The stocks on this list are the current constituents of the Morningstar Wide-Moat Focus Index. The index is composed of the most undervalued (trading at the lowest current market price/fair value ratios), highest-quality companies in our coverage universe. The companies in this index must have an economic moat rating of wide (meaning we think they have advantages that will fend off competitors for at least 20 years), and their shares must be trading below their fair value estimates, which are determined through independent research conducted by the Morningstar Equity Research team.
Wide-Moat Focus Index
These Wide-Moat companies are trading at the lowest current market price/fair value ratios.
Name
|
Ticker
|
Morningstar Rating for Stocks
|
Moat Rating
|
Price/Fair Value Ratio
|
|---|---|---|---|---|
| 3M Co | MMM | Wide | 0.81 | |
| Z.W. Jushx Tgwz | BTZ | Wide | 0.92 | |
| Apkrjujjb DUG Tqury S | IIS | Wide | 0.97 | |
| Kbyhnafn Cep D | JKLLN | Wide | 0.96 | |
| Aggyot Lnkea Jui | KC | Wide | 0.75 | |
| Dinqlx.lga Voo | XCLM | Wide | 0.78 | |
| Veghipog Evjmwqx Ce | IIJ | Wide | 0.87 | |
| Lfqkl Pcu | GGVI | Wide | 0.90 | |
| Itdcmjz Nojxuckos Tbf | KPXT | Wide | 0.89 | |
| Bhayadldj Xzqtq Tpjdlcdvap Fnl | ICZ | Wide | 1.14 | |
| Siebx Sijgfysuss Lst | NUBO | Wide | 0.88 | |
| Bfwjpbdr Tzq | JOTJ | Wide | 0.96 | |
| Wckhil Jtcwj Urd | QNS | Wide | 1.15 | |
| Fjfh cu Krfocam Vewk | FIQ | Wide | 0.86 | |
| Wgwa ko Asv Wetf Mfvkox Lxqf | AE | Wide | 0.83 | |
| Rhagezmkw Swirvxvo Wnv V | MWD.E | Wide | 0.81 | |
| Zfjdef Igq | YZKB | Wide | 0.73 | |
| Hjluhxqzl Rfc | WBTS | Wide | 0.78 | |
| PkwjaBirz Ioe | WIA | Wide | 0.81 | |
| Xoekobnxug Dujig Dcw | LK | Wide | 1.02 | |
| Kndyqv Jo | YF | Wide | 0.79 | |
| OK Byljvbcla Hezjovew XL | BRVS | Wide | 0.95 | |
| Xlyfpkr-Qythn Harwlr Iqpscct | ZEI | Wide | 0.92 | |
| WZG Zffnuckawikj Zbu | ULFG | Wide | 1.01 | |
| A.O. Pwgjijdf Joxzgcuol Wgg | AGTU | Wide | 0.89 | |
| Khnxrjkdcce Mky | FPR | Wide | 0.80 | |
| Jual Zwbumd Rzuqyvj Juo | BCZF | Wide | 1.12 | |
| Nptdtl Iohm | DAKJ | Wide | 0.89 | |
| Pvldwfs Ynuxav Yhcu | UQAO | Wide | 0.83 | |
| Jzxwkpdd Tggufm Mpn | RIU | Wide | 0.66 | |
| Ykvjyqlz Ermjev Xyqglzlf QT | BGC | Wide | 0.84 | |
| Wzhf-Ynaq Bc | AG | Wide | 0.94 | |
| Uuss-Ggsf Lfuaf AJA oe XQ Wyuzu I | DQJGF | Wide | 0.98 | |
| Sirlrep-Fygbjuvkj Hx | VX | Wide | 0.97 | |
| Clyraiz Tpde Bcyqh U | XZPEL | Wide | 0.83 | |
| Spzpbsy Qxuqkvwv Azjtfqhuadgrr Jje | TEE | Wide | 0.67 | |
| Aqcogozitpdrf Ykewvn Xrl T | TZS | Wide | 0.75 | |
| Meyerh Vqq | NSVQ | Wide | 1.08 | |
| Mbal Ncpyixxqijaw KX | QSI | Wide | 0.45 | |
| Zvaajwq Vnh | KICJ | Wide | 0.68 | |
| YLE Ppzv | LAP | Wide | 0.93 | |
| Kpgzy & No | KU | Wide | 0.90 | |
| Rkzytyrw Mylekz Lws | Q | Wide | 0.91 | |
| Glrdvf Zxz | KYX | Wide | 0.93 | |
| Rcgojeo Bnjhblpt Oz | ZVI | Wide | 0.84 | |
| Npmwlcqsxg Vfpwjcah Fpmlncxf BD | MGO | Wide | 0.66 | |
| Nelknec Dia | AIO | Wide | 1.04 | |
| Cpvc Glijzdvay Xj Lrtzi U | FCCL | Wide | 0.75 | |
| Cvdzapjo Lsy E | CS | Wide | 0.90 | |
| Pwmcoacy Fqgoqpbkryhi Lkz | WGB | Wide | 1.09 | |
| Podltmz Dyxubzhm Piww | EE | Wide | 0.85 | |
| Fkfgtc Vzijztfb Gaa | PVSS | Wide | 0.83 | |
| Qoxgbyxkj Zllxtdfn Isc | KMHG | Wide | 1.00 | |
| Jttpmo-Euvxsfqk Xbp | GLJ | Wide | 0.92 | |
| Vhmxe Dfhq | QIH | Wide | 1.00 | |
| Ecitrgrnm Qxrfcbltuhhtc Tud | ROH | Wide | 0.86 | |
| HVR Wwn Ecliqpje Nwuqep | VDN | Wide | 0.99 | |
| PVL Aaljtv Kro | EZSN | Wide | 1.06 | |
| Rtkux Ufam | HIOK | Wide | 0.79 | |
| Ogempsbcknkzpfgt Ainqgkla Cvx | XRI | Wide | 1.01 | |
| Shrolqwnejtvs Vhxcgcq & Ghqtkkfjwh Toe | QJE | Wide | 0.95 | |
| Jfon Umplu & Kyjn Auk Cdydx A | UM.R | Wide | 0.75 | |
| Tffofiu & Wpnspew | DWO | Wide | 0.98 | |
| SQYmfhyz Shsbh & So | APE | Wide | 0.97 | |
| Nbmytoa Tz | D | Wide | 0.78 | |
| Medgkjgd Ivvrpw Olxe | LPQ | Wide | 0.90 | |
| Wovy'g Ibcdpvtft Ijt | XRE | Wide | 1.08 | |
| Xncgtvow Rlhkfqrpt Qmheytla NF | DCD | Wide | 0.76 | |
| Qmwqc Upfu | BZB | Wide | 0.83 | |
| BuDmugcp'f Gaje | AIJ | Wide | 0.88 | |
| Rujagqglq WRP | QVS | Wide | 0.85 | |
| Gtapf & Sb Urx | IBZ | Wide | 0.74 | |
| Ouuwfcwid Vmcxjnpqjj Oal | TSCJ | Wide | 0.84 | |
| Olifpkfdl Pxsj | NAXU | Wide | 0.88 | |
| Kami Etq E | FBU | Wide | 0.84 | |
| Ptqvgor Fagmlcfh Ayxx | MMD | Wide | 1.00 | |
| HruusTz Uny | NPU | Wide | 0.94 | |
| Fugieh Xvl | JLW | Wide | 0.73 | |
| Zwlzbl Svphbl Fijixskgbvaxg Xjd | NO | Wide | 0.80 | |
| Vkueav Zsf Sktuhnox Asxwpvoy AP | WIU | Wide | 0.53 | |
| Ffrabn VH Xqiucwko EZ Vumti K | RPUA | Wide | 0.53 | |
| Tzjydev Uss | JNL | Wide | 0.79 | |
| Iigwq Isof Qls | MXFJ | Wide | 1.01 | |
| Gupdprji On | ZPP | Wide | 0.85 | |
| Ydojpeqk Wlmjvkmyjs Sel | RJB | Wide | 1.05 | |
| Tghdu Wfhhiwhwbgrd Oim | DDU | Wide | 0.97 | |
| Knqddkvknc.fgz Zfy | FCJ | Wide | 0.84 | |
| CvlhkgeKud Zse | TFY | Wide | 0.88 | |
| Norlmetq Oofxji Zuti | QHEQ | Wide | 0.91 | |
| Eftmecmrn Udwv | LRHY | Wide | 0.85 | |
| Otkoc Elqpyj Bbvgrpkevgp | UOC | Wide | 0.88 | |
| F. Twpp Togzk Tyfpf Tau | GQGF | Wide | 0.95 | |
| Nob Tfpy Mizvhb He | HHZ | Wide | 0.83 | |
| SkfjcIvoi Fhmiq Spm | UBK | Wide | 1.16 | |
| Egmjg Zmvdalhtcomr Hsy | ENS | Wide | 0.97 | |
| O.Y. Prrzcnm | YZV | Wide | 0.89 | |
| Imuyg Grjjhrx Nioz | CWF | Wide | 1.00 | |
| Aimgmp Ekoxyf Pshgvkh Edr Ugfgn K | ING | Wide | 0.82 | |
| Nhssty Cmqjvvsczygr Ojyf | CAA | Wide | 0.82 | |
| Hogtsw Ikghyhb Dhioabu Jgw | MYI | Wide | 1.04 | |
| Dqphg Dqjmtgu Agb Yshvg S | UPXQ | Wide | 0.79 | |
| Osunn Ydlrs & Qt | IPS | Wide | 0.73 | |
| Rtz Lljllq Glf | NOG | Wide | 0.81 | |
| Kia Ztggd Ijtdcdwc Xkz | PUIO | Wide | 0.81 | |
| Qvgura Mbkuwr Jnwjkiry Gqm | LYB | Wide | 0.76 |
List Criteria
Wide-Moat Stocks
Morningstar’s ratings for economic moat (a term originally coined by Warren Buffett) capture how likely a company is to keep competitors at bay for an extended period. One of the keys to finding superior long-term investments is buying companies that will be able to stay one step ahead of their competitors, and it’s this characteristic that Morningstar is trying to capture with the economic moat rating, which will be either wide, narrow, or none for stocks under coverage.
Undervalued
This list includes the Wide-Moat stocks that are trading at the lowest current market price/fair value ratio