VOL. XCIV, NO. 247

★ WIDE MOAT STOCKS COMPARISON ★

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Friday, January 2, 2026

Stock Comparison

Tokyo Electron Limited vs Analog Devices, Inc.

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

Tokyo Electron Limited

8035 · Tokyo Stock Exchange

Market cap (USD)$15.7T
Gross margin (TTM)46.6%
Operating margin (TTM)27.6%
Net margin (TTM)21.8%
SectorTechnology
IndustrySemiconductors
CountryJP
Data as of2025-12-29
Moat score
86/ 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 Tokyo Electron Limited's moat claims, evidence, and risks.

View 8035 analysis

Analog Devices, Inc.

ADI · Nasdaq Global Select Market

Market cap (USD)$133B
Gross margin (TTM)
Operating margin (TTM)
Net margin (TTM)
SectorTechnology
Industry
CountryUS
Data as of2026-01-02
Moat score
59/ 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 Analog Devices, Inc.'s moat claims, evidence, and risks.

View ADI analysis

Comparison highlights

  • Moat score gap: Tokyo Electron Limited leads (86 / 100 vs 59 / 100 for Analog Devices, Inc.).
  • Segment focus: Tokyo Electron Limited has 3 segments; Analog Devices, Inc. has 4 segments (44.7% in Industrial).
  • Primary market structure: Quasi-Monopoly vs Oligopoly. Pricing power: Strong vs Strong.
  • Moat breadth: Tokyo Electron Limited has 5 moat types across 2 domains; Analog Devices, Inc. has 5 across 2.

Primary market context

Tokyo Electron Limited

Coater/Developer (Lithography Track) Systems

Market

Coater/developer track systems for semiconductor lithography

Geography

Global

Customer

Semiconductor fabs

Role

Equipment OEM (process tool)

Analog Devices, Inc.

Industrial

Market

Industrial analog, mixed-signal, RF and power management semiconductors

Geography

Global

Customer

B2B (OEMs/ODMs, industrial equipment, test & measurement, aerospace/defense)

Role

Semiconductor IC supplier

Revenue share

44.7%

Side-by-side metrics

Tokyo Electron Limited
Analog Devices, Inc.
Ticker / Exchange
8035 - Tokyo Stock Exchange
ADI - Nasdaq Global Select Market
Market cap (USD)
$15.7T
$133B
Gross margin (TTM)
46.6%
n/a
Operating margin (TTM)
27.6%
n/a
Net margin (TTM)
21.8%
n/a
Sector
Technology
Technology
Industry
Semiconductors
n/a
HQ country
JP
US
Primary segment
Coater/Developer (Lithography Track) Systems
Industrial
Market structure
Quasi-Monopoly
Oligopoly
Market share
88%-92% (reported)
n/a
HHI estimate
n/a
n/a
Pricing power
Strong
Strong
Moat score
86 / 100
59 / 100
Moat domains
Demand, Supply
Demand, Supply
Last update
2025-12-29
2026-01-02

Moat coverage

Shared moat types

Design In QualificationCapex Knowhow Scale

Tokyo Electron Limited strengths

Learning Curve YieldInstalled Base ConsumablesService Field Network

Analog Devices, Inc. strengths

Scope EconomiesData Workflow LockinBrand Trust

Segment mix

Tokyo Electron Limited segments

Full profile >

Coater/Developer (Lithography Track) Systems

Quasi-Monopoly

n/a

Wafer Fab Process Tools (Etch/Cleaning/Deposition/Thermal/Bonding/Probing)

Oligopoly

n/a

Field Solutions (Spare Parts, Repairs, Upgrades, On-site Service, Used Tools)

Quasi-Monopoly

n/a

Analog Devices, Inc. segments

Full profile >

Industrial

Oligopoly

44.7%

Automotive

Oligopoly

29.8%

Communications

Oligopoly

12.5%

Consumer

Competitive

13%

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.