Economic moat analysis of 94 global companies

Every company here is taken apart the same way: what the moat actually is, the four facets it rests on, the threats that could erode it, and the one number that would prove the thesis wrong. 94 companies, 6110 pages, each grounded in filings and cited line by line.

Browse by sector: Technology · Communication Services · Consumer Discretionary · Industrials · Financials · Health Care · Consumer Staples · Energy · Materials · Utilities · How the ratings work →

All companies, by market capitalisation

1NvidiaNVDA · Technology$5.1T2AppleAAPL · Technology$4.9T3Alphabet (Google)GOOGL · Communication Services$4.3T4MicrosoftMSFT · Technology$3.7T5AmazonAMZN · Consumer Discretionary$2.8T6SpaceXSPCX · Industrials$2.1T7TSMCTSM · Technology$1.9T8Meta PlatformsMETA · Communication Services$1.9T9BroadcomAVGO · Technology$1.7T10TeslaTSLA · Consumer Discretionary$1.3T11Micron TechnologyMU · Technology$1.2T12Berkshire HathawayBRK.B · Financials$1.1T13Eli LillyLLY · Health Care$1.0T14Advanced Micro DevicesAMD · Technology$1.0T15JPMorgan ChaseJPM · Financials$943B16SK hynixSKHY · Technology$895B17WalmartWMT · Consumer Staples$839B18IntelINTC · Technology$669B19VisaV · Financials$663B20ASMLASML · Technology$663B21ExxonMobilXOM · Energy$652B22Johnson & JohnsonJNJ · Health Care$652B23MastercardMA · Financials$496B24AbbVieABBV · Health Care$469B25Palantir TechnologiesPLTR · Technology$463B26OracleORCL · Technology$422B27Cisco SystemsCSCO · Technology$422B28Costco WholesaleCOST · Consumer Staples$406B29ChevronCVX · Energy$403B30Bank of AmericaBAC · Financials$392B31Lam ResearchLRCX · Technology$384B32Coca-ColaKO · Consumer Staples$382B33Applied MaterialsAMAT · Technology$376B34CaterpillarCAT · Industrials$370B35Merck & Co.MRK · Health Care$365B36Dell TechnologiesDELL · Technology$358B37Procter & GamblePG · Consumer Staples$340B38UnitedHealth GroupUNH · Health Care$338B39GE AerospaceGE · Industrials$330B40Morgan StanleyMS · Financials$308B41Palo Alto NetworksPANW · Technology$307B42Philip Morris InternationalPM · Consumer Staples$297B43NetflixNFLX · Communication Services$296B44Home DepotHD · Consumer Discretionary$293B45Goldman SachsGS · Financials$283B46CrowdStrikeCRWD · Technology$259B47RTXRTX · Industrials$255B48Arista NetworksANET · Technology$255B49GE VernovaGEV · Industrials$255B50Wells FargoWFC · Financials$251B51Thermo Fisher ScientificTMO · Health Care$250B52KLAKLAC · Technology$245B53Texas InstrumentsTXN · Technology$243B54LVMHMC · Consumer Discretionary$231B55Marvell TechnologyMRVL · Technology$227B56CitigroupC · Financials$225B57AmgenAMGN · Health Care$224B58SandiskSNDK · Technology$219B59IBMIBM · Technology$212B60QualcommQCOM · Technology$209B61American ExpressAXP · Financials$206B62AmphenolAPH · Technology$205B63VerizonVZ · Communication Services$194B64Analog DevicesADI · Technology$192B65Kioxia Holdings285A · Technology$187B66BlackRockBLK · Financials$173B67McDonald'sMCD · Consumer Discretionary$167B68Intuitive SurgicalISRG · Health Care$141B69Mitsubishi Corporation8058 · Industrials$110B70StarbucksSBUX · Consumer Discretionary$108B71ITOCHU8001 · Industrials$97B72Vertiv HoldingsVRT · Industrials$96B73Tokio Marine Holdings8766 · Financials$94B74Mitsui & Co.8031 · Industrials$92B75Bloom EnergyBE · Industrials$81B76FerrariRACE · Consumer Discretionary$73B77Barrick MiningB · Materials$72B78Sumitomo Corporation8053 · Industrials$53B79Marubeni8002 · Industrials$51B80CoreWeaveCRWV · Technology$48B81VistraVST · Utilities$46B82PKO Bank PolskiPKO · Financials$41B83AdyenADYEN · Financials$33B84VeriSignVRSN · Technology$27B85KGHM Polska MiedźKGH · Materials$19B86PZUPZU · Financials$17B87AllegroALE · Consumer Discretionary$13B88Dino PolskaDNP · Consumer Staples$9.5B89XTBXTB · Financials$4.7B90StoneCoSTNE · Financials$2.2B91Dom DevelopmentDOM · Consumer Discretionary$1.6B92GPWGPW · Financials$1.1B93SynektikSNT · Health Care$810M94TextTXT · Technology$290M