VOL. XCIV, NO. 247

★ WIDE MOAT STOCKS COMPARISON ★

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Saturday, January 10, 2026

Stock Comparison

HOYA Corporation vs Air Liquide S.A.

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

HOYA Corporation

7741 · Tokyo Stock Exchange

Market cap (USD)$8.5T
Gross margin (TTM)80.1%
Operating margin (TTM)29.5%
Net margin (TTM)23.5%
SectorHealthcare
IndustryMedical - Instruments & Supplies
CountryJP
Data as of2025-12-28
Moat score
72/ 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 HOYA Corporation's moat claims, evidence, and risks.

View 7741 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: HOYA Corporation leads (72 / 100 vs 58 / 100 for Air Liquide S.A.).
  • Segment focus: HOYA Corporation has 5 segments (48.2% in Eye Health Domain (healthcare-related products)); Air Liquide S.A. has 6 segments (44% in Industrial Merchant).
  • Primary market structure: Oligopoly vs Competitive. Pricing power: Moderate vs Moderate.
  • Moat breadth: HOYA Corporation has 7 moat types across 3 domains; Air Liquide S.A. has 12 across 3.

Primary market context

HOYA Corporation

Eye Health Domain (healthcare-related products)

Market

Ophthalmic products (eyeglass lenses, contact lens retail, intraocular lenses)

Geography

Global (eyeglass lenses & IOL); Japan (contact lens retail)

Customer

Optical retailers, consumers, hospitals/clinics

Role

Manufacturer and retailer

Revenue share

48.2%

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

HOYA Corporation
Air Liquide S.A.
Ticker / Exchange
7741 - Tokyo Stock Exchange
AI - Euronext Paris
Market cap (USD)
$8.5T
$91.6B
Gross margin (TTM)
80.1%
n/a
Operating margin (TTM)
29.5%
n/a
Net margin (TTM)
23.5%
n/a
Sector
Healthcare
Materials
Industry
Medical - Instruments & Supplies
Chemicals - Specialty
HQ country
JP
FR
Primary segment
Eye Health Domain (healthcare-related products)
Industrial Merchant
Market structure
Oligopoly
Competitive
Market share
n/a
n/a
HHI estimate
n/a
n/a
Pricing power
Moderate
Moderate
Moat score
72 / 100
58 / 100
Moat domains
Demand, Supply, Legal
Demand, Supply, Legal
Last update
2025-12-28
2026-01-08

Moat coverage

Shared moat types

Physical Network DensityCompliance AdvantageDesign In Qualification

HOYA Corporation strengths

Brand TrustReputation ReviewsLearning Curve YieldNiche speech synthesis portfolio

Air Liquide S.A. strengths

Long Term ContractsScale Economies Unit CostDistribution ControlOperational ExcellenceService Field NetworkSupply Chain ControlIP Choke PointCapex Knowhow ScaleScope Economies

Segment mix

HOYA Corporation segments

Full profile >

Eye Health Domain (healthcare-related products)

Oligopoly

48.2%

Med-Tech Domain (medical-related products)

Oligopoly

15.4%

Electronics-related products (semiconductor/display photomask materials, HDD substrates)

Oligopoly

30.6%

Imaging-related products (optical lenses and optical materials)

Competitive

5.3%

Other (speech synthesis software)

Competitive

0.5%

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%

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.