The widest moats of 2023, scored with only what was filed then.
Scored using filings available on 2023-12-31 — no later restatements, no hindsight. 2,606 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, 2024.
| # | Company | |||||
|---|---|---|---|---|---|---|
| 1 | Medifast, Inc.MEDfrom FY2022 10-K | Wide moat | 99.0 | −75% | — | — |
| 2 | CHIPOTLE MEXICAN GRILL, INC.CMGfrom FY2022 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 | 99.0 | 33% | — | — |
| 3 | MICROSOFT CORPORATIONMSFTfrom FY2023 10-K | Wide moat | 98.9 | 14% | — | — |
| 4 | EDWARDS LIFESCIENCES CORPORATIONEWfrom FY2022 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 | 98.6 | −4% | — | — |
| 5 | J.B. HUNT TRANSPORT SERVICES, INC.JBHTfrom FY2022 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 | 97.4 | −12% | — | — |
| 6 | LANDSTAR SYSTEM, INC.LSTRfrom FY2022 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 | 96.2 | −9% | — | — |
| 7 | COPART, INC.CPRTfrom FY2023 10-K | Wide moat | 96.0 | 19% | — | — |
| 8 | DECKERS OUTDOOR CORPDECKfrom FY2023 10-K | Wide moat | 95.7 | 82% | — | — |
| 9 | Veeva Systems Inc.VEEVfrom FY2023 10-K | Wide moat | 95.3 | 11% | — | — |
| 10 | Arista Networks, Inc.ANETfrom FY2022 10-K | Wide moat | 95.0 | 93% | — | — |
| 11 | ENDI CORP.ENDIfrom FY2022 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 | 95.0 | 179% | — | — |
| 12 | LAM RESEARCH CORPORATIONLRCXfrom FY2023 10-K | Wide moat | 94.7 | −2% | — | — |
| 13 | PUBMATIC, INC.PUBMfrom FY2022 10-K | Wide moat | 94.4 | −7% | — | — |
| 14 | IBEX LIMITEDIBEXfrom FY2023 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 | 94.2 | 16% | — | — |
| 15 | TEXAS INSTRUMENTS INCORPORATEDTXNfrom FY2022 10-K | Wide moat | 93.9 | 14% | — | — |
| 16 | IDEXX LABORATORIES INC /DEIDXXfrom FY2022 10-K | Wide moat | 93.9 | −25% | — | — |
| 17 | O Reilly Automotive IncORLYfrom FY2022 10-K | Wide moat | 93.5 | 26% | — | — |
| 18 | EXPONENT, INC.EXPOfrom FY2022 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 | −2% | — | — |
| 19 | EXPEDITORS INTERNATIONAL OF WASHINGTON, INC.EXPDfrom FY2022 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 | 93.1 | −12% | — | — |
| 20 | REGENERON PHARMACEUTICALS, INC.REGNfrom FY2022 10-K | Wide moat | 93.0 | −21% | — | — |
| 21 | Omega Flex, Inc.OFLXfrom FY2022 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 | 92.8 | −41% | — | — |
| 22 | ROLLINS INCROLfrom FY2022 10-K | Wide moat | 92.2 | 8% | — | — |
| 23 | WILLIAMS-SONOMA, INC.WSMfrom FY2023 10-K | Wide moat | 92.2 | 88% | — | — |
| 24 | Monster Beverage CorpMNSTfrom FY2022 10-K | Wide moat | 92.1 | −11% | — | — |
| 25 | Texas Roadhouse, Inc.TXRHfrom FY2022 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 | 91.9 | 54% | — | — |
| 26 | C.H. ROBINSON WORLDWIDE, INC.CHRWfrom FY2022 10-K | Wide moat | 91.6 | 21% | — | — |
| 27 | FORTINET, INC.FTNTfrom FY2022 10-K | Wide moat | 91.4 | 64% | — | — |
| 28 | Alphabet Inc.GOOGLfrom FY2022 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 | 91.4 | 38% | — | — |
| 29 | VIRTUS INVESTMENT PARTNERS, INC.VRTSfrom FY2022 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 | 91.3 | −4% | — | — |
| 30 | Paycom Software, Inc.PAYCfrom FY2022 10-K | Wide moat | 91.0 | −1% | — | — |
| 31 | TRACTOR SUPPLY CO /DE/TSCOfrom FY2022 10-K | Wide moat | 90.5 | 23% | — | — |
| 32 | SHUTTERSTOCK, INC.SSTKfrom FY2022 10-K | Wide moat | 90.5 | −37% | — | — |
| 33 | ADOBE INC.ADBEfrom FY2022 10-K | Wide moat | 90.2 | −24% | — | — |
| 34 | Doximity, Inc.DOCSfrom FY2023 10-K | Wide moat | 90.2 | 88% | — | — |
| 35 | La-Z-Boy IncorporatedLZBfrom FY2023 10-K | Wide moat | 90.1 | 20% | — | — |
| 36 | Paychex, Inc.PAYXfrom FY2023 10-K | Wide moat | 90.1 | 21% | — | — |
| 37 | Robert Half Inc.RHIfrom FY2022 10-K | Wide moat | 90.0 | −18% | — | — |
| 38 | OLD DOMINION FREIGHT LINE, INC.ODFLfrom FY2022 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 | 90.0 | −11% | — | — |
| 39 | ALIGN TECHNOLOGY, INC.ALGNfrom FY2022 10-K | Wide moat | 90.0 | −22% | — | — |
| 40 | FASTENAL COFASTfrom FY2022 10-K | Wide moat | 89.9 | 14% | — | — |
| 41 | ULTA BEAUTY, INC.ULTAfrom FY2023 10-K | Wide moat | 89.8 | −12% | — | — |
| 42 | CADENCE DESIGN SYSTEMS, INC.CDNSfrom FY2022 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 | 89.6 | 13% | — | — |
| 43 | INTUIT INC.INTUfrom FY2023 10-K | Wide moat | 89.6 | 4% | — | — |
| 44 | GARMIN LTDGRMNfrom FY2022 10-K | Wide moat | 89.5 | 64% | — | — |
| 45 | APPLIED MATERIALS INC /DEAMATfrom FY2023 10-K | Wide moat | 89.4 | 7% | — | — |
| 46 | Simpson Manufacturing Co., Inc.SSDfrom FY2022 10-K | Wide moat | 89.4 | −14% | — | — |
| 47 | FORWARD AIR CORPFWRDfrom FY2022 10-K | Wide moat | 89.2 | −49% | — | — |
| 48 | lululemon athletica inc.LULUfrom FY2023 10-K | Wide moat | 89.2 | −26% | — | — |
| 49 | TRINET GROUP, INC.TNETfrom FY2022 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 | 89.0 | −23% | — | — |
| 50 | Moody’s CorporationMCOfrom FY2022 10-K | Wide moat | 89.0 | 25% | — | — |
| 51 | PRICE T ROWE GROUP INCTROWfrom FY2022 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 | 88.9 | 10% | — | — |
| 52 | KEYSIGHT TECHNOLOGIES, INC.KEYSfrom FY2023 10-K | Wide moat | 88.9 | 3% | — | — |
| 53 | TERADYNE, INC.TERfrom FY2022 10-K | Wide moat | 88.7 | 21% | — | — |
| 54 | SKYWORKS SOLUTIONS, INC.SWKSfrom FY2023 10-K | Wide moat | 88.6 | −17% | — | — |
| 55 | IRADIMED CORPORATIONIRMDfrom FY2022 10-K | Wide moat | 88.6 | 17% | — | — |
| 56 | Accenture plcACNfrom FY2023 10-K | Wide moat | 88.6 | 2% | — | — |
| 57 | GRACO INC.GGGfrom FY2022 10-K | Wide moat | 88.4 | −1% | — | — |
| 58 | Advanced Energy Industries, Inc.AEISfrom FY2022 10-K | Wide moat | 88.3 | 9% | — | — |
| 59 | Waters CorporationWATfrom FY2022 10-K | Wide moat | 88.3 | 12% | — | — |
| 60 | COGNIZANT TECHNOLOGY SOLUTIONS CORPORATIONCTSHfrom FY2022 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 | 88.3 | 4% | — | — |
| 61 | OXFORD INDUSTRIES, INC.OXMfrom FY2023 10-K | Wide moat | 88.0 | −19% | — | — |
| 62 | Medpace Holdings, Inc.MEDPfrom FY2022 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 | 88.0 | 10% | — | — |
| 63 | Maravai LifeSciences Holdings, Inc.MRVIfrom FY2022 10-K | Wide moat | 88.0 | −19% | — | — |
| 64 | BRUKER CORPORATIONBRKRfrom FY2022 10-K | Wide moat | 87.7 | −18% | — | — |
| 65 | REVOLVE GROUP, INC.RVLVfrom FY2022 10-K | Wide moat | 87.7 | 101% | — | — |
| 66 | ResMed Inc.RMDfrom FY2023 10-K | Wide moat | 87.5 | 34% | — | — |
| 67 | SYNOPSYS INCSNPSfrom FY2023 10-K | Wide moat | 87.3 | −3% | — | — |
| 68 | Federated Hermes, Inc.FHIfrom FY2022 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 | 87.3 | 29% | — | — |
| 69 | TRADE DESK, INC.TTDfrom FY2022 10-K | Wide moat | 87.1 | 67% | — | — |
| 70 | MARKETAXESS HOLDINGS INC.MKTXfrom FY2022 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 | −20% | — | — |
| 71 | POOL CORPORATIONPOOLfrom FY2022 10-K | Wide moat | 86.8 | −13% | — | — |
| 72 | Academy Sports and Outdoors, Inc.ASOfrom FY2023 10-K | Wide moat | 86.8 | −16% | — | — |
| 73 | ELECTRONIC ARTS INC.EAfrom FY2023 10-K | Wide moat | 86.7 | 8% | — | — |
| 74 | Meta Platforms, Inc.METAfrom FY2022 10-K | Wide moat | 86.7 | 74% | — | — |
| 75 | AUTOZONE INCAZOfrom FY2023 10-K | Wide moat | 86.6 | 27% | — | — |
| 76 | UNIVERSAL DISPLAY CORPORATIONOLEDfrom FY2022 10-K | Wide moat | 86.6 | −19% | — | — |
| 77 | YETI Holdings, Inc.YETIfrom FY2022 10-K | Wide moat | 86.6 | −26% | — | — |
| 78 | F5, INC.FFIVfrom FY2023 10-K | Wide moat | 86.5 | 43% | — | — |
| 79 | MONOLITHIC POWER SYSTEMS INCMPWRfrom FY2022 10-K | Wide moat | 86.4 | −1% | — | — |
| 80 | COHEN & STEERS, INC.CNSfrom FY2022 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 | 86.3 | 23% | — | — |
| 81 | United Parcel Service, IncUPSfrom FY2022 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 | −18% | — | — |
| 82 | Apple Inc.AAPLfrom FY2023 10-K | Wide moat | 86.0 | 32% | — | — |
| 83 | ALARM.COM HOLDINGS, INC.ALRMfrom FY2022 10-K | Wide moat | 86.0 | −6% | — | — |
| 84 | Cactus, Inc.WHDfrom FY2022 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 | 36% | — | — |
| 85 | FIGS, Inc.FIGSfrom FY2022 10-K | Wide moat | 85.9 | −12% | — | — |
| 86 | Booking Holdings Inc.BKNGfrom FY2022 10-K | Wide moat | 85.8 | 43% | — | — |
| 87 | W.W. GRAINGER, INC.GWWfrom FY2022 10-K | Wide moat | 85.4 | 29% | — | — |
| 88 | Trex Company, Inc.TREXfrom FY2022 10-K | Wide moat | 85.4 | −15% | — | — |
| 89 | QUALYS, INC.QLYSfrom FY2022 10-K | Wide moat | 85.4 | −28% | — | — |
| 90 | Five Below, Inc.FIVEfrom FY2023 10-K | Wide moat | 85.4 | −54% | — | — |
| 91 | Matson, Inc.MATXfrom FY2022 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 | 23% | — | — |
| 92 | Johnson & JohnsonJNJfrom FY2022 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 | 85.2 | −7% | — | — |
| 93 | HOME DEPOT, INC.HDfrom FY2023 10-K | Wide moat | 85.2 | 15% | — | — |
| 94 | Cintas CorporationCTASfrom FY2023 10-K | Wide moat | 85.2 | 24% | — | — |
| 95 | FULLNET COMMUNICATIONS INCFULOfrom FY2022 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 | 85.2 | 237% | — | — |
| 96 | MURPHY USA INC.MUSAfrom FY2022 10-K | Wide moat | 85.1 | 38% | — | — |
| 97 | Snap-on IncSNAfrom FY2022 10-K | Wide moat | 85.0 | 19% | — | — |
| 98 | FACTSET RESEARCH SYSTEMS INC.FDSfrom FY2023 10-K | Wide moat | 84.8 | 4% | — | — |
| 99 | NetApp, Inc.NTAPfrom FY2023 10-K | Wide moat | 84.7 | 37% | — | — |
| 100 | MANHATTAN ASSOCIATES, INC.MANHfrom FY2022 10-K | Wide moat | 84.7 | 30% | — | — |
| Berkshire Hathaway (BRK.B, total return)benchmark · total return (same basis) | — | — | 24% | — | — | |
| S&P 500 (price return)benchmark · price return | — | — | 24% | — | — |
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.