The widest moats of 2017, scored with only what was filed then.
Scored using filings available on 2017-12-31 — no later restatements, no hindsight. 1,680 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, 2018.
| # | Company | |||||
|---|---|---|---|---|---|---|
| 1 | F5, INC.FFIVfrom FY2017 10-K | Wide moat | 98.9 | 22% | 33% | 9% |
| 2 | Capri Holdings LtdCPRIfrom FY2017 10-K | Wide moat | 98.8 | −39% | −37% | −10% |
| 3 | BIOGEN INC.BIIBfrom FY2016 10-K | Wide moat | 98.3 | −9% | −27% | −18% |
| 4 | INTERLINK ELECTRONICS, INC.LINKfrom FY2016 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 | 97.6 | −60% | 71% | 49% |
| 5 | THE CHEESECAKE FACTORY INCORPORATEDCAKEfrom FY2016 10-K | Wide moat | 97.4 | −10% | −23% | −28% |
| 6 | Arista Networks, Inc.ANETfrom FY2016 10-K | Wide moat | 96.0 | −9% | 23% | 109% |
| 7 | THE BOSTON BEER COMPANY, INC.SAMfrom FY2016 10-K | Wide moat | 95.5 | 24% | 401% | 70% |
| 8 | COGNIZANT TECHNOLOGY SOLUTIONS CORPORATIONCTSHfrom 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 | −10% | 16% | −13% |
| 9 | AMBARELLA, INC.AMBAfrom FY2017 10-K | Wide moat | 95.0 | −42% | 47% | 28% |
| 10 | INTUIT INC.INTUfrom FY2017 10-K | Wide moat | 94.9 | 24% | 140% | 155% |
| 11 | RMR GROUP INC.RMRfrom FY2017 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 | −8% | −33% | −32% |
| 12 | Mastercard IncMAfrom 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 | 94.1 | 26% | 135% | 135% |
| 13 | Alphabet Inc.GOOGLfrom FY2016 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 | 94.0 | −2% | 61% | 66% |
| 14 | Proto Labs, Inc.PRLBfrom FY2016 10-K | Wide moat | 93.8 | 7% | 45% | −76% |
| 15 | PRICE T ROWE GROUP INCTROWfrom FY2016 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 | 93.6 | −9% | 56% | 24% |
| 16 | J.B. HUNT TRANSPORT SERVICES, INC.JBHTfrom 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 | 93.5 | −19% | 19% | 55% |
| 17 | PAPA JOHN’S INTERNATIONAL, INC.PZZAfrom 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 | 93.4 | −28% | 57% | 49% |
| 18 | Starbucks CorporationSBUXfrom FY2017 10-K | Wide moat | 93.2 | 14% | 90% | 94% |
| 19 | ALARM.COM HOLDINGS, INC.ALRMfrom FY2016 10-K | Wide moat | 93.0 | 38% | 167% | 31% |
| 20 | JACK HENRY & ASSOCIATES, INC.JKHYfrom FY2017 10-K | Wide moat | 92.2 | 8% | 41% | 60% |
| 21 | COPART, INC.CPRTfrom FY2017 10-K | Wide moat | 92.2 | 9% | 177% | 182% |
| 22 | O Reilly Automotive IncORLYfrom FY2016 10-K | Wide moat | 92.0 | 37% | 82% | 237% |
| 23 | S&P Global Inc.SPGIfrom FY2016 10-K | Wide moat | 91.5 | 2% | 104% | 109% |
| 24 | Veeva Systems Inc.VEEVfrom FY2017 10-K | Wide moat | 91.4 | 59% | 398% | 190% |
| 25 | ALIGN TECHNOLOGY, INC.ALGNfrom FY2016 10-K | Wide moat | 91.3 | −10% | 134% | −5% |
| 26 | Omega Flex, Inc.OFLXfrom FY2016 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 | 91.3 | −20% | 123% | 44% |
| 27 | ResMed Inc.RMDfrom FY2017 10-K | Wide moat | 91.2 | 33% | 157% | 157% |
| 28 | Texas Roadhouse, Inc.TXRHfrom 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 | 91.1 | 12% | 44% | 88% |
| 29 | Monster Beverage CorpMNSTfrom FY2016 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 | 90.8 | −22% | 44% | 62% |
| 30 | FACTSET RESEARCH SYSTEMS INC.FDSfrom FY2017 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 | 5% | 78% | 123% |
| 31 | USANA HEALTH SCIENCES, INC.USNAfrom FY2016 10-K | Wide moat | 90.5 | 56% | 4% | −27% |
| 32 | MORNINGSTAR, INC.MORNfrom FY2016 10-K | Wide moat | 90.5 | 13% | 146% | 134% |
| 33 | IRADIMED CORPORATIONIRMDfrom FY2016 10-K | Wide moat | 90.5 | 58% | 48% | 90% |
| 34 | HEALTHEQUITY, INC.HQYfrom FY2017 10-K | Wide moat | 90.5 | 27% | 48% | 31% |
| 35 | DULUTH HOLDINGS INC.DLTHfrom FY2017 10-K | Wide moat | 90.5 | 35% | −43% | −68% |
| 36 | Gartner, Inc.ITfrom FY2016 10-K | Wide moat | 89.9 | 1% | 27% | 170% |
| 37 | THE TJX COMPANIES, INC.TJXfrom FY2017 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 | 89.7 | 18% | 81% | 121% |
| 38 | GILEAD SCIENCES, INC.GILDfrom FY2016 10-K | Wide moat | 89.6 | −12% | −10% | 40% |
| 39 | lululemon athletica inc.LULUfrom FY2017 10-K | Wide moat | 89.5 | 55% | 347% | 306% |
| 40 | WILLIAMS-SONOMA, INC.WSMfrom FY2017 10-K | Wide moat | 89.3 | −2% | 113% | 145% |
| 41 | EXPONENT, INC.EXPOfrom 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 | 89.1 | 42% | 156% | 193% |
| 42 | Intuitive Surgical, Inc.ISRGfrom FY2016 10-K | Wide moat | 89.1 | 24% | 113% | 112% |
| 43 | ADVANCE AUTO PARTS, INC.AAPfrom FY2016 10-K | Wide moat | 89.1 | 49% | 50% | 52% |
| 44 | UNDER ARMOUR, INC.UAAfrom FY2016 10-K | Wide moat | 89.1 | 18% | 15% | −33% |
| 45 | WINMARK CORPORATIONWINAfrom FY2016 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 | 89.0 | 20% | 47% | 97% |
| 46 | EPAM SYSTEMS, INC.EPAMfrom FY2016 10-K | Wide moat | 89.0 | 5% | 221% | 206% |
| 47 | TANDY LEATHER FACTORY, INCTLFfrom FY2016 10-K | Wide moat | 88.7 | −21% | −57% | −40% |
| 48 | ALLEGIANT TRAVEL COMPANYALGTfrom 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 | 88.7 | −31% | 19% | −53% |
| 49 | Smith & Wesson Brands, Inc.SWBIfrom FY2017 10-K | Wide moat | 88.5 | −2% | 78% | −8% |
| 50 | DELUXE CORPDLXfrom FY2016 10-K | Wide moat | 88.4 | −48% | −59% | −72% |
| 51 | WD-40 COMPANYWDFCfrom FY2017 10-K | Wide moat | 88.1 | 55% | 131% | 50% |
| 52 | TACTILE SYSTEMS TECHNOLOGY INCTCMDfrom FY2016 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 | 88.0 | 51% | 56% | −60% |
| 53 | Cracker Barrel Old Country Store, Inc.CBRLfrom FY2017 10-K | Wide moat | 87.9 | 6% | −11% | −29% |
| 54 | EDWARDS LIFESCIENCES CORPORATIONEWfrom FY2016 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 | 87.9 | 34% | 139% | 100% |
| 55 | Carter's, Inc.CRIfrom FY2016 10-K | Wide moat | 87.7 | −30% | −18% | −30% |
| 56 | Medifast, Inc.MEDfrom FY2016 10-K | Wide moat | 87.6 | 78% | 189% | 86% |
| 57 | GENTEX CORPORATIONGNTXfrom FY2016 10-K | Wide moat | 87.5 | −2% | 68% | 43% |
| 58 | TRACTOR SUPPLY CO /DE/TSCOfrom FY2016 10-K | Wide moat | 87.0 | 10% | 92% | 216% |
| 59 | IPG PHOTONICS CORPIPGPfrom FY2016 10-K | Wide moat | 87.0 | −48% | −2% | −57% |
| 60 | TYLER TECHNOLOGIES, INC.TYLfrom FY2016 10-K | Wide moat | 86.9 | 2% | 142% | 79% |
| 61 | APPLIED MATERIALS INC /DEAMATfrom FY2017 10-K | Wide moat | 86.8 | −36% | 72% | 94% |
| 62 | FASTENAL COFASTfrom FY2016 10-K | Wide moat | 86.7 | −3% | 91% | 99% |
| 63 | C.H. ROBINSON WORLDWIDE, INC.CHRWfrom FY2016 10-K | Wide moat | 86.6 | −6% | 10% | 13% |
| 64 | GLOBUS MEDICAL, INC.GMEDfrom FY2016 10-K | Wide moat | 86.6 | −8% | 47% | 69% |
| 65 | COHEN & STEERS, INC.CNSfrom 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 | 86.6 | −20% | 83% | 82% |
| 66 | ULTA BEAUTY, INC.ULTAfrom FY2017 10-K | Wide moat | 86.6 | 8% | 23% | 105% |
| 67 | Criteo S.A.CRTOfrom FY2016 10-K | Wide moat | 86.5 | −9% | −22% | −1% |
| 68 | Anika Therapeutics, Inc.ANIKfrom FY2016 10-K | Wide moat | 86.4 | −37% | −22% | −46% |
| 69 | Waters CorporationWATfrom FY2016 10-K | Wide moat | 86.3 | −6% | 28% | 77% |
| 70 | Estee Lauder Companies IncELfrom FY2017 10-K | Wide moat | 86.3 | 5% | 106% | 108% |
| 71 | Apple Inc.AAPLfrom FY2017 10-K | Wide moat | 86.2 | −7% | 212% | 205% |
| 72 | Grand Canyon Education, Inc.LOPEfrom 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 | 86.2 | 5% | 0% | 20% |
| 73 | NetApp, Inc.NTAPfrom FY2017 10-K | Wide moat | 86.1 | 10% | 27% | 26% |
| 74 | Simulations Plus, Inc.SLPfrom FY2017 10-K | Wide moat | 86.0 | 29% | 393% | 147% |
| 75 | UTAH MEDICAL PRODUCTS INCUTMDfrom FY2016 10-K | Wide moat | 85.8 | 8% | 10% | 33% |
| 76 | Axon Enterprise, Inc.AXONfrom FY2016 10-K | Wide moat | 85.5 | 70% | 340% | 534% |
| 77 | THE SHERWIN-WILLIAMS COMPANYSHWfrom FY2016 10-K | Wide moat | 85.4 | −4% | 80% | 81% |
| 78 | Cognex CorporationCGNXfrom FY2016 10-K | Wide moat | 85.4 | −37% | 36% | −18% |
| 79 | LANDSTAR SYSTEM, INC.LSTRfrom 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 | 85.3 | −6% | 34% | 71% |
| 80 | Five Below, Inc.FIVEfrom FY2017 10-K | Wide moat | 85.3 | 51% | 142% | 149% |
| 81 | POOL CORPORATIONPOOLfrom FY2016 10-K | Wide moat | 85.0 | 12% | 181% | 141% |
| 82 | Maximus, Inc.MMSfrom FY2017 10-K | Wide moat | 84.8 | −8% | 6% | 11% |
| 83 | SKYWORKS SOLUTIONS, INC.SWKSfrom FY2017 10-K | Wide moat | 84.7 | −30% | 61% | 0% |
| 84 | TEXAS INSTRUMENTS INCORPORATEDTXNfrom FY2016 10-K | Wide moat | 84.7 | −8% | 67% | 77% |
| 85 | UNITED THERAPEUTICS CorpUTHRfrom FY2016 10-K | Wide moat | 84.6 | −29% | 1% | 80% |
| 86 | Johnson & JohnsonJNJfrom FY2016 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 | 84.5 | −6% | 22% | 46% |
| 87 | Cirrus Logic, Inc.CRUSfrom FY2017 10-K | Wide moat | 84.4 | −36% | 58% | 36% |
| 88 | Snap-on IncSNAfrom FY2016 10-K | Wide moat | 84.2 | −15% | 2% | 47% |
| 89 | IDEXX LABORATORIES INC /DEIDXXfrom FY2016 10-K | Wide moat | 84.1 | 16% | 212% | 157% |
| 90 | Booking Holdings Inc.BKNGfrom FY2016 10-K | Wide moat | 84.1 | −4% | 21% | 14% |
| 91 | SHAKE SHACK INC.SHAKfrom 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 | 84.0 | 2% | 89% | −5% |
| 92 | Dorman Products, Inc.DORMfrom FY2016 10-K | Wide moat | 83.6 | 43% | 40% | 33% |
| 93 | AUTOZONE INCAZOfrom FY2017 10-K | Wide moat | 83.4 | 14% | 60% | 230% |
| 94 | SEI INVESTMENTS COMPANYSEICfrom FY2016 10-K | Wide moat | 83.1 | −35% | −18% | −12% |
| 95 | Artisan Partners Asset Management Inc.APAMfrom 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 | 83.1 | −37% | 76% | 32% |
| 96 | PETMED EXPRESS, INC.PETSfrom FY2017 10-K | Wide moat | 82.9 | −49% | −21% | −53% |
| 97 | NEWMARKET CORPORATIONNEUfrom FY2016 10-K | Wide moat | 82.9 | 2% | 5% | −11% |
| 98 | Natural Health Trends Corp.NHTCfrom FY2016 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 | 82.7 | 38% | −56% | −60% |
| 99 | ePlus inc.PLUSfrom FY2017 10-K | Wide moat | 82.4 | −7% | 17% | 19% |
| 100 | OXFORD INDUSTRIES, INC.OXMfrom FY2017 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 | 82.3 | −5% | −14% | 31% |
| Berkshire Hathaway (BRK.B, total return)benchmark · total return (same basis) | — | — | 3% | 16% | 57% | |
| S&P 500 (price return)benchmark · price return | — | — | −7% | 37% | 42% |
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.