The widest moats of 2021, scored with only what was filed then.
Scored using filings available on 2021-12-31 — no later restatements, no hindsight. 2,230 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, 2022.
| # | Company | |||||
|---|---|---|---|---|---|---|
| 1 | Medifast, Inc.MEDfrom FY2020 10-K | Wide moat | 100.0 | −44% | −91% | — |
| 2 | Moody’s CorporationMCOfrom FY2020 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 | 100.0 | −27% | 27% | — |
| 3 | INTUIT INC.INTUfrom FY2021 10-K | Wide moat | 98.8 | −38% | 1% | — |
| 4 | EDWARDS LIFESCIENCES CORPORATIONEWfrom FY2020 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 | 98.8 | −42% | −43% | — |
| 5 | PRICE T ROWE GROUP INCTROWfrom FY2020 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 | 98.4 | −42% | −34% | — |
| 6 | KLA CORPORATIONKLACfrom FY2021 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 | 96.9 | −12% | 51% | — |
| 7 | SLEEP NUMBER CORPORATIONSNBRQfrom FY2020 10-K | Wide moat | 96.7 | — | — | — |
| 8 | MICROSOFT CORPORATIONMSFTfrom FY2021 10-K | Wide moat | 96.1 | −28% | 28% | — |
| 9 | COPART, INC.CPRTfrom FY2021 10-K | Wide moat | 96.0 | −16% | 53% | — |
| 10 | THE BOSTON BEER COMPANY, INC.SAMfrom FY2020 10-K | Wide moat | 96.0 | −38% | −42% | — |
| 11 | ALIGN TECHNOLOGY, INC.ALGNfrom FY2020 10-K | Wide moat | 96.0 | −67% | −68% | — |
| 12 | MORNINGSTAR, INC.MORNfrom FY2020 10-K | Wide moat | 95.1 | −35% | 1% | — |
| 13 | Monster Beverage CorpMNSTfrom FY2020 10-K | Wide moat | 94.8 | 5% | 8% | — |
| 14 | DECKERS OUTDOOR CORPDECKfrom FY2021 10-K | Wide moat | 94.5 | 6% | 234% | — |
| 15 | Veeva Systems Inc.VEEVfrom FY2021 10-K | Wide moat | 94.3 | −38% | −18% | — |
| 16 | Arista Networks, Inc.ANETfrom FY2020 10-K | Wide moat | 94.0 | −15% | 214% | — |
| 17 | FACTSET RESEARCH SYSTEMS INC.FDSfrom FY2021 10-K | Wide moat | 93.7 | −14% | 3% | — |
| 18 | CHIPOTLE MEXICAN GRILL, INC.CMGfrom FY2020 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 | 93.6 | −19% | 77% | — |
| 19 | Omega Flex, Inc.OFLXfrom FY2020 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 | −27% | −66% | — |
| 20 | IDEXX LABORATORIES INC /DEIDXXfrom FY2020 10-K | Wide moat | 93.5 | −36% | −35% | — |
| 21 | TRADE DESK, INC.TTDfrom FY2020 10-K | Wide moat | 93.0 | −51% | 31% | — |
| 22 | Estee Lauder Companies IncELfrom FY2021 10-K | Wide moat | 92.5 | −31% | −79% | — |
| 23 | TRINET GROUP, INC.TNETfrom FY2020 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 | 91.5 | −28% | −6% | — |
| 24 | Mastercard IncMAfrom FY2020 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 | 91.5 | −6% | 43% | — |
| 25 | BIOGEN INC.BIIBfrom FY2020 10-K | Wide moat | 91.3 | 12% | −39% | — |
| 26 | LAM RESEARCH CORPORATIONLRCXfrom FY2021 10-K | Wide moat | 91.2 | −42% | 4% | — |
| 27 | Alphabet Inc.GOOGLfrom FY2020 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 | 91.2 | −39% | 31% | — |
| 28 | SKYWORKS SOLUTIONS, INC.SWKSfrom FY2021 10-K | Wide moat | 91.1 | −42% | −40% | — |
| 29 | WILLIAMS-SONOMA, INC.WSMfrom FY2021 10-K | Wide moat | 91.0 | −31% | 137% | — |
| 30 | EXPONENT, INC.EXPOfrom FY2020 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 | 90.9 | −14% | −22% | — |
| 31 | WINMARK CORPORATIONWINAfrom FY2020 10-K | Wide moat | 90.9 | −2% | 70% | — |
| 32 | WD-40 COMPANYWDFCfrom FY2021 10-K | Wide moat | 90.8 | −32% | 3% | — |
| 33 | FASTENAL COFASTfrom FY2020 10-K | Wide moat | 90.7 | −22% | 24% | — |
| 34 | Viemed Healthcare, Inc.VMDfrom FY2020 10-K | Wide moat | 90.7 | 39% | 49% | — |
| 35 | O Reilly Automotive IncORLYfrom FY2020 10-K | Wide moat | 90.6 | 21% | 71% | — |
| 36 | Paychex, Inc.PAYXfrom FY2021 10-K | Wide moat | 90.2 | −12% | 12% | — |
| 37 | GARMIN LTDGRMNfrom FY2020 10-K | Wide moat | 90.2 | −28% | 65% | — |
| 38 | LOGITECH INTERNATIONAL S.A.LOGIfrom FY2021 10-K | Wide moat | 90.1 | −25% | 1% | — |
| 39 | S&P Global Inc.SPGIfrom FY2020 10-K | Wide moat | 89.7 | −27% | 10% | — |
| 40 | TEXAS INSTRUMENTS INCORPORATEDTXNfrom FY2020 10-K | Wide moat | 89.7 | −12% | 7% | — |
| 41 | Artisan Partners Asset Management Inc.APAMfrom FY2020 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 | 89.3 | −29% | 14% | — |
| 42 | SHUTTERSTOCK, INC.SSTKfrom FY2020 10-K | Wide moat | 89.3 | −50% | −71% | — |
| 43 | AUTOZONE INCAZOfrom FY2021 10-K | Wide moat | 89.2 | 19% | 59% | — |
| 44 | QUALCOMM INC/DEQCOMfrom FY2021 10-K | Wide moat | 89.0 | −41% | −12% | — |
| 45 | Accenture plcACNfrom FY2021 10-K | Wide moat | 88.8 | −33% | −10% | — |
| 46 | CADENCE DESIGN SYSTEMS, INC.CDNSfrom FY2020 10-K | Wide moat | 88.6 | −13% | 63% | — |
| 47 | LANDSTAR SYSTEM, INC.LSTRfrom FY2020 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 | 88.5 | −6% | 1% | — |
| 48 | CROCS, INC.CROXfrom FY2020 10-K | Wide moat | 88.5 | −19% | −17% | — |
| 49 | INTEL CORPINTCfrom FY2020 10-K | Wide moat | 88.4 | −48% | −59% | — |
| 50 | ADOBE INC.ADBEfrom FY2020 10-K | Wide moat | 88.3 | −40% | −22% | — |
| 51 | Meta Platforms, Inc.METAfrom FY2020 10-K | Wide moat | 88.3 | −63% | 78% | — |
| 52 | UBIQUITI INC.UIfrom FY2021 10-K | Wide moat | 88.3 | −10% | 15% | — |
| 53 | POOL CORPORATIONPOOLfrom FY2020 10-K | Wide moat | 88.2 | −45% | −37% | — |
| 54 | Intuitive Surgical, Inc.ISRGfrom FY2020 10-K | Wide moat | 88.2 | −26% | 46% | — |
| 55 | FORTINET, INC.FTNTfrom FY2020 10-K | Wide moat | 88.2 | −27% | 42% | — |
| 56 | REVOLVE GROUP, INC.RVLVfrom FY2020 10-K | Wide moat | 88.1 | −60% | −41% | — |
| 57 | TRACTOR SUPPLY CO /DE/TSCOfrom FY2020 10-K | Wide moat | 88.0 | −4% | 17% | — |
| 58 | MARKETAXESS HOLDINGS INC.MKTXfrom FY2020 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 | 87.8 | −27% | −41% | — |
| 59 | Acadian Asset Management Inc.AAMIfrom FY2020 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 | 87.8 | −19% | 2% | — |
| 60 | EPAM SYSTEMS, INC.EPAMfrom FY2020 10-K | Wide moat | 87.7 | −48% | −64% | — |
| 61 | NU SKIN ENTERPRISES, INC.NUSfrom FY2020 10-K | Wide moat | 87.6 | −16% | −86% | — |
| 62 | lululemon athletica inc.LULUfrom FY2021 10-K | Wide moat | 87.6 | −17% | −4% | — |
| 63 | KEYSIGHT TECHNOLOGIES, INC.KEYSfrom FY2021 10-K | Wide moat | 87.5 | −16% | −21% | — |
| 64 | Five Below, Inc.FIVEfrom FY2021 10-K | Wide moat | 87.4 | −17% | −52% | — |
| 65 | EXPEDITORS INTERNATIONAL OF WASHINGTON, INC.EXPDfrom FY2020 10-K | Wide moat | 87.3 | −19% | −13% | — |
| 66 | XPEL, INC.XPELfrom FY2020 10-K | Wide moat | 87.1 | −18% | −46% | — |
| 67 | J.B. HUNT TRANSPORT SERVICES, INC.JBHTfrom FY2020 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 | −14% | −13% | — |
| 68 | Parks! America, Inc.PRKAfrom FY2021 10-K | Wide moat | 86.7 | −27% | −29% | — |
| 69 | ResMed Inc.RMDfrom FY2021 10-K | Wide moat | 86.5 | −19% | −10% | — |
| 70 | THE TORO COMPANYTTCfrom FY2021 10-K | Wide moat | 86.1 | 15% | −17% | — |
| 71 | REGENERON PHARMACEUTICALS, INC.REGNfrom FY2020 10-K | Wide moat | 86.1 | 15% | 14% | — |
| 72 | F5, INC.FFIVfrom FY2021 10-K | Wide moat | 86.0 | −40% | 4% | — |
| 73 | ALARM.COM HOLDINGS, INC.ALRMfrom FY2020 10-K | Wide moat | 86.0 | −41% | −29% | — |
| 74 | Cactus, Inc.WHDfrom FY2020 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 | 86.0 | 23% | 50% | — |
| 75 | NVIDIA CORPNVDAfrom FY2021 10-K | Wide moat | 85.6 | −52% | 360% | — |
| 76 | Corpay, IncCPAYfrom FY2020 10-K | Wide moat | 85.5 | −21% | 47% | — |
| 77 | Cracker Barrel Old Country Store, Inc.CBRLfrom FY2021 10-K | Wide moat | 85.4 | −25% | −51% | — |
| 78 | DOLLAR GENERAL CORPDGfrom FY2021 10-K | Wide moat | 85.3 | 6% | −67% | — |
| 79 | NORDSON CORPORATIONNDSNfrom FY2021 10-K | Wide moat | 85.3 | −4% | −16% | — |
| 80 | AUTODESK, INC.ADSKfrom FY2021 10-K | Wide moat | 85.3 | −35% | 3% | — |
| 81 | OLD DOMINION FREIGHT LINE, INC.ODFLfrom FY2020 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 | 85.2 | −18% | 3% | — |
| 82 | National Beverage Corp.FIZZfrom FY2021 10-K | Wide moat | 85.1 | −0% | −3% | — |
| 83 | Apple Inc.AAPLfrom FY2021 10-K | Wide moat | 85.1 | −31% | 36% | — |
| 84 | YETI Holdings, Inc.YETIfrom FY2020 10-K | Wide moat | 85.1 | −50% | −54% | — |
| 85 | APPLIED MATERIALS INC /DEAMATfrom FY2021 10-K | Wide moat | 85.0 | −39% | 5% | — |
| 86 | GRACO INC.GGGfrom FY2020 10-K | Wide moat | 85.0 | −13% | 10% | — |
| 87 | Fair Isaac CorpFICOfrom FY2021 10-K | Wide moat | 85.0 | 33% | 350% | — |
| 88 | FULLNET COMMUNICATIONS INCFULOfrom FY2020 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 | 85.0 | −37% | −41% | — |
| 89 | BOOZ ALLEN HAMILTON HOLDING CORPORATIONBAHfrom FY2021 10-K | Wide moat | 85.0 | 21% | 53% | — |
| 90 | Cognex CorporationCGNXfrom FY2020 10-K | Wide moat | 84.9 | −37% | −53% | — |
| 91 | Dorman Products, Inc.DORMfrom FY2020 10-K | Wide moat | 84.8 | −26% | 15% | — |
| 92 | PACIFIC HEALTH CARE ORGANIZATION, INC.PFHOfrom FY2020 10-K | Wide moat | 84.7 | −20% | −15% | — |
| 93 | PAYLOCITY HOLDING CORPORATIONPCTYfrom FY2021 10-K | Wide moat | 84.5 | −17% | −16% | — |
| 94 | Grand Canyon Education, Inc.LOPEfrom FY2020 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 | 84.4 | 22% | 85% | — |
| 95 | HOME DEPOT, INC.HDfrom FY2021 10-K | Wide moat | 84.3 | −21% | 3% | — |
| 96 | ACCESS Newswire Inc.ACCSfrom FY2020 10-K | Wide moat | 84.0 | — | — | — |
| 97 | Federated Hermes, Inc.FHIfrom FY2020 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 | 1% | 22% | — |
| 98 | Proto Labs, Inc.PRLBfrom FY2020 10-K | Wide moat | 84.0 | −53% | −28% | — |
| 99 | H&R Block, Inc.HRBfrom FY2021 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 | 83.9 | 48% | 138% | — |
| 100 | KULICKE AND SOFFA INDUSTRIES, INC.KLICfrom FY2021 10-K | Wide moat | 83.8 | −33% | −25% | — |
| Berkshire Hathaway (BRK.B, total return)benchmark · total return (same basis) | — | — | 3% | 50% | — | |
| S&P 500 (price return)benchmark · price return | — | — | −20% | 22% | — |
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.