | ALIGN TECHNOLOGY, INC.ALGNfrom FY2015 10-K | Wide moat | 88.3 | 132% | 193% | 568% |
| 59 | THE SHERWIN-WILLIAMS COMPANYSHWfrom FY2015 10-K | Wide moat | 88.0 | 52% | 114% | 287% |
| 60 | UNDER ARMOUR, INC.UAAfrom FY2015 10-K | Wide moat | 87.9 | −50% | −27% | −29% |
| 61 | EDWARDS LIFESCIENCES CORPORATIONEWfrom FY2015 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 | 87.8 | 17% | 143% | 303% |
| 62 | ADVANCE AUTO PARTS, INC.AAPfrom FY2015 10-K | Wide moat | 87.8 | −38% | −6% | 42% |
| 63 | Carter's, Inc.CRIfrom FY2015 10-K | Wide moat | 87.7 | 38% | 34% | 26% |
| 64 | Booking Holdings Inc.BKNGfrom FY2015 10-K | Wide moat | 87.7 | 21% | 40% | 67% |
| 65 | Cracker Barrel Old Country Store, Inc.CBRLfrom FY2016 10-K | Wide moat | 87.6 | 4% | 11% | −2% |
| 66 | GENTEX CORPORATIONGNTXfrom FY2015 10-K | Wide moat | 87.5 | 6% | 53% | 90% |
| 67 | PEGASYSTEMS INC.PEGAfrom FY2015 10-K | Wide moat | 87.5 | 34% | 129% | 210% |
| 68 | ePlus inc.PLUSfrom FY2016 10-K | Wide moat | 87.0 | 30% | 47% | 88% |
| 69 | Grand Canyon Education, Inc.LOPEfrom 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 | 86.9 | 53% | 65% | 50% |
| 70 | TYLER TECHNOLOGIES, INC.TYLfrom FY2015 10-K | Wide moat | 86.7 | 23% | 112% | 262% |
| 71 | HENNESSY ADVISORS, INC.HNNAfrom FY2016 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 | 86.7 | −20% | −46% | −37% |
| 72 | Accenture plcACNfrom FY2016 10-K | Wide moat | 86.7 | 35% | 90% | 278% |
| 73 | IPG PHOTONICS CORPIPGPfrom FY2015 10-K | Wide moat | 86.6 | 125% | 48% | 76% |
| 74 | DECKERS OUTDOOR CORPDECKfrom FY2016 10-K | Wide moat | 85.8 | 40% | 199% | 539% |
| 75 | Waters CorporationWATfrom FY2015 10-K | Wide moat | 85.8 | 43% | 72% | 167% |
| 76 | ULTA BEAUTY, INC.ULTAfrom FY2016 10-K | Wide moat | 85.6 | −11% | −1% | 61% |
| 77 | IMAX CorporationIMAXfrom FY2015 10-K | Wide moat | 85.5 | −27% | −36% | −41% |
| 78 | V. F. CORPORATIONVFCfrom FY2015 10-K | Wide moat | 85.4 | 43% | 115% | 66% |
| 79 | Cimpress plcCMPRfrom FY2016 10-K | Wide moat | 85.4 | 30% | 35% | −22% |
| 80 | Cognex CorporationCGNXfrom FY2015 10-K | Wide moat | 85.3 | 95% | 81% | 154% |
| 81 | Axon Enterprise, Inc.AXONfrom FY2015 10-K | Wide moat | 85.3 | 8% | 211% | 522% |
| 82 | Apple Inc.AAPLfrom FY2016 10-K | Wide moat | 85.1 | 51% | 171% | 566% |
| 83 | Simulations Plus, Inc.SLPfrom FY2016 10-K | Wide moat | 85.0 | 77% | 229% | 480% |
| 84 | NORDSON CORPORATIONNDSNfrom FY2016 10-K | Wide moat | 84.9 | 31% | 50% | 132% |
| 85 | POOL CORPORATIONPOOLfrom FY2015 10-K | Wide moat | 84.9 | 27% | 112% | 453% |
| 86 | COPART, INC.CPRTfrom FY2016 10-K | Wide moat | 84.6 | 56% | 235% | 427% |
| 87 | Cirrus Logic, Inc.CRUSfrom FY2016 10-K | Wide moat | 84.5 | −7% | 49% | 64% |
| 88 | UNITED THERAPEUTICS CorpUTHRfrom FY2015 10-K | Wide moat | 84.5 | 6% | −39% | 46% |
| 89 | QUALCOMM INC/DEQCOMfrom FY2016 10-K | Wide moat | 84.4 | 3% | 51% | 230% |
| 90 | G III APPAREL GROUP LTD /DE/GIIIfrom FY2016 10-K | Wide moat | 84.4 | 27% | 12% | −6% |
| 91 | AUTOZONE INCAZOfrom FY2016 10-K | Wide moat | 84.4 | −7% | 50% | 158% |
| 92 | WD-40 COMPANYWDFCfrom FY2016 10-K | Wide moat | 84.3 | 1% | 73% | 123% |
| 93 | Five Below, Inc.FIVEfrom FY2016 10-K | Wide moat | 84.3 | 71% | 215% | 413% |
| 94 | Jazz Pharmaceuticals plcJAZZfrom 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 | 84.3 | 23% | 33% | 18% |
| 95 | AWARE, INC.AWREfrom FY2015 10-K | Wide moat | 84.2 | −28% | −45% | −48% |
| 96 | LIGAND PHARMACEUTICALS INCLGNDfrom FY2015 10-K | Wide moat | 84.1 | 35% | 2% | 48% |
| 97 | Maximus, Inc.MMSfrom FY2016 10-K | Wide moat | 84.0 | 29% | 38% | 53% |
| 98 | POLARIS INC.PIIfrom FY2015 10-K | Wide moat | 83.9 | 54% | 33% | 49% |
| 99 | SKYWORKS SOLUTIONS, INC.SWKSfrom FY2016 10-K | Wide moat | 83.8 | 33% | 70% | 129% |
| 100 | Urban Outfitters, Inc.URBNfrom FY2016 10-K | Wide moat | 83.6 | 25% | −3% | 4% |
| 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 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.