The widest moats of 2025, scored with only what was filed then.
Scored using filings available on 2025-12-31 — no later restatements, no hindsight. 2,893 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, 2026.
| # | Company | |||||
|---|---|---|---|---|---|---|
| 1 | FORTINET, INC.FTNTfrom FY2024 10-K | Wide moat | 98.2 | — | — | — |
| 2 | IBEX LIMITEDIBEXfrom FY2025 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 | 98.0 | — | — | — |
| 3 | MICROSOFT CORPORATIONMSFTfrom FY2025 10-K | Wide moat | 97.7 | — | — | — |
| 4 | Meta Platforms, Inc.METAfrom FY2024 10-K | Wide moat | 97.6 | — | — | — |
| 5 | Texas Roadhouse, Inc.TXRHfrom FY2024 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 | 96.6 | — | — | — |
| 6 | lululemon athletica inc.LULUfrom FY2025 10-K | Wide moat | 96.5 | — | — | — |
| 7 | IDEXX LABORATORIES INC /DEIDXXfrom FY2024 10-K | Wide moat | 95.7 | — | — | — |
| 8 | EDWARDS LIFESCIENCES CORPORATIONEWfrom FY2024 10-K | Wide moat | 95.5 | — | — | — |
| 9 | Medpace Holdings, Inc.MEDPfrom FY2024 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 | 95.4 | — | — | — |
| 10 | F5, INC.FFIVfrom FY2025 10-K | Wide moat | 95.0 | — | — | — |
| 11 | VIRTUS INVESTMENT PARTNERS, INC.VRTSfrom FY2024 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 | 94.8 | — | — | — |
| 12 | Veeva Systems Inc.VEEVfrom FY2025 10-K | Wide moat | 94.1 | — | — | — |
| 13 | NetApp, Inc.NTAPfrom FY2025 10-K | Wide moat | 94.0 | — | — | — |
| 14 | GARMIN LTDGRMNfrom FY2024 10-K | Wide moat | 93.6 | — | — | — |
| 15 | EXPONENT, INC.EXPOfrom FY2024 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 | 92.5 | — | — | — |
| 16 | OLD DOMINION FREIGHT LINE, INC.ODFLfrom FY2024 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 | 92.4 | — | — | — |
| 17 | Simpson Manufacturing Co., Inc.SSDfrom FY2024 10-K | Wide moat | 92.4 | — | — | — |
| 18 | COPART, INC.CPRTfrom FY2025 10-K | Wide moat | 92.1 | — | — | — |
| 19 | LAM RESEARCH CORPORATIONLRCXfrom FY2025 10-K | Wide moat | 92.0 | — | — | — |
| 20 | Moody’s CorporationMCOfrom FY2024 10-K | Wide moat | 92.0 | — | — | — |
| 21 | Alphabet Inc.GOOGLfrom FY2024 10-K | Wide moat | 91.9 | — | — | — |
| 22 | ULTA BEAUTY, INC.ULTAfrom FY2025 10-K | Wide moat | 91.8 | — | — | — |
| 23 | CADENCE DESIGN SYSTEMS, INC.CDNSfrom FY2024 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 | 91.7 | — | — | — |
| 24 | Doximity, Inc.DOCSfrom FY2025 10-K | Wide moat | 91.7 | — | — | — |
| 25 | ResMed Inc.RMDfrom FY2025 10-K | Wide moat | 91.6 | — | — | — |
| 26 | Paycom Software, Inc.PAYCfrom FY2024 10-K | Wide moat | 91.4 | — | — | — |
| 27 | REGENERON PHARMACEUTICALS, INC.REGNfrom FY2024 10-K | Wide moat | 91.3 | — | — | — |
| 28 | QUALYS, INC.QLYSfrom FY2024 10-K | Wide moat | 91.3 | — | — | — |
| 29 | Monster Beverage CorpMNSTfrom FY2024 10-K | Wide moat | 91.0 | — | — | — |
| 30 | M-tron Industries, Inc.MPTIfrom FY2024 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 | 90.7 | — | — | — |
| 31 | MONOLITHIC POWER SYSTEMS INCMPWRfrom FY2024 10-K | Wide moat | 90.5 | — | — | — |
| 32 | W.W. GRAINGER, INC.GWWfrom FY2024 10-K | Wide moat | 90.4 | — | — | — |
| 33 | INTUIT INC.INTUfrom FY2025 10-K | Wide moat | 90.4 | — | — | — |
| 34 | A. O. Smith CorporationAOSfrom FY2023 10-K | Wide moat | 90.3 | — | — | — |
| 35 | Abercrombie & Fitch Co.ANFfrom FY2025 10-K | Wide moat | 90.3 | — | — | — |
| 36 | ADOBE INC.ADBEfrom FY2024 10-K | Wide moat | 90.1 | — | — | — |
| 37 | O Reilly Automotive IncORLYfrom FY2024 10-K | Wide moat | 90.1 | — | — | — |
| 38 | DECKERS OUTDOOR CORPDECKfrom FY2025 10-K | Wide moat | 90.1 | — | — | — |
| 39 | LEGACY EDUCATION INC.LGCYfrom FY2025 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 | — | — | — |
| 40 | MANHATTAN ASSOCIATES, INC.MANHfrom FY2024 10-K | Wide moat | 89.9 | — | — | — |
| 41 | Booking Holdings Inc.BKNGfrom FY2024 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 | 89.9 | — | — | — |
| 42 | ALIGN TECHNOLOGY, INC.ALGNfrom FY2024 10-K | Wide moat | 89.8 | — | — | — |
| 43 | SBC Medical Group Holdings IncorporatedSBCfrom FY2024 10-K | Wide moat | 89.8 | — | — | — |
| 44 | CORCEPT THERAPEUTICS INCCORTfrom FY2024 10-K | Wide moat | 89.6 | — | — | — |
| 45 | MORNINGSTAR, INC.MORNfrom FY2024 10-K | Wide moat | 89.5 | — | — | — |
| 46 | NVIDIA CORPNVDAfrom FY2025 10-K | Wide moat | 89.4 | — | — | — |
| 47 | Cintas CorporationCTASfrom FY2025 10-K | Wide moat | 89.3 | — | — | — |
| 48 | CHIPOTLE MEXICAN GRILL, INC.CMGfrom FY2024 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 | — | — | — |
| 49 | IRADIMED CORPORATIONIRMDfrom FY2024 10-K | Wide moat | 89.3 | — | — | — |
| 50 | ALLISON TRANSMISSION HOLDINGS, INC.ALSNfrom FY2024 10-K | Wide moat | 89.2 | — | — | — |
| 51 | Gartner, Inc.ITfrom FY2024 10-K | Wide moat | 89.1 | — | — | — |
| 52 | TRACTOR SUPPLY CO /DE/TSCOfrom FY2024 10-K | Wide moat | 89.1 | — | — | — |
| 53 | COGNIZANT TECHNOLOGY SOLUTIONS CORPORATIONCTSHfrom FY2024 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 | — | — | — |
| 54 | Mastercard IncMAfrom FY2024 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 | — | — | — |
| 55 | KORN FERRYKFYfrom FY2025 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 | — | — | — |
| 56 | JACK HENRY & ASSOCIATES, INC.JKHYfrom FY2025 10-K | Wide moat | 88.7 | — | — | — |
| 57 | United Rentals, Inc.URIfrom FY2024 10-K | Wide moat | 88.7 | — | — | — |
| 58 | THE SHERWIN-WILLIAMS COMPANYSHWfrom FY2024 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 | 88.6 | — | — | — |
| 59 | EXPEDITORS INTERNATIONAL OF WASHINGTON, INC.EXPDfrom FY2024 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 | 88.6 | — | — | — |
| 60 | WD-40 COMPANYWDFCfrom FY2025 10-K | Wide moat | 88.5 | — | — | — |
| 61 | Intuitive Surgical, Inc.ISRGfrom FY2024 10-K | Wide moat | 88.1 | — | — | — |
| 62 | Arista Networks, Inc.ANETfrom FY2024 10-K | Wide moat | 88.1 | — | — | — |
| 63 | YETI Holdings, Inc.YETIfrom FY2024 10-K | Wide moat | 88.0 | — | — | — |
| 64 | FASTENAL COFASTfrom FY2024 10-K | Wide moat | 87.8 | — | — | — |
| 65 | LENNOX INTERNATIONAL INCLIIfrom FY2024 10-K | Wide moat | 87.8 | — | — | — |
| 66 | ROLLINS INCROLfrom FY2024 10-K | Wide moat | 87.7 | — | — | — |
| 67 | UBIQUITI INC.UIfrom FY2025 10-K | Wide moat | 87.7 | — | — | — |
| 68 | CREDITRISKMONITOR.COM, INC.CRMZfrom FY2024 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 | 87.6 | — | — | — |
| 69 | Fair Isaac CorpFICOfrom FY2025 10-K | Wide moat | 87.1 | — | — | — |
| 70 | TRADE DESK, INC.TTDfrom FY2024 10-K | Wide moat | 87.1 | — | — | — |
| 71 | APPLIED MATERIALS INC /DEAMATfrom FY2025 10-K | Wide moat | 87.0 | — | — | — |
| 72 | Sprouts Farmers Market, Inc.SFMfrom FY2024 10-K | Wide moat | 87.0 | — | — | — |
| 73 | SPS COMMERCE, INC.SPSCfrom FY2024 10-K | Wide moat | 86.9 | — | — | — |
| 74 | TravelzooTZOOfrom FY2024 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 | 86.9 | — | — | — |
| 75 | Cirrus Logic, Inc.CRUSfrom FY2025 10-K | Wide moat | 86.8 | — | — | — |
| 76 | Snap-on IncSNAfrom FY2024 10-K | Wide moat | 86.7 | — | — | — |
| 77 | INTERPARFUMS, INC.IPARfrom FY2024 10-K | Wide moat | 86.7 | — | — | — |
| 78 | MSCI INC.MSCIfrom FY2024 10-K | Wide moat | 86.7 | — | — | — |
| 79 | UTAH MEDICAL PRODUCTS INCUTMDfrom FY2024 10-K | Wide moat | 86.6 | — | — | — |
| 80 | FACTSET RESEARCH SYSTEMS INC.FDSfrom FY2025 10-K | Wide moat | 86.6 | — | — | — |
| 81 | Paychex, Inc.PAYXfrom FY2025 10-K | Wide moat | 86.3 | — | — | — |
| 82 | UNITED THERAPEUTICS CorpUTHRfrom FY2024 10-K | Wide moat | 86.1 | — | — | — |
| 83 | Five Below, Inc.FIVEfrom FY2025 10-K | Wide moat | 86.1 | — | — | — |
| 84 | HERSHEY COHSYfrom FY2024 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 | 86.0 | — | — | — |
| 85 | BRINKER INTERNATIONAL, INC.EATfrom FY2025 10-K | Wide moat | 85.6 | — | — | — |
| 86 | UNIVERSAL DISPLAY CORPORATIONOLEDfrom FY2024 10-K | Wide moat | 85.4 | — | — | — |
| 87 | Trex Company, Inc.TREXfrom FY2024 10-K | Wide moat | 85.4 | — | — | — |
| 88 | Ross Stores, Inc.ROSTfrom FY2025 10-K | Wide moat | 85.2 | — | — | — |
| 89 | FTI CONSULTING, INCFCNfrom FY2024 10-K | Wide moat | 85.2 | — | — | — |
| 90 | Grand Canyon Education, Inc.LOPEfrom FY2024 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 | — | — | — |
| 91 | BRADY CORPBRCfrom FY2025 10-K | Wide moat | 84.9 | — | — | — |
| 92 | WINMARK CORPORATIONWINAfrom FY2024 10-K | Wide moat | 84.3 | — | — | — |
| 93 | Airbnb, Inc.ABNBfrom FY2024 10-K | Wide moat | 84.3 | — | — | — |
| 94 | DONALDSON COMPANY, INC.DCIfrom FY2025 10-K | Wide moat | 83.9 | — | — | — |
| 95 | THE NEW YORK TIMES COMPANYNYTfrom FY2024 10-K | Wide moat | 83.9 | — | — | — |
| 96 | BUILD-A-BEAR WORKSHOP INCBBWfrom FY2025 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 | 83.9 | — | — | — |
| 97 | MOTOROLA SOLUTIONS, INC.MSIfrom FY2024 10-K | Wide moat | 83.8 | — | — | — |
| 98 | INTERNATIONAL MONEY EXPRESS, INC.IMXIfrom FY2024 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 | 83.8 | — | — | — |
| 99 | COLGATE-PALMOLIVE COMPANYCLfrom FY2024 10-K | Wide moat | 83.7 | — | — | — |
| 100 | ELECTRONIC ARTS INC.EAfrom FY2025 10-K | Wide moat | 83.6 | — | — | — |
| 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 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.