About Moat Explorer

Moat Explorer is a reference work about economic moats: the durable advantages that let a company keep earning more than its cost of capital for years after competitors have noticed, and would very much like to stop it.

What is here

There are 94 companies here, each taken apart the same way. A page on the business and where the revenue actually comes from. A page on the moat, and four on the facets it rests on, each with the threats to it stated plainly. Pages on competitors and on major customers, because concentration on either side is usually more interesting than a market share. A violet branch of future bets, and for most companies a page per revenue line.

Every article ends with the number that would prove it wrong. That is the point of the whole thing: a thesis you cannot falsify is a story, not an analysis.

How it is written

The prose is AI-assisted and edited. The figures are not invented to fit it: each number is taken from the company's own filing and cited to the exact document it appears in, and a set of build checks refuses to publish a company whose essays contain a figure its sources do not support, whose citations do not line up with the markers in the text, or whose charts do not reconcile. That gate has caught invented numbers, and the build log records them.

Which is not the same as saying everything here is right. A figure can be correctly copied from a filing and still be the wrong figure to quote, and a judgement about durability is a judgement. Read it as an argued opinion with its evidence attached.

What the ratings mean

Wide, Narrow and Thin describe how long an advantage is likely to last, and nothing else. They are deliberately separate from valuation, which lives on the charts pages: a wide moat at a silly price is still a silly price. How ratings work sets out the framework, the six scorecard dimensions and who writes them.

What this is not

It is not investment advice, and nothing here is a recommendation to buy or sell anything. It is not a data terminal, the figures are not live, and it has no relationship with any company it writes about.

Who runs it

Moat Explorer is published by Lean House sp. z o.o. If a company you expected to find is missing, the Feedback button in the corner of every page needs nothing from you but its name.