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Efficient Scale Moat
45 companies · Ranked by earnings quality
Efficient scale happens when a market is large enough to support the incumbents but not large enough to invite a new one. Regional utilities, rail duopolies, airport operators, and pipeline networks all fit this pattern — it's geography and regulation doing the moat work.
| Company | Score | GM | ROE | CF/NI | FCF | Other Moats |
|---|---|---|---|---|---|---|
| CPRTCopart2025 | B88 | — | 16.9% | 1.16x | $1.2B | Network Effects |
| ORLYO'Reilly Automotive2025 | B86 | 51.6% | -332.5% | 1.09x | $1.6B | Switching Costs |
| LINLinde2025 | B84 | — | 18.0% | 1.50x | $5.1B | Switching Costs |
| MELIMercadoLibre, Inc.2025 | B83 | 44.5% | 29.6% | 6.07x | $10.8B | Network Effects |
| TXNTEXAS INSTRUMENTS INC2025 | B81 | 57.0% | 30.7% | 1.43x | $2.6B | Cost Advantage |
| WMTWalmart Inc.2025 | B80 | 24.9% | 21.4% | 1.88x | $12.7B | Cost Advantage |
| BLKBlackRock, Inc.2025 | C77 | — | 9.9% | 0.71x | $3.6B | Switching Costs |
| CEGConstellation Energy2025 | C77 | — | 16.0% | 1.83x | $1.3B | Cost Advantage |
| TMUST-MOBILE US INC2025 | C77 | — | 18.6% | 2.54x | $18.0B | Cost Advantage |
| KOCOCA COLA CO2025 | C76 | 61.6% | 40.7% | 0.57x | $5.3B | Brand Power |
| VMCVULCAN MATERIALS COMPANY2025 | C76 | 27.4% | 12.6% | 1.68x | $1.1B | Cost Advantage |
| CSXCSX Corporation2025 | C75 | — | 22.0% | 1.60x | $1.7B | — |
| PEPPepsiCo, Inc.2025 | C74 | 54.1% | 40.4% | 1.47x | $7.7B | Brand Power |
| UNHUNITEDHEALTH GROUP INCORPORATED2025 | C73 | 88.7% | 12.0% | 1.63x | $16.1B | Cost Advantage |
| BACBank of America Corporation2025 | C73 | — | 10.1% | 0.41x | $12.6B | Cost Advantage |
| AMZNAMAZON COM INC2025 | C73 | 50.3% | 18.9% | 1.80x | $7.7B | Toll Bridge · Network Effects |
| MCDMCDONALDS CORP2025 | C73 | — | -478.1% | 1.23x | $7.2B | Brand Power |
| SPGSIMON PROPERTY GROUP, INC.2025 | C73 | — | 88.8% | 0.89x | $3.2B | — |
| CMCSAComcast Corporation2025 | C73 | — | 20.6% | 1.68x | $21.9B | — |
| JPMJPMorgan Chase & Co2025 | C72 | — | 15.7% | -2.59x | $-147.8B | Cost Advantage |
| USBUS BANCORP \DE\2025 | C71 | — | 11.6% | 1.05x | $8.0B | — |
| XOMEXXON MOBIL CORP2025 | C70 | — | 11.1% | 1.80x | $23.6B | Cost Advantage |
| UPSUnited Parcel Service, Inc.2025 | D69 | — | 34.3% | 1.52x | $4.8B | Cost Advantage |
| PLDPROLOGIS, INC.2025 | D69 | — | 6.3% | 1.50x | $5.0B | — |
| SHWTHE SHERWIN-WILLIAMS COMPANY2025 | D69 | 48.8% | 55.9% | 1.34x | $2.7B | Brand Power |
| VZVerizon Communications Inc.2025 | D69 | — | 16.2% | 2.16x | $37.1B | — |
| HDHOME DEPOT, INC.2025 | D68 | 33.4% | 223.0% | 1.34x | $16.3B | Brand Power |
| NEENEXTERA ENERGY, INC.2025 | D68 | — | 12.5% | 1.83x | $12.5B | — |
| MLMMARTIN MARIETTA MATERIALS, INC2025 | D68 | 30.7% | 11.3% | 1.57x | $978M | Cost Advantage |
| AMTAMERICAN TOWER CORP /MA/2025 | D67 | — | 69.3% | 2.16x | $3.8B | Toll Bridge |
| TAT&T INC.2025 | D67 | — | 17.4% | 1.84x | $19.4B | — |
| CCICrown Castle Inc2025 | D66 | 97.3% | -27.2% | 6.89x | $2.9B | — |
| SOThe Southern Company2025 | D64 | — | 12.1% | 2.26x | $-2.9B | — |
| SRESEMPRA2025 | D64 | — | 5.8% | 2.49x | $-6.0B | — |
| PNCPNC FINANCIAL SERVICES GROUP, INC2025 | D63 | — | 10.9% | 0.67x | $4.4B | — |
| LOWLOWE’S COMPANIES, INC2025 | D62 | 33.3% | -48.9% | 1.38x | $7.7B | Brand Power |
| JDJD.com2025 | D62 | 15.9% | 17.3% | 1.40x | $7.2B | Cost Advantage |
| TGTTARGET CORPORATION2025 | D61 | 28.2% | 27.9% | 1.80x | $4.5B | Brand Power |
| CHTRCharter Communications2025 | D60 | — | 31.1% | 3.22x | $4.4B | — |
| DUKDUKE ENERGY CORPORATION2025 | F59 | — | 9.6% | 2.48x | $-1.7B | — |
| DDOMINION ENERGY, INC.2025 | F58 | — | 10.3% | 1.79x | $5.4B | — |
| CCitigroup Inc2025 | F57 | — | 6.7% | -4.73x | $-74.2B | — |
| GFSGlobalFoundries2025 | F53 | — | — | — | — | Cost Advantage |
| APDAIR PRODUCTS AND CHEMICALS, INC.2025 | F43 | 31.4% | -2.6% | — | $-7.0B | Switching Costs |
| BABOEING CO2025 | F40 | 4.8% | 41.0% | 0.48x | $-1.9B | Switching Costs |
The "Other Moats" column shows additional moats each company carries beyond this one. Multiple moats compound multiplicatively, not additively.