VOL. XCIV, NO. 247
★ WIDE MOAT STOCKS & COMPETITIVE ADVANTAGES ★
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Wednesday, January 14, 2026
Amcor plc
AMCR · New York Stock Exchange
Weighted average of segment moat scores, combining moat strength, durability, confidence, market structure, pricing power, and market share.
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Overview
Amcor plc is a global packaging manufacturer with two reportable segments: Global Flexible Packaging Solutions (~72% of FY2025 net sales) and Global Rigid Packaging Solutions (~28%). The company's defensible advantages are mostly operational rather than structural: scaled R&D and innovation capabilities, a large technical sales/field support organization, and a broad manufacturing footprint that supports service levels and execution. Both segments operate in competitive markets, so moats are best understood as margin-resilience mechanisms (innovation + cost performance) rather than monopoly-like pricing power. Key pressures include commoditization, customer consolidation and tenders, and sustainability-driven regulation that can both create opportunity and reduce differentiation over time.
Primary segment
Global Flexible Packaging Solutions
Market structure
Competitive
Market share
—
HHI: —
Coverage
2 segments · 8 tags
Updated 2026-01-11
Segments
Global Flexible Packaging Solutions
Flexible packaging (polymer resin, aluminum, and fiber-based) for food & beverage, healthcare, and consumer packaged goods
Revenue
72.4%
Structure
Competitive
Pricing
weak
Share
—
Peers
Global Rigid Packaging Solutions
Rigid packaging containers, closures, and dispensing systems (including pharma devices)
Revenue
27.6%
Structure
Competitive
Pricing
weak
Share
—
Peers
Moat Claims
Global Flexible Packaging Solutions
Flexible packaging (polymer resin, aluminum, and fiber-based) for food & beverage, healthcare, and consumer packaged goods
FY2025 net sales and segment profitability are from Amcor FY2025 10-K (filed 2025-08-15): net sales $10,872m; adjusted EBIT $1,458m. Revenue share computed as 10,872/15,009; operating profit share computed as 1,458/(1,458+375). Source: https://www.sec.gov/Archives/edgar/data/1748790/000174879025000023/amcr-20250630.htm
Capex Knowhow Scale
Supply
Capex Knowhow Scale
Strength
Durability
Confidence
Evidence
Large R&D spend, innovation centers, and materials-science capabilities support differentiated packaging (e.g., barrier, sustainability) and premium-category wins despite competitive markets.
Erosion risks
- Innovation commoditization and fast-following by competitors
- Sustainability features becoming mandated standards (reduced differentiation)
- R&D underinvestment during deleveraging/integration cycles
Leading indicators
- R&D spend trend (absolute and % of sales)
- Share of sales from new products / lightweighted / recyclable structures
- Patent/design/trademark filings and renewal cadence
Counterarguments
- Packaging innovation is often incremental and can be copied quickly
- Large customers can sponsor alternative suppliers to develop similar solutions
Service Field Network
Supply
Service Field Network
Strength
Durability
Confidence
Evidence
Technical sales and field support can improve customer retention and execution, especially for complex packaging conversions and quality-sensitive programs.
Erosion risks
- Customer procurement centralization reducing value of field support
- Standardization of packaging specs lowering technical differentiation
- Customer consolidation increasing bargaining power and dual-sourcing
Leading indicators
- Retention/win-rate in global key accounts
- Customer quality metrics (complaints, returns, audit results)
- Share of business under strategic/key-account programs
Counterarguments
- Many large converters also provide engineering and field support
- Customers can multi-source and keep suppliers interchangeable
Design In Qualification
Demand
Design In Qualification
Strength
Durability
Confidence
Evidence
Co-development and customer-specific packaging solutions can create procurement inertia and practical switching friction (re-testing, line trials, and redesign), but not a hard lock-in.
Erosion risks
- SKU simplification reducing custom solution count
- Customers imposing strict dual-sourcing requirements
- Shift toward standardized mono-material designs reducing differentiation
Leading indicators
- Customer contract renewal cadence and churn proxies
- Price/mix trend in higher-value healthcare and barrier categories
- Number of co-development programs and launch wins
Counterarguments
- Large customers frequently re-bid packaging and can requalify suppliers
- Switching costs vary widely; many SKUs are relatively substitutable
Global Rigid Packaging Solutions
Rigid packaging containers, closures, and dispensing systems (including pharma devices)
FY2025 net sales and segment profitability are from Amcor FY2025 10-K (filed 2025-08-15): net sales $4,137m; adjusted EBIT $375m. Revenue share computed as 4,137/15,009; operating profit share computed as 375/(1,458+375). Source: https://www.sec.gov/Archives/edgar/data/1748790/000174879025000023/amcr-20250630.htm
Physical Network Density
Supply
Physical Network Density
Strength
Durability
Confidence
Evidence
A broad manufacturing footprint can support local service levels and reduce logistics disadvantages in bulky rigid packaging categories where proximity matters.
Erosion risks
- Competitors with similar regional footprints
- Network rationalization reducing coverage after mergers
- Freight-cost pass-through reducing the value of proximity
Leading indicators
- On-time delivery and service-level metrics
- Capacity utilization and plant rationalization disclosures
- Local share stability in major regions
Counterarguments
- Many packaging competitors also operate dense regional plant networks
- Rigid packaging can be sourced locally from multiple suppliers
Design In Qualification
Demand
Design In Qualification
Strength
Durability
Confidence
Evidence
Closures/dispensing and container designs often integrate with customers' filling lines and tooling, creating some redesign/qualification friction, but switching can still occur via competitive tenders.
Erosion risks
- Standardization of closures/dispensing interfaces
- Customers designing for multi-sourcing from inception
- In-house packaging capability expansions by large customers
Leading indicators
- Customer retention in closures/dispensing programs
- Mix shift toward higher-value dispensing/pharma devices
- Tooling/mold changeover cadence (proxy via capex and program churn)
Counterarguments
- Switching suppliers can be feasible with planned retooling
- Large customers often maintain multiple qualified suppliers
Operational Excellence
Supply
Operational Excellence
Strength
Durability
Confidence
Evidence
In a price-competitive market, sustained cost performance and productivity programs can be a key differentiator for margin resilience.
Erosion risks
- Inflation and labor tightness limiting productivity gains
- Integration complexity distracting operations
- Energy and resin volatility overwhelming efficiency gains
Leading indicators
- Adjusted EBIT margin trend by segment
- Unit cost / productivity program disclosures
- Restructuring and integration expense trajectory
Counterarguments
- Cost advantages can be competed away in pricing
- Competitors can implement similar lean/productivity programs
Evidence
...spend approximately $180 million a year on research and development (R&D)...
Supports ongoing, scaled investment in innovation/know-how.
...approximately 1,500 Amcor R&D professionals...
Indicates a large technical organization that smaller converters may struggle to replicate.
Our technically trained sales force is supported by product development engineers, design technicians, field service technicians...
Direct evidence of a scaled technical/service layer tied to commercial execution.
We work closely with our customers to identify feasible, high-performance... solutions based on their unique needs.
Supports the design-in/co-development dynamic that can raise switching friction.
Sales offices and plants are located... to provide prompt and economical service...
Supports the operational logic of footprint/proximity in serving customers.
Showing 5 of 8 sources.
Risks & Indicators
Erosion risks
- Innovation commoditization and fast-following by competitors
- Sustainability features becoming mandated standards (reduced differentiation)
- R&D underinvestment during deleveraging/integration cycles
- Customer procurement centralization reducing value of field support
- Standardization of packaging specs lowering technical differentiation
- Customer consolidation increasing bargaining power and dual-sourcing
Leading indicators
- R&D spend trend (absolute and % of sales)
- Share of sales from new products / lightweighted / recyclable structures
- Patent/design/trademark filings and renewal cadence
- Retention/win-rate in global key accounts
- Customer quality metrics (complaints, returns, audit results)
- Share of business under strategic/key-account programs
Curation & Accuracy
This directory blends AI‑assisted discovery with human curation. Entries are reviewed, edited, and organized with the goal of expanding coverage and sharpening quality over time. Your feedback helps steer improvements (because no single human can capture everything all at once).
Details change. Pricing, features, and availability may be incomplete or out of date. Treat listings as a starting point and verify on the provider’s site before making decisions. If you spot an error or a gap, send a quick note and I’ll adjust.