VOL. XCIV, NO. 247

★ WIDE MOAT STOCKS COMPARISON ★

NO ADVICE

Sunday, January 11, 2026

Stock Comparison

Hoshizaki Corporation vs Air Liquide S.A.

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

Hoshizaki Corporation

6465 · Tokyo Stock Exchange

Market cap (USD)$761.4B
Gross margin (TTM)37.3%
Operating margin (TTM)11.4%
Net margin (TTM)8.4%
SectorIndustrials
IndustryIndustrial - Machinery
CountryJP
Data as of2025-12-30
Moat score
60/ 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 Hoshizaki Corporation's moat claims, evidence, and risks.

View 6465 analysis

Air Liquide S.A.

AI · Euronext Paris

Market cap (USD)$91.6B
Gross margin (TTM)
Operating margin (TTM)
Net margin (TTM)
SectorMaterials
IndustryChemicals - Specialty
CountryFR
Data as of2026-01-08
Moat score
58/ 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 Air Liquide S.A.'s moat claims, evidence, and risks.

View AI analysis

Comparison highlights

  • Moat score gap: Hoshizaki Corporation leads (60 / 100 vs 58 / 100 for Air Liquide S.A.).
  • Segment focus: Hoshizaki Corporation has 7 segments (26.4% in Refrigerators & freezers); Air Liquide S.A. has 6 segments (44% in Industrial Merchant).
  • Moat breadth: Hoshizaki Corporation has 7 moat types across 3 domains; Air Liquide S.A. has 12 across 3.

Primary market context

Hoshizaki Corporation

Refrigerators & freezers

Market

Commercial refrigerators & freezers for professional kitchens and food retail

Geography

Global

Customer

Restaurants, supermarkets/convenience stores, institutional kitchens, food distribution and preparation facilities

Role

OEM/manufacturer with after-sales support; increasingly connected monitoring/services

Revenue share

26.4%

Air Liquide S.A.

Industrial Merchant

Market

Merchant industrial and medical gases distribution (cylinders, bulk liquids) plus related equipment and services

Geography

Global (local/regional distribution markets)

Customer

SMEs and mid-market industrial customers, contractors, labs, and public sector buyers

Role

Distributor + producer (last-mile logistics, cylinder assets, bulk delivery)

Revenue share

44%

Side-by-side metrics

Hoshizaki Corporation
Air Liquide S.A.
Ticker / Exchange
6465 - Tokyo Stock Exchange
AI - Euronext Paris
Market cap (USD)
$761.4B
$91.6B
Gross margin (TTM)
37.3%
n/a
Operating margin (TTM)
11.4%
n/a
Net margin (TTM)
8.4%
n/a
Sector
Industrials
Materials
Industry
Industrial - Machinery
Chemicals - Specialty
HQ country
JP
FR
Primary segment
Refrigerators & freezers
Industrial Merchant
Market structure
Competitive
Competitive
Market share
n/a
n/a
HHI estimate
n/a
n/a
Pricing power
Moderate
Moderate
Moat score
60 / 100
58 / 100
Moat domains
Demand, Supply, Legal
Demand, Supply, Legal
Last update
2025-12-30
2026-01-08

Moat coverage

Shared moat types

Service Field NetworkDistribution ControlCompliance Advantage

Hoshizaki Corporation strengths

Brand TrustSuite BundlingInstalled Base ConsumablesData Workflow Lockin

Air Liquide S.A. strengths

Long Term ContractsPhysical Network DensityScale Economies Unit CostOperational ExcellenceDesign In QualificationSupply Chain ControlIP Choke PointCapex Knowhow ScaleScope Economies

Segment mix

Hoshizaki Corporation segments

Full profile >

Ice makers

Oligopoly

19.5%

Refrigerators & freezers

Competitive

26.4%

Commercial dishwashers (warewashing)

Oligopoly

13.3%

Dispensers (beverage systems)

Oligopoly

15%

Other Hoshizaki products

Competitive

8.7%

Maintenance / repair (service, parts, and connected monitoring)

Quasi-Monopoly

6.8%

Other companies' products (resale/complementary kitchen equipment)

Competitive

10.3%

Air Liquide S.A. segments

Full profile >

Large Industries

Oligopoly

26%

Industrial Merchant

Competitive

44%

Healthcare

Competitive

16%

Electronics

Oligopoly

9%

Engineering & Construction

Competitive

2%

Global Markets & Technologies

Competitive

3%

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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.