VOL. XCIV, NO. 247

★ WIDE MOAT STOCKS COMPARISON ★

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Friday, January 2, 2026

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Stock Comparison

Keyence Corporation vs Barry Callebaut AG

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

Barry Callebaut AG

BARN · SIX Swiss Exchange

Market cap (USD)$7.2B

Gross margin (TTM)11.1%

Operating margin (TTM)4.6%

Net margin (TTM)1.5%

SectorConsumer

IndustryFood Confectioners

CountryCH

Data as of2025-12-29

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 Barry Callebaut AG's moat claims, evidence, and risks.

View BARN analysis

Comparison highlights

Moat score gap: Keyence Corporation leads (73 / 100 vs 63 / 100 for Barry Callebaut AG).
Segment focus: Keyence Corporation has 3 segments; Barry Callebaut AG has 2 segments (68.7% in Global Chocolate).
Primary market structure: Oligopoly vs Oligopoly. Pricing power: Strong vs Moderate.
Moat breadth: Keyence Corporation has 7 moat types across 2 domains; Barry Callebaut AG has 6 across 2.

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

Barry Callebaut AG

Global Chocolate

Market

Chocolate ingredients and solutions (B2B) for food manufacturers and professional/artisan customers

Geography

Global

Customer

Industrial food manufacturers; professional/artisan users (chocolatiers, bakers, pastry chefs, foodservice)

Role

Ingredient manufacturer / solutions provider

Revenue share

68.7%

Side-by-side metrics

Keyence Corporation

Barry Callebaut AG

Ticker / Exchange

6861.T - Tokyo Stock Exchange

BARN - SIX Swiss Exchange

Market cap (USD)

$87.6B

$7.2B

Gross margin (TTM)

n/a

11.1%

Operating margin (TTM)

n/a

4.6%

Net margin (TTM)

n/a

1.5%

Sector

Technology

Consumer

Industry

n/a

Food Confectioners

HQ country

Primary segment

Sensors & Safety/Static Control

Global Chocolate

Market structure

Oligopoly

Market share

n/a

HHI estimate

n/a

Pricing power

Strong

Moderate

Moat score

73 / 100

63 / 100

Moat domains

Supply, Demand

Last update

2026-01-02

2025-12-29

Moat coverage

Shared moat types

Brand Trust

Keyence Corporation strengths

Service Field NetworkDesign In QualificationLearning Curve YieldOperational ExcellenceDistribution ControlScope Economies

Barry Callebaut AG strengths

Capex Knowhow ScaleSupply Chain ControlCost-plus pass-through modelScale Economies Unit CostPreferential Input Access

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

Barry Callebaut AG segments

Full profile >

Global Chocolate

Oligopoly

68.7%

Global Cocoa

Oligopoly

31.3%

Want the full wide moat stocks list?

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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.