Backtest · 2020 cohort
The widest moats of 2020, scored with only what was filed then.
Scored as of 2020-12-31 from the 10-Ks on file at that date — no later restatements, no hindsight. 1,568 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, 2021.
| # | Company | Moat | As-of score | 1-yr return | 3-yr return | 5-yr return |
|---|---|---|---|---|---|---|
| 1 | INTUIT INC.INTUfrom FY2020 10-K | Wide moat | 100.0 | 71% | 66% | 75% |
| 2 | WINMARK CORPORATIONWINAfrom FY2019 10-K | Wide moat | 100.0 | 37% | 138% | 148% |
| 3 | Medifast, Inc.MEDfrom FY2019 10-K | Wide moat | 100.0 | 15% | −59% | −94% |
| 4 | BIOGEN INC.BIIBfrom FY2019 10-K | Wide moat | 99.4 | 0% | 10% | −27% |
| 5 | COPART, INC.CPRTfrom FY2020 10-K | Wide moat | 96.0 | 22% | 58% | 25% |
| 6 | Arista Networks, Inc.ANETfrom FY2019 10-K | Wide moat | 96.0 | 101% | 227% | 655% |
| 7 | TRADE DESK, INC.TTDfrom FY2019 10-K | Wide moat | 96.0 | 17% | −9% | −51% |
| 8 | Booking Holdings Inc.BKNGfrom FY2019 10-K | Wide moat | 95.2 | 14% | 61% | 150% |
| 9 | ResMed Inc.RMDfrom FY2020 10-K | Wide moat | 95.0 | 23% | −17% | 20% |
| 10 | ALIGN TECHNOLOGY, INC.ALGNfrom FY2019 10-K | Wide moat | 94.9 | 23% | −49% | −70% |
| 11 | FACTSET RESEARCH SYSTEMS INC.FDSfrom FY2020 10-K | Wide moat | 94.3 | 45% | 44% | −10% |
| 12 | F5, INC.FFIVfrom FY2020 10-K | Wide moat | 94.3 | 38% | 0% | 46% |
| 13 | INTEL CORPINTCfrom FY2019 10-K | Wide moat | 94.2 | 10% | 5% | −12% |
| 14 | UTAH MEDICAL PRODUCTS INCUTMDfrom FY2019 10-K | Wide moat | 94.2 | 19% | 5% | −26% |
| 15 | Omega Flex, Inc.OFLXfrom FY2019 10-K | Wide moat | 94.1 | −12% | −50% | −78% |
| 16 | Intuitive Surgical, Inc.ISRGfrom FY2019 10-K | Wide moat | 93.5 | 35% | 24% | 111% |
| 17 | Veeva Systems Inc.VEEVfrom FY2020 10-K | Wide moat | 93.4 | −7% | −31% | −20% |
| 18 | SKYWORKS SOLUTIONS, INC.SWKSfrom FY2020 10-K | Wide moat | 92.9 | 7% | −23% | −51% |
| 19 | Paychex, Inc.PAYXfrom FY2020 10-K | Wide moat | 92.9 | 53% | 41% | 38% |
| 20 | C.H. ROBINSON WORLDWIDE, INC.CHRWfrom FY2019 10-K | Wide moat | 92.9 | 19% | 1% | 100% |
| 21 | Monster Beverage CorpMNSTfrom FY2019 10-K | Wide moat | 92.8 | 7% | 29% | 68% |
| 22 | MORNINGSTAR, INC.MORNfrom FY2019 10-K | Wide moat | 92.6 | 46% | 22% | −6% |
| 23 | ADOBE INC.ADBEfrom FY2019 10-K | Wide moat | 92.4 | 16% | 20% | −31% |
| 24 | THE BOSTON BEER COMPANY, INC.SAMfrom FY2019 10-K | Wide moat | 92.4 | −45% | −64% | −79% |
| 25 | TEXAS INSTRUMENTS INCORPORATEDTXNfrom FY2019 10-K | Wide moat | 92.1 | 20% | 13% | 26% |
| 26 | NetApp, Inc.NTAPfrom FY2020 10-K | Wide moat | 91.7 | 46% | 44% | 86% |
| 27 | S&P Global Inc.SPGIfrom FY2019 10-K | Wide moat | 91.6 | 39% | 34% | 60% |
| 28 | Robert Half Inc.RHIfrom FY2019 10-K | Wide moat | 91.3 | 82% | 50% | −48% |
| 29 | FASTENAL COFASTfrom FY2019 10-K | Wide moat | 91.1 | 33% | 44% | 91% |
| 30 | INTERPARFUMS, INC.IPARfrom FY2019 10-K | Wide moat | 91.1 | 83% | 154% | 61% |
| 31 | IDEXX LABORATORIES INC /DEIDXXfrom FY2019 10-K | Wide moat | 90.7 | 28% | 11% | 36% |
| 32 | NU SKIN ENTERPRISES, INC.NUSfrom FY2019 10-K | Wide moat | 90.4 | −3% | −58% | −79% |
| 33 | IRADIMED CORPORATIONIRMDfrom FY2019 10-K | Wide moat | 90.4 | 111% | 123% | 362% |
| 34 | SHUTTERSTOCK, INC.SSTKfrom FY2019 10-K | Wide moat | 90.3 | 58% | −28% | −69% |
| 35 | WD-40 COMPANYWDFCfrom FY2020 10-K | Wide moat | 89.9 | −5% | −2% | −18% |
| 36 | MICROSOFT CORPORATIONMSFTfrom FY2020 10-K | Wide moat | 89.9 | 55% | 75% | 126% |
| 37 | Proto Labs, Inc.PRLBfrom FY2019 10-K | Wide moat | 89.9 | −64% | −75% | −66% |
| 38 | Anika Therapeutics, Inc.ANIKfrom FY2019 10-K | Wide moat | 89.4 | −15% | −47% | −78% |
| 39 | FORTINET, INC.FTNTfrom FY2019 10-K | Wide moat | 89.3 | 129% | 98% | 168% |
| 40 | UNITED-GUARDIAN, INC.UGfrom FY2019 10-K | Wide moat | 89.0 | 21% | −40% | −46% |
| 41 | Parks! America, Inc.PRKAfrom FY2020 10-K | Wide moat | 88.7 | 33% | −14% | 9317% |
| 42 | CADENCE DESIGN SYSTEMS, INC.CDNSfrom FY2019 10-K | Wide moat | 88.6 | 35% | 94% | 129% |
| 43 | GLOBUS MEDICAL, INC.GMEDfrom FY2019 10-K | Wide moat | 88.5 | 17% | −16% | 38% |
| 44 | lululemon athletica inc.LULUfrom FY2020 10-K | Wide moat | 88.5 | 9% | 42% | −41% |
| 45 | Snap-on IncSNAfrom FY2019 10-K | Wide moat | 88.3 | 31% | 87% | 139% |
| 46 | IPG PHOTONICS CORPIPGPfrom FY2019 10-K | Wide moat | 88.3 | −20% | −51% | −66% |
| 47 | GARMIN LTDGRMNfrom FY2019 10-K | Wide moat | 88.3 | 14% | 15% | 90% |
| 48 | ALPHABET INC.GOOGLfrom FY2019 10-K | Wide moat | 88.2 | 68% | 60% | 268% |
| 49 | O Reilly Automotive IncORLYfrom FY2019 10-K | Wide moat | 88.1 | 53% | 108% | 199% |
| 50 | CISCO SYSTEMS, INC.CSCOfrom FY2020 10-K | Wide moat | 88.0 | 47% | 25% | 100% |
| 51 | AMERICAN PUBLIC EDUCATION, INC.APEIfrom FY2019 10-K | Wide moat | 88.0 | −24% | −67% | 20% |
| 52 | REVOLVE GROUP, INC.RVLVfrom FY2019 10-K | Wide moat | 88.0 | 78% | −48% | −8% |
| 53 | PACIFIC HEALTH CARE ORGANIZATION, INC.PFHOfrom FY2019 10-K | Wide moat | 87.9 | −5% | −21% | 45% |
| 54 | USANA HEALTH SCIENCES, INC.USNAfrom FY2019 10-K | Wide moat | 87.8 | 32% | −30% | −75% |
| 55 | Cognex CorporationCGNXfrom FY2019 10-K | Wide moat | 87.7 | −4% | −49% | −53% |
| 56 | FORWARD AIR CORPFWRDfrom FY2019 10-K | Wide moat | 87.5 | 59% | −16% | −66% |
| 57 | GRACO INC.GGGfrom FY2019 10-K | Wide moat | 87.4 | 13% | 25% | 24% |
| 58 | SLEEP NUMBER CORPORATIONSNBRQfrom FY2019 10-K | Wide moat | 87.2 | — | — | — |
| 59 | DECKERS OUTDOOR CORPDECKfrom FY2020 10-K | Wide moat | 86.9 | 30% | 138% | 126% |
| 60 | ULTA BEAUTY, INC.ULTAfrom FY2020 10-K | Wide moat | 86.9 | 46% | 72% | 120% |
| 61 | COLGATE-PALMOLIVE COMPANYCLfrom FY2019 10-K | Wide moat | 86.8 | 3% | 3% | 4% |
| 62 | Inogen IncINGNfrom FY2019 10-K | Wide moat | 86.8 | −22% | −87% | −85% |
| 63 | AbbVie Inc.ABBVfrom FY2019 10-K | Wide moat | 86.7 | 35% | 72% | 164% |
| 64 | PrimeEnergy Resources CorporationPNRGfrom FY2019 10-K | Wide moat | 86.3 | 62% | 133% | 310% |
| 65 | AUTOZONE INCAZOfrom FY2020 10-K | Wide moat | 86.0 | 73% | 118% | 180% |
| 66 | ACCESS Newswire Inc.ACCSfrom FY2019 10-K | Wide moat | 85.9 | — | — | — |
| 67 | CarGurus, Inc.CARGfrom FY2019 10-K | Wide moat | 85.5 | 9% | −27% | 17% |
| 68 | EPAM SYSTEMS, INC.EPAMfrom FY2019 10-K | Wide moat | 85.1 | 85% | −16% | −42% |
| 69 | TYLER TECHNOLOGIES, INC.TYLfrom FY2019 10-K | Wide moat | 84.9 | 21% | −5% | 1% |
| 70 | Paycom Software, Inc.PAYCfrom FY2019 10-K | Wide moat | 84.8 | −5% | −52% | −64% |
| 71 | GENTEX CORPORATIONGNTXfrom FY2019 10-K | Wide moat | 84.7 | 7% | 1% | −23% |
| 72 | Accenture plcACNfrom FY2020 10-K | Wide moat | 84.7 | 61% | 41% | 10% |
| 73 | Five Below, Inc.FIVEfrom FY2020 10-K | Wide moat | 84.6 | 24% | 29% | 16% |
| 74 | NVIDIA CORPNVDAfrom FY2020 10-K | Wide moat | 84.5 | 130% | 269% | 1345% |
| 75 | JACK HENRY & ASSOCIATES, INC.JKHYfrom FY2020 10-K | Wide moat | 84.4 | 9% | 8% | 20% |
| 76 | Meta Platforms, Inc.METAfrom FY2019 10-K | Wide moat | 84.3 | 26% | 29% | 144% |
| 77 | LEVI STRAUSS & CO.LEVIfrom FY2019 10-K | Wide moat | 84.0 | 27% | −12% | 20% |
| 78 | Corpay, IncCPAYfrom FY2019 10-K | Wide moat | 84.0 | −13% | 6% | 13% |
| 79 | VERA BRADLEY, INC.VRAfrom FY2020 10-K | Wide moat | 84.0 | 12% | −3% | −66% |
| 80 | COLUMBIA SPORTSWEAR COMPANYCOLMfrom FY2019 10-K | Wide moat | 83.9 | 17% | −3% | −29% |
| 81 | Illumina, Inc.ILMNfrom FY2019 10-K | Wide moat | 83.9 | 4% | −63% | −62% |
| 82 | MANNATECH INCMTEXfrom FY2019 10-K | Wide moat | 83.4 | 126% | −51% | −49% |
| 83 | ALARM.COM HOLDINGS, INC.ALRMfrom FY2019 10-K | Wide moat | 83.4 | −17% | −37% | −49% |
| 84 | ADVANCE AUTO PARTS, INC.AAPfrom FY2019 10-K | Wide moat | 83.3 | 53% | −58% | −72% |
| 85 | Coronado Global Resources Inc.CODQLfrom FY2019 10-K | Wide moat | 83.3 | −99% | 93% | −65% |
| 86 | NCR VOYIX CORPORATIONVYXfrom FY2019 10-K | Wide moat | 83.2 | 14% | −23% | −56% |
| 87 | CROCS, INC.CROXfrom FY2019 10-K | Wide moat | 83.2 | 115% | 52% | 41% |
| 88 | TRACTOR SUPPLY CO /DE/TSCOfrom FY2019 10-K | Wide moat | 83.1 | 71% | 63% | 97% |
| 89 | W.W. GRAINGER, INC.GWWfrom FY2019 10-K | Wide moat | 82.9 | 32% | 115% | 169% |
| 90 | WILLIAMS-SONOMA, INC.WSMfrom FY2020 10-K | Wide moat | 82.9 | 67% | 111% | 301% |
| 91 | National Beverage Corp.FIZZfrom FY2020 10-K | Wide moat | 82.8 | 17% | 33% | −15% |
| 92 | A. O. Smith CorporationAOSfrom FY2019 10-K | Wide moat | 82.7 | 58% | 59% | 39% |
| 93 | Lifevantage CorpLFVNfrom FY2020 10-K | Wide moat | 82.7 | −29% | −31% | −27% |
| 94 | QUALCOMM INC/DEQCOMfrom FY2020 10-K | Wide moat | 82.3 | 28% | 1% | 30% |
| 95 | BRUKER CORPORATIONBRKRfrom FY2019 10-K | Wide moat | 82.3 | 52% | 37% | −8% |
| 96 | CSW INDUSTRIALS, INC.CSWfrom FY2020 10-K | Wide moat | 82.2 | 11% | 91% | 173% |
| 97 | Simulations Plus, Inc.SLPfrom FY2020 10-K | Wide moat | 82.0 | −33% | −39% | −75% |
| 98 | BOOZ ALLEN HAMILTON HOLDING CORPORATIONBAHfrom FY2020 10-K | Wide moat | 82.0 | 4% | 56% | 8% |
| 99 | Dorman Products, Inc.DORMfrom FY2019 10-K | Wide moat | 81.9 | 28% | −5% | 42% |
| 100 | BEST BUY CO., INC.BBYfrom FY2020 10-K | Wide moat | 81.8 | 4% | −13% | −15% |
| Berkshire Hathaway (BRK.B, total return)benchmark · total return (same basis) | — | — | 32% | 59% | 117% | |
| S&P 500 (price return)benchmark · price return | — | — | 30% | 28% | 85% |
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.