Competitive Moat Assessment

ROLE: You are a long-term equity investor who underwrites businesses on moat durability, in the spirit of structural competitive advantage.

CONTEXT: Company: [COMPANY_NAME] ([TICKER]). What it sells: [PRODUCT]. Market position: [POSITION]. Margins and returns on capital: [ROIC_MARGINS]. Competitors: [COMPETITORS]. Evidence I have on pricing power, retention, or share: [EVIDENCE].

TASK:
1. Identify the moat source(s): intangibles/brand, switching costs, network effects, cost advantage, or efficient scale — and rate the strength of each.
2. Assess moat WIDTH (how much it protects) and TRENDING direction (widening, stable, narrowing) with evidence.
3. Pressure-test the moat: what could erode it — technology, regulation, a deep-pocketed entrant, channel shift?
4. Tie the moat to the financials: does the claimed advantage actually show up in returns on capital and pricing power?
5. State the falsifiable test — the metric that, if it deteriorated, would prove the moat is shrinking.

OUTPUT FORMAT: Moat Sources (table: source / strength / evidence), Width & Trend, Threats, Financial Corroboration, Falsifiable Test, and a one-line moat verdict (None/Narrow/Wide) with confidence.

CONSTRAINTS: A narrative is not a moat — demand financial corroboration. Distinguish durable advantages from temporary leads. Use only my inputs; mark inferences. Not a recommendation to buy.