Backtest · 2024 cohort
The widest moats of 2024, scored with only what was filed then.
Scored as of 2024-12-31 from the 10-Ks on file at that date — no later restatements, no hindsight. 1,999 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, 2025.
| # | Company | Moat | As-of score | 1-yr return | 3-yr return | 5-yr return |
|---|---|---|---|---|---|---|
| 1 | Medifast, Inc.MEDfrom FY2023 10-K | Wide moat | 99.9 | −40% | — | — |
| 2 | ALIGN TECHNOLOGY, INC.ALGNfrom FY2023 10-K | Wide moat | 98.5 | −25% | — | — |
| 3 | MICROSOFT CORPORATIONMSFTfrom FY2024 10-K | Wide moat | 98.0 | 14% | — | — |
| 4 | FORTINET, INC.FTNTfrom FY2023 10-K | Wide moat | 97.2 | −18% | — | — |
| 5 | Meta Platforms, Inc.METAfrom FY2023 10-K | Wide moat | 96.5 | 9% | — | — |
| 6 | lululemon athletica inc.LULUfrom FY2024 10-K | Wide moat | 96.2 | −43% | — | — |
| 7 | F5, INC.FFIVfrom FY2024 10-K | Wide moat | 96.1 | 2% | — | — |
| 8 | REGENERON PHARMACEUTICALS, INC.REGNfrom FY2023 10-K | Wide moat | 96.0 | 9% | — | — |
| 9 | COPART, INC.CPRTfrom FY2024 10-K | Wide moat | 96.0 | −33% | — | — |
| 10 | Moody’s CorporationMCOfrom FY2023 10-K | Wide moat | 96.0 | 6% | — | — |
| 11 | IDEXX LABORATORIES INC /DEIDXXfrom FY2023 10-K | Wide moat | 95.5 | 64% | — | — |
| 12 | Veeva Systems Inc.VEEVfrom FY2024 10-K | Wide moat | 95.4 | 4% | — | — |
| 13 | Paychex, Inc.PAYXfrom FY2024 10-K | Wide moat | 95.3 | −19% | — | — |
| 14 | SHUTTERSTOCK, INC.SSTKfrom FY2023 10-K | Wide moat | 95.3 | −32% | — | — |
| 15 | GARMIN LTDGRMNfrom FY2023 10-K | Wide moat | 95.2 | 1% | — | — |
| 16 | TRADE DESK, INC.TTDfrom FY2023 10-K | Wide moat | 94.8 | −68% | — | — |
| 17 | Monster Beverage CorpMNSTfrom FY2023 10-K | Wide moat | 94.3 | 46% | — | — |
| 18 | DECKERS OUTDOOR CORPDECKfrom FY2024 10-K | Wide moat | 93.5 | −48% | — | — |
| 19 | NetApp, Inc.NTAPfrom FY2024 10-K | Wide moat | 93.5 | −6% | — | — |
| 20 | LAM RESEARCH CORPORATIONLRCXfrom FY2024 10-K | Wide moat | 93.2 | 158% | — | — |
| 21 | ADOBE INC.ADBEfrom FY2023 10-K | Wide moat | 92.9 | −24% | — | — |
| 22 | UTAH MEDICAL PRODUCTS INCUTMDfrom FY2023 10-K | Wide moat | 92.5 | −6% | — | — |
| 23 | Simpson Manufacturing Co., Inc.SSDfrom FY2023 10-K | Wide moat | 92.3 | 1% | — | — |
| 24 | PUBMATIC, INC.PUBMfrom FY2023 10-K | Wide moat | 92.2 | −42% | — | — |
| 25 | Arista Networks, Inc.ANETfrom FY2023 10-K | Wide moat | 92.0 | 20% | — | — |
| 26 | ROLLINS INCROLfrom FY2023 10-K | Wide moat | 91.8 | 30% | — | — |
| 27 | INTUIT INC.INTUfrom FY2024 10-K | Wide moat | 91.3 | 2% | — | — |
| 28 | ALPHABET INC.GOOGLfrom FY2023 10-K | Wide moat | 91.1 | 67% | — | — |
| 29 | TERADYNE, INC.TERfrom FY2023 10-K | Wide moat | 91.0 | 65% | — | — |
| 30 | QUALCOMM INC/DEQCOMfrom FY2024 10-K | Wide moat | 90.9 | 15% | — | — |
| 31 | Omega Flex, Inc.OFLXfrom FY2023 10-K | Wide moat | 90.8 | −26% | — | — |
| 32 | O Reilly Automotive IncORLYfrom FY2023 10-K | Wide moat | 90.3 | 14% | — | — |
| 33 | Doximity, Inc.DOCSfrom FY2024 10-K | Wide moat | 90.2 | −19% | — | — |
| 34 | NVIDIA CORPNVDAfrom FY2024 10-K | Wide moat | 90.0 | 37% | — | — |
| 35 | IRADIMED CORPORATIONIRMDfrom FY2023 10-K | Wide moat | 89.9 | 77% | — | — |
| 36 | GRACO INC.GGGfrom FY2023 10-K | Wide moat | 89.8 | 0% | — | — |
| 37 | FASTENAL COFASTfrom FY2023 10-K | Wide moat | 89.8 | 16% | — | — |
| 38 | WD-40 COMPANYWDFCfrom FY2024 10-K | Wide moat | 89.7 | −17% | — | — |
| 39 | SYNOPSYS INCSNPSfrom FY2024 10-K | Wide moat | 89.3 | −0% | — | — |
| 40 | A. O. Smith CorporationAOSfrom FY2023 10-K | Wide moat | 89.2 | 4% | — | — |
| 41 | QUALYS, INC.QLYSfrom FY2023 10-K | Wide moat | 89.2 | −6% | — | — |
| 42 | ResMed Inc.RMDfrom FY2024 10-K | Wide moat | 89.1 | 8% | — | — |
| 43 | Gartner, Inc.ITfrom FY2023 10-K | Wide moat | 89.0 | −51% | — | — |
| 44 | AUTODESK, INC.ADSKfrom FY2024 10-K | Wide moat | 89.0 | −2% | — | — |
| 45 | ELECTRONIC ARTS INC.EAfrom FY2024 10-K | Wide moat | 88.7 | 41% | — | — |
| 46 | JACK HENRY & ASSOCIATES, INC.JKHYfrom FY2024 10-K | Wide moat | 88.5 | 4% | — | — |
| 47 | Paycom Software, Inc.PAYCfrom FY2023 10-K | Wide moat | 88.5 | −24% | — | — |
| 48 | REVOLVE GROUP, INC.RVLVfrom FY2023 10-K | Wide moat | 88.5 | −12% | — | — |
| 49 | MONOLITHIC POWER SYSTEMS INCMPWRfrom FY2023 10-K | Wide moat | 88.4 | 59% | — | — |
| 50 | WILLIAMS-SONOMA, INC.WSMfrom FY2024 10-K | Wide moat | 88.1 | 2% | — | — |
| 51 | Airbnb, Inc.ABNBfrom FY2023 10-K | Wide moat | 88.1 | 1% | — | — |
| 52 | SLEEP NUMBER CORPORATIONSNBRQfrom FY2023 10-K | Wide moat | 88.0 | — | — | — |
| 53 | Lifevantage CorpLFVNfrom FY2024 10-K | Wide moat | 88.0 | −65% | — | — |
| 54 | UBIQUITI INC.UIfrom FY2024 10-K | Wide moat | 87.9 | 69% | — | — |
| 55 | SAKER AVIATION SERVICES, INC.SKASfrom FY2023 10-K | Wide moat | 87.8 | −7% | — | — |
| 56 | Cirrus Logic, Inc.CRUSfrom FY2024 10-K | Wide moat | 87.6 | 20% | — | — |
| 57 | UNIVERSAL DISPLAY CORPORATIONOLEDfrom FY2023 10-K | Wide moat | 87.6 | −17% | — | — |
| 58 | ULTA BEAUTY, INC.ULTAfrom FY2024 10-K | Wide moat | 87.6 | 44% | — | — |
| 59 | YETI Holdings, Inc.YETIfrom FY2023 10-K | Wide moat | 87.3 | 20% | — | — |
| 60 | Viemed Healthcare, Inc.VMDfrom FY2023 10-K | Wide moat | 87.0 | −11% | — | — |
| 61 | APPLIED MATERIALS INC /DEAMATfrom FY2024 10-K | Wide moat | 86.8 | 66% | — | — |
| 62 | FACTSET RESEARCH SYSTEMS INC.FDSfrom FY2024 10-K | Wide moat | 86.8 | −40% | — | — |
| 63 | COLUMBIA SPORTSWEAR COMPANYCOLMfrom FY2023 10-K | Wide moat | 86.8 | −31% | — | — |
| 64 | Cintas CorporationCTASfrom FY2024 10-K | Wide moat | 86.4 | 2% | — | — |
| 65 | FIGS, Inc.FIGSfrom FY2023 10-K | Wide moat | 86.4 | 93% | — | — |
| 66 | Snap-on IncSNAfrom FY2023 10-K | Wide moat | 86.3 | 8% | — | — |
| 67 | SKYWORKS SOLUTIONS, INC.SWKSfrom FY2024 10-K | Wide moat | 86.2 | −24% | — | — |
| 68 | Robert Half Inc.RHIfrom FY2023 10-K | Wide moat | 86.1 | −58% | — | — |
| 69 | TRACTOR SUPPLY CO /DE/TSCOfrom FY2023 10-K | Wide moat | 86.1 | −1% | — | — |
| 70 | Intuitive Surgical, Inc.ISRGfrom FY2023 10-K | Wide moat | 86.0 | 7% | — | — |
| 71 | MANHATTAN ASSOCIATES, INC.MANHfrom FY2023 10-K | Wide moat | 86.0 | −38% | — | — |
| 72 | BLOOMIN’ BRANDS, INC.BLMNfrom FY2023 10-K | Wide moat | 86.0 | −44% | — | — |
| 73 | W.W. GRAINGER, INC.GWWfrom FY2023 10-K | Wide moat | 85.9 | −3% | — | — |
| 74 | CORCEPT THERAPEUTICS INCCORTfrom FY2023 10-K | Wide moat | 85.9 | −24% | — | — |
| 75 | United Rentals, Inc.URIfrom FY2023 10-K | Wide moat | 85.8 | 24% | — | — |
| 76 | DESTINY MEDIA TECHNOLOGIES INC.DSNYfrom FY2024 10-K | Wide moat | 85.5 | −31% | — | — |
| 77 | ALLISON TRANSMISSION HOLDINGS, INC.ALSNfrom FY2023 10-K | Wide moat | 85.4 | −7% | — | — |
| 78 | BRUKER CORPORATIONBRKRfrom FY2023 10-K | Wide moat | 85.3 | −18% | — | — |
| 79 | MSCI INC.MSCIfrom FY2023 10-K | Wide moat | 85.3 | −4% | — | — |
| 80 | Trex Company, Inc.TREXfrom FY2023 10-K | Wide moat | 85.2 | −48% | — | — |
| 81 | EDWARDS LIFESCIENCES CORPORATIONEWfrom FY2023 10-K | Wide moat | 85.1 | 18% | — | — |
| 82 | Atlas Energy Solutions Inc.AESIfrom FY2023 10-K | Wide moat | 85.1 | −55% | — | — |
| 83 | Tapestry, Inc.TPRfrom FY2024 10-K | Wide moat | 85.0 | 100% | — | — |
| 84 | Fair Isaac CorpFICOfrom FY2024 10-K | Wide moat | 84.8 | −18% | — | — |
| 85 | UNITED THERAPEUTICS CorpUTHRfrom FY2023 10-K | Wide moat | 84.8 | 38% | — | — |
| 86 | Sprouts Farmers Market, Inc.SFMfrom FY2023 10-K | Wide moat | 84.8 | −39% | — | — |
| 87 | Corpay, IncCPAYfrom FY2023 10-K | Wide moat | 84.7 | −12% | — | — |
| 88 | ALARM.COM HOLDINGS, INC.ALRMfrom FY2023 10-K | Wide moat | 84.7 | −14% | — | — |
| 89 | Academy Sports and Outdoors, Inc.ASOfrom FY2024 10-K | Wide moat | 84.7 | −7% | — | — |
| 90 | PROCTER & GAMBLE COPGfrom FY2024 10-K | Wide moat | 84.6 | −12% | — | — |
| 91 | BRADY CORPBRCfrom FY2024 10-K | Wide moat | 84.4 | 8% | — | — |
| 92 | ACUITY INC.AYIfrom FY2024 10-K | Wide moat | 84.2 | 25% | — | — |
| 93 | National Beverage Corp.FIZZfrom FY2024 10-K | Wide moat | 84.1 | −25% | — | — |
| 94 | Five Below, Inc.FIVEfrom FY2024 10-K | Wide moat | 84.1 | 95% | — | — |
| 95 | MURPHY USA INC.MUSAfrom FY2023 10-K | Wide moat | 84.1 | −17% | — | — |
| 96 | DONALDSON COMPANY, INC.DCIfrom FY2024 10-K | Wide moat | 84.0 | 36% | — | — |
| 97 | HERSHEY COHSYfrom FY2023 10-K | Wide moat | 84.0 | 12% | — | — |
| 98 | TEXAS INSTRUMENTS INCORPORATEDTXNfrom FY2023 10-K | Wide moat | 84.0 | −2% | — | — |
| 99 | AGILENT TECHNOLOGIES, INC.Afrom FY2024 10-K | Wide moat | 84.0 | 4% | — | — |
| 100 | MORNINGSTAR, INC.MORNfrom FY2023 10-K | Wide moat | 84.0 | −36% | — | — |
| Berkshire Hathaway (BRK.B, total return)benchmark · total return (same basis) | — | — | 10% | — | — | |
| S&P 500 (price return)benchmark · price return | — | — | 17% | — | — |
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.