VOL. XCIV, NO. 247

★ WIDE MOAT STOCKS COMPARISON ★

NO ADVICE

Sunday, January 11, 2026

Stock Comparison

ZOZO, Inc. vs Alcon Inc.

Compare moat strength, market structure, and segment coverage to understand how each company defends its edge.

ZOZO, Inc.

3092 · Tokyo Stock Exchange

Market cap (USD)$1.2T
Gross margin (TTM)91.8%
Operating margin (TTM)29.8%
Net margin (TTM)20.6%
SectorConsumer
IndustrySpecialty Retail
CountryJP
Data as of2025-12-30
Moat score
63/ 100

Weighted average of segment moat scores, combining moat strength, durability, confidence, market structure, pricing power, and market share.

Full stock profile

Dive deeper into ZOZO, Inc.'s moat claims, evidence, and risks.

View 3092 analysis

Alcon Inc.

ALC · New York Stock Exchange

Market cap (USD)$39.8B
Gross margin (TTM)
Operating margin (TTM)
Net margin (TTM)
SectorHealthcare
Industry
CountryCH
Data as of2026-01-10
Moat score
71/ 100

Weighted average of segment moat scores, combining moat strength, durability, confidence, market structure, pricing power, and market share.

Full stock profile

Dive deeper into Alcon Inc.'s moat claims, evidence, and risks.

View ALC analysis

Comparison highlights

  • Moat score gap: Alcon Inc. leads (71 / 100 vs 63 / 100 for ZOZO, Inc.).
  • Segment focus: ZOZO, Inc. has 5 segments (71.3% in ZOZOTOWN Business); Alcon Inc. has 2 segments (56% in Surgical).
  • Moat breadth: ZOZO, Inc. has 5 moat types across 3 domains; Alcon Inc. has 7 across 3.

Primary market context

ZOZO, Inc.

ZOZOTOWN Business

Market

Japan online fashion marketplace and resale (ZOZOTOWN)

Geography

Japan

Customer

Consumers (buyers) and fashion brands/retailers (sellers/tenants)

Role

Marketplace operator + retailer (mix of consignment, inventory retail, and used sales)

Revenue share

71.3%

Alcon Inc.

Surgical

Market

Ophthalmic surgical devices (implantables, consumables, equipment) and related service/training

Geography

Global

Customer

Ophthalmic surgeons, hospitals, ambulatory surgery centers, group purchasing organizations

Role

Medical device OEM with direct service, clinical support, and training

Revenue share

56%

Side-by-side metrics

ZOZO, Inc.
Alcon Inc.
Ticker / Exchange
3092 - Tokyo Stock Exchange
ALC - New York Stock Exchange
Market cap (USD)
$1.2T
$39.8B
Gross margin (TTM)
91.8%
n/a
Operating margin (TTM)
29.8%
n/a
Net margin (TTM)
20.6%
n/a
Sector
Consumer
Healthcare
Industry
Specialty Retail
n/a
HQ country
JP
CH
Primary segment
ZOZOTOWN Business
Surgical
Market structure
Oligopoly
Oligopoly
Market share
18%-22% (reported)
40%-46% (implied)
HHI estimate
n/a
n/a
Pricing power
Moderate
Moderate
Moat score
63 / 100
71 / 100
Moat domains
Network, Supply, Demand
Demand, Supply, Legal
Last update
2025-12-30
2026-01-10

Moat coverage

Shared moat types

Installed Base Consumables

ZOZO, Inc. strengths

Two Sided NetworkOperational ExcellenceDistribution ControlSwitching Costs General

Alcon Inc. strengths

Suite BundlingService Field NetworkCompliance AdvantageBrand TrustProcurement InertiaCapex Knowhow Scale

Segment mix

ZOZO, Inc. segments

Full profile >

ZOZOTOWN Business

Oligopoly

71.3%

LY Corporation Commerce

Competitive

10%

BtoB business

Competitive

1%

Advertising business (ZOZOAD / WEAR reach monetization)

Monopoly

5.3%

Others (platform services, shipping/settlement fees, and options)

Monopoly

12.4%

Alcon Inc. segments

Full profile >

Surgical

Oligopoly

56%

Vision Care

Oligopoly

44%

Want the full wide moat stocks list?

Browse the full ranking of wide moat stocks, updated with moat scores and segment context.

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Looking for expansion-stage stocks?

Proven models entering the expansion stage with unit economics that work.

View expansion-stage stocks

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.