Backtest · 2025 cohort
The widest moats of 2025, scored with only what was filed then.
Scored as of 2025-12-31 from the 10-Ks on file at that date — no later restatements, no hindsight. 2,092 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, 2026.
| # | Company | Moat | As-of score | 1-yr return | 3-yr return | 5-yr return |
|---|---|---|---|---|---|---|
| 1 | Meta Platforms, Inc.METAfrom FY2024 10-K | Wide moat | 99.3 | — | — | — |
| 2 | EDWARDS LIFESCIENCES CORPORATIONEWfrom FY2024 10-K | Wide moat | 99.1 | — | — | — |
| 3 | ALIGN TECHNOLOGY, INC.ALGNfrom FY2024 10-K | Wide moat | 98.8 | — | — | — |
| 4 | NetApp, Inc.NTAPfrom FY2025 10-K | Wide moat | 98.4 | — | — | — |
| 5 | MICROSOFT CORPORATIONMSFTfrom FY2025 10-K | Wide moat | 97.6 | — | — | — |
| 6 | F5, INC.FFIVfrom FY2025 10-K | Wide moat | 97.3 | — | — | — |
| 7 | FORTINET, INC.FTNTfrom FY2024 10-K | Wide moat | 97.3 | — | — | — |
| 8 | Moody’s CorporationMCOfrom FY2024 10-K | Wide moat | 97.2 | — | — | — |
| 9 | lululemon athletica inc.LULUfrom FY2025 10-K | Wide moat | 96.5 | — | — | — |
| 10 | IDEXX LABORATORIES INC /DEIDXXfrom FY2024 10-K | Wide moat | 96.4 | — | — | — |
| 11 | REGENERON PHARMACEUTICALS, INC.REGNfrom FY2024 10-K | Wide moat | 96.0 | — | — | — |
| 12 | Veeva Systems Inc.VEEVfrom FY2025 10-K | Wide moat | 95.4 | — | — | — |
| 13 | Lifevantage CorpLFVNfrom FY2025 10-K | Wide moat | 95.1 | — | — | — |
| 14 | GARMIN LTDGRMNfrom FY2024 10-K | Wide moat | 94.7 | — | — | — |
| 15 | ADOBE INC.ADBEfrom FY2024 10-K | Wide moat | 94.5 | — | — | — |
| 16 | Monster Beverage CorpMNSTfrom FY2024 10-K | Wide moat | 94.2 | — | — | — |
| 17 | LAM RESEARCH CORPORATIONLRCXfrom FY2025 10-K | Wide moat | 93.4 | — | — | — |
| 18 | ALPHABET INC.GOOGLfrom FY2024 10-K | Wide moat | 92.9 | — | — | — |
| 19 | UTAH MEDICAL PRODUCTS INCUTMDfrom FY2024 10-K | Wide moat | 92.8 | — | — | — |
| 20 | Abercrombie & Fitch Co.ANFfrom FY2025 10-K | Wide moat | 92.7 | — | — | — |
| 21 | QUALYS, INC.QLYSfrom FY2024 10-K | Wide moat | 92.7 | — | — | — |
| 22 | COPART, INC.CPRTfrom FY2025 10-K | Wide moat | 92.1 | — | — | — |
| 23 | Arista Networks, Inc.ANETfrom FY2024 10-K | Wide moat | 92.0 | — | — | — |
| 24 | Simpson Manufacturing Co., Inc.SSDfrom FY2024 10-K | Wide moat | 91.5 | — | — | — |
| 25 | MORNINGSTAR, INC.MORNfrom FY2024 10-K | Wide moat | 91.5 | — | — | — |
| 26 | Paycom Software, Inc.PAYCfrom FY2024 10-K | Wide moat | 91.4 | — | — | — |
| 27 | Doximity, Inc.DOCSfrom FY2025 10-K | Wide moat | 91.1 | — | — | — |
| 28 | INTUIT INC.INTUfrom FY2025 10-K | Wide moat | 90.9 | — | — | — |
| 29 | UBIQUITI INC.UIfrom FY2025 10-K | Wide moat | 90.6 | — | — | — |
| 30 | COLGATE-PALMOLIVE COMPANYCLfrom FY2024 10-K | Wide moat | 90.5 | — | — | — |
| 31 | WD-40 COMPANYWDFCfrom FY2025 10-K | Wide moat | 90.3 | — | — | — |
| 32 | ResMed Inc.RMDfrom FY2025 10-K | Wide moat | 90.2 | — | — | — |
| 33 | TERADYNE, INC.TERfrom FY2024 10-K | Wide moat | 90.0 | — | — | — |
| 34 | MONOLITHIC POWER SYSTEMS INCMPWRfrom FY2024 10-K | Wide moat | 89.8 | — | — | — |
| 35 | NVIDIA CORPNVDAfrom FY2025 10-K | Wide moat | 89.7 | — | — | — |
| 36 | YETI Holdings, Inc.YETIfrom FY2024 10-K | Wide moat | 89.6 | — | — | — |
| 37 | TRADE DESK, INC.TTDfrom FY2024 10-K | Wide moat | 89.5 | — | — | — |
| 38 | FASTENAL COFASTfrom FY2024 10-K | Wide moat | 89.4 | — | — | — |
| 39 | CORCEPT THERAPEUTICS INCCORTfrom FY2024 10-K | Wide moat | 89.4 | — | — | — |
| 40 | A. O. Smith CorporationAOSfrom FY2023 10-K | Wide moat | 89.2 | — | — | — |
| 41 | O Reilly Automotive IncORLYfrom FY2024 10-K | Wide moat | 89.1 | — | — | — |
| 42 | SIGA Technologies, Inc.SIGAfrom FY2024 10-K | Wide moat | 89.1 | — | — | — |
| 43 | REVOLVE GROUP, INC.RVLVfrom FY2024 10-K | Wide moat | 89.1 | — | — | — |
| 44 | Gartner, Inc.ITfrom FY2024 10-K | Wide moat | 88.8 | — | — | — |
| 45 | Omega Flex, Inc.OFLXfrom FY2024 10-K | Wide moat | 88.6 | — | — | — |
| 46 | IRADIMED CORPORATIONIRMDfrom FY2024 10-K | Wide moat | 88.6 | — | — | — |
| 47 | SUPERNUS PHARMACEUTICALS, INC.SUPNfrom FY2024 10-K | Wide moat | 88.4 | — | — | — |
| 48 | ALLISON TRANSMISSION HOLDINGS, INC.ALSNfrom FY2024 10-K | Wide moat | 88.4 | — | — | — |
| 49 | Cirrus Logic, Inc.CRUSfrom FY2025 10-K | Wide moat | 88.3 | — | — | — |
| 50 | Airbnb, Inc.ABNBfrom FY2024 10-K | Wide moat | 88.1 | — | — | — |
| 51 | JACK HENRY & ASSOCIATES, INC.JKHYfrom FY2025 10-K | Wide moat | 87.8 | — | — | — |
| 52 | DECKERS OUTDOOR CORPDECKfrom FY2025 10-K | Wide moat | 87.8 | — | — | — |
| 53 | ULTA BEAUTY, INC.ULTAfrom FY2025 10-K | Wide moat | 87.6 | — | — | — |
| 54 | APPLIED MATERIALS INC /DEAMATfrom FY2025 10-K | Wide moat | 87.3 | — | — | — |
| 55 | Cintas CorporationCTASfrom FY2025 10-K | Wide moat | 87.3 | — | — | — |
| 56 | Paychex, Inc.PAYXfrom FY2025 10-K | Wide moat | 87.2 | — | — | — |
| 57 | W.W. GRAINGER, INC.GWWfrom FY2024 10-K | Wide moat | 87.0 | — | — | — |
| 58 | C.H. ROBINSON WORLDWIDE, INC.CHRWfrom FY2024 10-K | Wide moat | 87.0 | — | — | — |
| 59 | Sprouts Farmers Market, Inc.SFMfrom FY2024 10-K | Wide moat | 86.8 | — | — | — |
| 60 | Fair Isaac CorpFICOfrom FY2025 10-K | Wide moat | 86.7 | — | — | — |
| 61 | UNITED THERAPEUTICS CorpUTHRfrom FY2024 10-K | Wide moat | 86.7 | — | — | — |
| 62 | MSCI INC.MSCIfrom FY2024 10-K | Wide moat | 86.7 | — | — | — |
| 63 | HERSHEY COHSYfrom FY2024 10-K | Wide moat | 86.6 | — | — | — |
| 64 | Intuitive Surgical, Inc.ISRGfrom FY2024 10-K | Wide moat | 86.6 | — | — | — |
| 65 | ROLLINS INCROLfrom FY2024 10-K | Wide moat | 86.3 | — | — | — |
| 66 | QUALCOMM INC/DEQCOMfrom FY2025 10-K | Wide moat | 86.0 | — | — | — |
| 67 | MANHATTAN ASSOCIATES, INC.MANHfrom FY2024 10-K | Wide moat | 86.0 | — | — | — |
| 68 | PROCTER & GAMBLE COPGfrom FY2025 10-K | Wide moat | 85.9 | — | — | — |
| 69 | Trex Company, Inc.TREXfrom FY2024 10-K | Wide moat | 85.9 | — | — | — |
| 70 | Snap-on IncSNAfrom FY2024 10-K | Wide moat | 85.7 | — | — | — |
| 71 | Medifast, Inc.MEDfrom FY2024 10-K | Wide moat | 85.7 | — | — | — |
| 72 | United Rentals, Inc.URIfrom FY2024 10-K | Wide moat | 85.7 | — | — | — |
| 73 | ELECTRONIC ARTS INC.EAfrom FY2025 10-K | Wide moat | 85.6 | — | — | — |
| 74 | TRACTOR SUPPLY CO /DE/TSCOfrom FY2024 10-K | Wide moat | 85.6 | — | — | — |
| 75 | FACTSET RESEARCH SYSTEMS INC.FDSfrom FY2025 10-K | Wide moat | 85.5 | — | — | — |
| 76 | T-Mobile US, Inc.TMUSfrom FY2024 10-K | Wide moat | 85.3 | — | — | — |
| 77 | Academy Sports and Outdoors, Inc.ASOfrom FY2025 10-K | Wide moat | 85.3 | — | — | — |
| 78 | SHUTTERSTOCK, INC.SSTKfrom FY2024 10-K | Wide moat | 85.2 | — | — | — |
| 79 | MURPHY USA INC.MUSAfrom FY2024 10-K | Wide moat | 84.8 | — | — | — |
| 80 | AUTODESK, INC.ADSKfrom FY2025 10-K | Wide moat | 84.6 | — | — | — |
| 81 | National Beverage Corp.FIZZfrom FY2025 10-K | Wide moat | 84.4 | — | — | — |
| 82 | Five Below, Inc.FIVEfrom FY2025 10-K | Wide moat | 84.4 | — | — | — |
| 83 | RALPH LAUREN CORPORATIONRLfrom FY2025 10-K | Wide moat | 84.3 | — | — | — |
| 84 | AGILENT TECHNOLOGIES, INC.Afrom FY2025 10-K | Wide moat | 84.1 | — | — | — |
| 85 | BRADY CORPBRCfrom FY2025 10-K | Wide moat | 83.9 | — | — | — |
| 86 | MANNATECH INCMTEXfrom FY2024 10-K | Wide moat | 83.9 | — | — | — |
| 87 | THE CHEESECAKE FACTORY INCORPORATEDCAKEfrom FY2024 10-K | Wide moat | 83.8 | — | — | — |
| 88 | COLUMBIA SPORTSWEAR COMPANYCOLMfrom FY2024 10-K | Wide moat | 83.8 | — | — | — |
| 89 | UNIVERSAL DISPLAY CORPORATIONOLEDfrom FY2024 10-K | Wide moat | 83.7 | — | — | — |
| 90 | LOGITECH INTERNATIONAL S.A.LOGIfrom FY2025 10-K | Wide moat | 83.7 | — | — | — |
| 91 | WILLIAMS-SONOMA, INC.WSMfrom FY2025 10-K | Wide moat | 83.6 | — | — | — |
| 92 | INTERPARFUMS, INC.IPARfrom FY2024 10-K | Wide moat | 83.5 | — | — | — |
| 93 | BOOZ ALLEN HAMILTON HOLDING CORPORATIONBAHfrom FY2025 10-K | Wide moat | 83.5 | — | — | — |
| 94 | AKAMAI TECHNOLOGIES, INC.AKAMfrom FY2024 10-K | Wide moat | 83.4 | — | — | — |
| 95 | SPS COMMERCE, INC.SPSCfrom FY2024 10-K | Wide moat | 83.4 | — | — | — |
| 96 | WINGSTOP INC.WINGfrom FY2024 10-K | Wide moat | 83.2 | — | — | — |
| 97 | PUBMATIC, INC.PUBMfrom FY2024 10-K | Wide moat | 83.1 | — | — | — |
| 98 | DONALDSON COMPANY, INC.DCIfrom FY2025 10-K | Wide moat | 83.0 | — | — | — |
| 99 | MOTOROLA SOLUTIONS, INC.MSIfrom FY2024 10-K | Wide moat | 83.0 | — | — | — |
| 100 | Apple Inc.AAPLfrom FY2025 10-K | Wide moat | 82.8 | — | — | — |
| Berkshire Hathaway (BRK.B, total return)benchmark · total return (same basis) | — | — | — | — | — | |
| S&P 500 (price return)benchmark · price return | — | — | — | — | — |
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.