VOL. XCIV, NO. 247

★ WIDE MOAT STOCKS COMPARISON ★

NO ADVICE

Stock Comparison

HOYA Corporation vs DexCom, Inc.

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)$60.3B
Gross margin (TTM)79.8%
Operating margin (TTM)29.6%
Net margin (TTM)27.3%
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

DexCom, Inc.

DXCM · Nasdaq Global Select Market

Market cap (USD)$23.6B
Gross margin (TTM)60.1%
Operating margin (TTM)19.6%
Net margin (TTM)17.9%
SectorHealthcare
IndustryMedical - Devices
CountryUS
Data as of2026-04-24
Moat score
82/ 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 DexCom, Inc.'s moat claims, evidence, and risks.

View DXCM analysis

Comparison highlights

  • Moat score gap: DexCom, Inc. leads (82 / 100 vs 72 / 100 for HOYA Corporation).
  • Segment focus: HOYA Corporation has 5 segments (48.2% in Eye Health Domain (healthcare-related products)); DexCom, Inc. has 1 segment (100% in Continuous glucose monitoring systems).
  • Moat breadth: HOYA Corporation has 7 moat types across 3 domains; DexCom, Inc. has 5 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%

DexCom, Inc.

Continuous glucose monitoring systems

Market

Global continuous glucose monitoring systems and glucose biosensing devices

Geography

Global, with FY2025 revenue 71.5% United States and 28.5% international

Customer

People with diabetes, metabolic-health users, caregivers, clinicians, payors, distributors and pharmacy channels

Role

CGM device manufacturer, disposable sensor supplier, software/data platform and distribution partner

Revenue share

100%

Side-by-side metrics

HOYA Corporation
DexCom, Inc.
Ticker / Exchange
7741 - Tokyo Stock Exchange
DXCM - Nasdaq Global Select Market
Market cap (USD)
$60.3B
$23.6B
Gross margin (TTM)
79.8%
60.1%
Operating margin (TTM)
29.6%
19.6%
Net margin (TTM)
27.3%
17.9%
Sector
Healthcare
Healthcare
Industry
Medical - Instruments & Supplies
Medical - Devices
HQ country
JP
US
Primary segment
Eye Health Domain (healthcare-related products)
Continuous glucose monitoring systems
Market structure
Oligopoly
Oligopoly
Market share
n/a
35.1% (estimated)
HHI estimate
n/a
4,452
Pricing power
Moderate
Moderate
Moat score
72 / 100
82 / 100
Moat domains
Demand, Supply, Legal
Demand, Network, Legal
Last update
2025-12-28
2026-04-24

Moat coverage

Shared moat types

Brand Trust

HOYA Corporation strengths

Physical Network DensityCompliance AdvantageReputation ReviewsDesign In QualificationLearning Curve YieldNiche speech synthesis portfolio

DexCom, Inc. strengths

Installed Base ConsumablesEcosystem ComplementsRegulated Standards PipeData Workflow Lockin

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%

DexCom, Inc. segments

Full profile >

Continuous glucose monitoring systems

Oligopoly

100%

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Proven models entering the expansion stage with unit economics that work.

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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.