skills/bigdata-moat-governance-review/assets/report-template.md

# Moat & governance review — report template

Follow this structure. Keep the section order. Every claimed moat source needs evidence in its row; every grade needs what would change it. Add inline citations `[1]`, `[2]` immediately after claims, hyperlinked to the document URL.

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```markdown
# Moat & Governance Review: [Company Name] ([Ticker])
Report Date: [Date]

## Verdict

| Dimension | Grade | Trend | Basis |
|-----------|-------|-------|-------|
| Moat | None / Narrow / Wide | Widening / Stable / Eroding | [One line] |
| Capital allocation | Strong / Adequate / Weak | Improving / Stable / Deteriorating | [One line] |
| Governance | Strong / Adequate / Weak | | [One line] |

[2-3 sentences on what the combination means for the durability of returns.]

## Moat Assessment

### Sources of advantage
| Moat type | Present? | Evidence | Strength |
|-----------|----------|----------|----------|
| Network effects | Yes / No / Partial | | |
| Switching costs | | | |
| Cost advantage | | | |
| Intangibles (brand, patents, licenses) | | | |
| Efficient scale | | | |

### The numerical test
| Metric | [Y-5] | [Y-3] | [Y-1] | [Latest] | Read |
|--------|-------|-------|-------|----------|------|
| ROIC | | | | | |
| WACC (est.) | | | | | |
| ROIC − WACC spread | | | | | |
| Gross margin vs peer median | | | | | |
| Operating margin vs peer median | | | | | |
| Market share | | | | | |

**Read:** [Does the advantage convert into sustained economic profit, and is the spread widening or compressing?]

### Competitive advantage period
- **Estimated CAP:** [Years, with the reasoning]
- **Industry structure (five forces):** [2-4 sentences on concentration, entry barriers, buyer/supplier power, substitution]

### Erosion signals to monitor
| Signal | Current read | What would confirm erosion |
|--------|--------------|----------------------------|
| Pricing power | | |
| Share vs entrants / substitutes | | |
| ROIC trend vs WACC | | |
| Customer churn / retention | | |
| Technology or model shift | | |

## Capital Allocation Track Record

| Use of capital | Amount / period | Return achieved | Assessment |
|----------------|-----------------|-----------------|------------|
| M&A | | | |
| Buybacks | | [Valuation at which shares were bought] | |
| Dividends | | [Coverage vs FCF] | |
| Organic reinvestment (capex, R&D) | | [Incremental ROIC] | |
| Debt paydown / balance sheet | | | |

**Notable decisions:** [Best and worst capital allocation calls, with what they earned]

**Guidance track record:** [Met, beat, or missed — a proxy for candor]

## Governance

| Area | Finding | Concern level |
|------|---------|---------------|
| Board independence and refreshment | | |
| CEO / chair roles | | |
| Share class structure and voting control | | |
| Compensation design (metrics, horizon, alignment) | | |
| Related-party transactions | | |
| Insider buying / selling pattern | | |
| Succession and key-person risk | | |

## Combined Assessment
[What the moat grade and the management grades mean together. A wide moat with weak allocation leaks value; strong management cannot manufacture a structural advantage.]

**What would change the view:**
- **Moat upgrade/downgrade:** [Specific, observable]
- **Management upgrade/downgrade:** [Specific, observable]

## Sources
  ALWAYS include a "Sources" section listing ALL documents referenced with:
   - Reference number matching the inline superscript number
   - Source name and publication date (MMM DD, YYYY) hyperlinked to the URL

   **Example:**
   [1] (NVIDIA FY2026 Proxy Statement - Apr 10, 2026)[https://www.sec.gov/...]
   [2] (Benzinga - Nov 20, 2025)[https://www.benzinga.com/node/...]

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## Disclaimer

This output is for informational and research-assistance purposes only. It does **not** constitute investment, legal, tax, accounting, or other professional advice, and it is **not** a recommendation to buy, sell, or hold any security or instrument or to pursue any strategy. Information may be incomplete, estimated, delayed, or inaccurate. Past performance does not guarantee future results. Verify material facts independently and consult qualified advisors before making decisions.
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## Footer rule

The **Powered by Bigdata.com** line and the **Disclaimer** block above are mandatory and must be reproduced **verbatim**, after the Sources section, in every user-facing deliverable.