Yakubu was sidelined for almost a year with a ruptured Achilles tendon but made his second start of the week in the 1-1 draw at Goodison Park against Aston Villa.
The Nigerian, who had a hand in Diniyar Bilyaletdinov's opener for the Toffees, completed 90 minutes before being replaced by Jo in stoppage time.
"Yak is definitely showing signs of getting back," Moyes said.
"The injury was a nine-month injury, but it might take another nine months to get back to the level that you were at.
"With a ruptured Achilles you have to try and get the elasticity back into it and that doesn't just come at the end of the nine months.
"That comes with games and jumping and twisting and turning, but I can see bits of sharpness coming.
"I've got to say he's doing well. I'm pleased that his recovery is going in the right direction and he is looking more like the old Yak."