VOL. XCIV, NO. 247

★ WIDE MOAT STOCKS COMPARISON ★

NO ADVICE

Thursday, January 8, 2026

Stock Comparison

Hoshizaki Corporation vs Alimentation Couche-Tard Inc.

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)$745.2B
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

Alimentation Couche-Tard Inc.

ATD · Toronto Stock Exchange

Market cap (USD)$70.7B
Gross margin (TTM)18.5%
Operating margin (TTM)5.3%
Net margin (TTM)3.6%
SectorConsumer
IndustrySpecialty Retail
CountryCA
Data as of2026-01-05
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 Alimentation Couche-Tard Inc.'s moat claims, evidence, and risks.

View ATD analysis

Comparison highlights

  • Moat score gap: Hoshizaki Corporation leads (60 / 100 vs 58 / 100 for Alimentation Couche-Tard Inc.).
  • Segment focus: Hoshizaki Corporation has 7 segments (26.4% in Refrigerators & freezers); Alimentation Couche-Tard Inc. has 3 segments (74% in Road transportation fuel (retail fuel and related mobility services)).
  • Primary market structure: Competitive vs Competitive. Pricing power: Moderate vs Weak.
  • Moat breadth: Hoshizaki Corporation has 7 moat types across 3 domains; Alimentation Couche-Tard Inc. has 5 across 2.

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%

Alimentation Couche-Tard Inc.

Road transportation fuel (retail fuel and related mobility services)

Market

Road transportation fuel retail (gasoline/diesel) at convenience sites; includes unmanned/automated fuel stations

Geography

North America and Europe (plus select other regions via the network)

Customer

Consumers and small fleets

Role

Fuel retailer and site operator

Revenue share

74%

Side-by-side metrics

Hoshizaki Corporation
Alimentation Couche-Tard Inc.
Ticker / Exchange
6465 - Tokyo Stock Exchange
ATD - Toronto Stock Exchange
Market cap (USD)
$745.2B
$70.7B
Gross margin (TTM)
37.3%
18.5%
Operating margin (TTM)
11.4%
5.3%
Net margin (TTM)
8.4%
3.6%
Sector
Industrials
Consumer
Industry
Industrial - Machinery
Specialty Retail
HQ country
JP
CA
Primary segment
Refrigerators & freezers
Road transportation fuel (retail fuel and related mobility services)
Market structure
Competitive
Competitive
Market share
n/a
n/a
HHI estimate
n/a
n/a
Pricing power
Moderate
Weak
Moat score
60 / 100
58 / 100
Moat domains
Demand, Supply, Legal
Supply, Demand
Last update
2025-12-30
2026-01-05

Moat coverage

Shared moat types

Brand Trust

Hoshizaki Corporation strengths

Service Field NetworkDistribution ControlCompliance AdvantageSuite BundlingInstalled Base ConsumablesData Workflow Lockin

Alimentation Couche-Tard Inc. strengths

Physical Network DensityOperational ExcellenceSupply Chain ControlScope 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%

Alimentation Couche-Tard Inc. segments

Full profile >

Merchandise and services (in-store convenience retail)

Competitive

25.2%

Road transportation fuel (retail fuel and related mobility services)

Competitive

74%

Other revenues (ancillary energy and other income streams)

Competitive

0.8%

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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.