VOL. XCIV, NO. 247

★ WIDE MOAT STOCKS COMPARISON ★

NO ADVICE

Friday, January 2, 2026

Stock Comparison

Keyence Corporation vs Air Products and Chemicals, Inc.

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

Keyence Corporation

6861.T · Tokyo Stock Exchange

Market cap (USD)$87.6B
Gross margin (TTM)
Operating margin (TTM)
Net margin (TTM)
SectorTechnology
Industry
CountryJP
Data as of2026-01-02
Moat score
73/ 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 Keyence Corporation's moat claims, evidence, and risks.

View 6861.T analysis

Air Products and Chemicals, Inc.

APD · New York Stock Exchange

Market cap (USD)$55.4B
Gross margin (TTM)31.4%
Operating margin (TTM)-7.3%
Net margin (TTM)-3.3%
SectorMaterials
IndustryChemicals - Specialty
CountryUS
Data as of2025-12-27
Moat score
70/ 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 Products and Chemicals, Inc.'s moat claims, evidence, and risks.

View APD analysis

Comparison highlights

  • Moat score gap: Keyence Corporation leads (73 / 100 vs 70 / 100 for Air Products and Chemicals, Inc.).
  • Segment focus: Keyence Corporation has 3 segments; Air Products and Chemicals, Inc. has 3 segments (51.3% in On-site industrial gases (incl. pipelines)).
  • Moat breadth: Keyence Corporation has 7 moat types across 2 domains; Air Products and Chemicals, Inc. has 6 across 3.

Primary market context

Keyence Corporation

Sensors & Safety/Static Control

Market

Industrial sensors and safety/static control for factory automation

Geography

Global

Customer

Manufacturers (production/automation teams) and machine builders

Role

Component OEM and application-solution provider

Air Products and Chemicals, Inc.

On-site industrial gases (incl. pipelines)

Market

On-site supply of industrial gases (oxygen, nitrogen, hydrogen, etc.)

Geography

Global

Customer

Large-volume industrial customers (refining, chemicals, metals, electronics)

Role

Producer / operator of on-site plants and pipeline networks

Revenue share

51.3%

Side-by-side metrics

Keyence Corporation
Air Products and Chemicals, Inc.
Ticker / Exchange
6861.T - Tokyo Stock Exchange
APD - New York Stock Exchange
Market cap (USD)
$87.6B
$55.4B
Gross margin (TTM)
n/a
31.4%
Operating margin (TTM)
n/a
-7.3%
Net margin (TTM)
n/a
-3.3%
Sector
Technology
Materials
Industry
n/a
Chemicals - Specialty
HQ country
JP
US
Primary segment
Sensors & Safety/Static Control
On-site industrial gases (incl. pipelines)
Market structure
Oligopoly
Oligopoly
Market share
n/a
n/a
HHI estimate
n/a
n/a
Pricing power
Strong
Strong
Moat score
73 / 100
70 / 100
Moat domains
Supply, Demand
Demand, Legal, Supply
Last update
2026-01-02
2025-12-27

Moat coverage

Shared moat types

Operational Excellence

Keyence Corporation strengths

Service Field NetworkDesign In QualificationLearning Curve YieldDistribution ControlScope EconomiesBrand Trust

Air Products and Chemicals, Inc. strengths

Long Term ContractsPermits Rights Of WayCapex Knowhow ScalePhysical Network DensityInstalled Base Consumables

Segment mix

Keyence Corporation segments

Full profile >

Sensors & Safety/Static Control

Oligopoly

n/a

Machine Vision, Code Reading & Laser Marking

Oligopoly

n/a

Metrology & Microscopes

Oligopoly

n/a

Air Products and Chemicals, Inc. segments

Full profile >

On-site industrial gases (incl. pipelines)

Oligopoly

51.3%

Merchant gases (liquid bulk + packaged)

Competitive

44.3%

Industrial gases equipment (cryogenic & gas processing)

Competitive

4.3%

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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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.