VOL. XCIV, NO. 247

★ WIDE MOAT STOCKS COMPARISON ★

NO ADVICE

Saturday, January 10, 2026

Stock Comparison

Murata Manufacturing Co., Ltd. vs Air Liquide S.A.

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

Murata Manufacturing Co., Ltd.

6981 · Tokyo Stock Exchange

Market cap (USD)$5.9T
Gross margin (TTM)41.4%
Operating margin (TTM)16.8%
Net margin (TTM)13.4%
SectorTechnology
IndustryHardware, Equipment & Parts
CountryJP
Data as of2025-12-30
Moat score
75/ 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 Murata Manufacturing Co., Ltd.'s moat claims, evidence, and risks.

View 6981 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: Murata Manufacturing Co., Ltd. leads (75 / 100 vs 58 / 100 for Air Liquide S.A.).
  • Segment focus: Murata Manufacturing Co., Ltd. has 6 segments (47.7% in Capacitors (primarily MLCC)); Air Liquide S.A. has 6 segments (44% in Industrial Merchant).
  • Primary market structure: Oligopoly vs Competitive. Pricing power: Moderate vs Moderate.
  • Moat breadth: Murata Manufacturing Co., Ltd. has 8 moat types across 4 domains; Air Liquide S.A. has 12 across 3.

Primary market context

Murata Manufacturing Co., Ltd.

Capacitors (primarily MLCC)

Market

Multilayer ceramic capacitors (MLCC) and related capacitors

Geography

Global

Customer

Electronics OEMs and tier-1 suppliers (smartphone, PC/server, automotive, industrial)

Role

Component manufacturer / supplier

Revenue share

47.7%

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

Murata Manufacturing Co., Ltd.
Air Liquide S.A.
Ticker / Exchange
6981 - Tokyo Stock Exchange
AI - Euronext Paris
Market cap (USD)
$5.9T
$91.6B
Gross margin (TTM)
41.4%
n/a
Operating margin (TTM)
16.8%
n/a
Net margin (TTM)
13.4%
n/a
Sector
Technology
Materials
Industry
Hardware, Equipment & Parts
Chemicals - Specialty
HQ country
JP
FR
Primary segment
Capacitors (primarily MLCC)
Industrial Merchant
Market structure
Oligopoly
Competitive
Market share
38%-42% (reported)
n/a
HHI estimate
n/a
n/a
Pricing power
Moderate
Moderate
Moat score
75 / 100
58 / 100
Moat domains
Supply, Demand, Financial, Legal
Demand, Supply, Legal
Last update
2025-12-30
2026-01-08

Moat coverage

Shared moat types

Capex Knowhow ScaleDesign In QualificationIP Choke PointCompliance Advantage

Murata Manufacturing Co., Ltd. strengths

Learning Curve YieldBenchmark Pricing PowerBrand TrustResidual segment

Air Liquide S.A. strengths

Long Term ContractsPhysical Network DensityScale Economies Unit CostDistribution ControlOperational ExcellenceService Field NetworkSupply Chain ControlScope Economies

Segment mix

Murata Manufacturing Co., Ltd. segments

Full profile >

Capacitors (primarily MLCC)

Oligopoly

47.7%

Inductors and EMI Filters

Oligopoly

11.5%

High-Frequency Devices and Communications Modules

Oligopoly

25.4%

Batteries and Power Supply

Competitive

8.9%

Functional Devices (including sensors)

Competitive

5.6%

Other

Competitive

0.9%

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.