VOL. XCIV, NO. 247

★ WIDE MOAT STOCKS COMPARISON ★

NO ADVICE

Wednesday, January 7, 2026

Stock Comparison

Tokyo Electron Limited vs Cochlear Limited

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)$17.1T
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

Cochlear Limited

COH · ASX

Market cap (USD)$17B
Gross margin (TTM)74.5%
Operating margin (TTM)22.7%
Net margin (TTM)16.2%
SectorHealthcare
IndustryMedical - Devices
CountryAU
Data as of2026-01-04
Moat score
81/ 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 Cochlear Limited's moat claims, evidence, and risks.

View COH analysis

Comparison highlights

  • Moat score gap: Tokyo Electron Limited leads (86 / 100 vs 81 / 100 for Cochlear Limited).
  • Segment focus: Tokyo Electron Limited has 3 segments; Cochlear Limited has 3 segments (62.4% in Cochlear Implants).
  • Primary market structure: Quasi-Monopoly vs Oligopoly. Pricing power: Strong vs Moderate.
  • Moat breadth: Tokyo Electron Limited has 5 moat types across 2 domains; Cochlear Limited has 8 across 3.

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)

Cochlear Limited

Cochlear Implants

Market

Cochlear implant systems (internal implant + external sound processors) for severe-to-profound hearing loss

Geography

Global

Customer

Hospitals/ENT clinics and audiology programs (providers) serving implant candidates/recipients; reimbursed by public/private payers

Role

Medical device OEM / platform owner (implant + processor + fitting software + clinical support)

Revenue share

62.4%

Side-by-side metrics

Tokyo Electron Limited
Cochlear Limited
Ticker / Exchange
8035 - Tokyo Stock Exchange
COH - ASX
Market cap (USD)
$17.1T
$17B
Gross margin (TTM)
46.6%
74.5%
Operating margin (TTM)
27.6%
22.7%
Net margin (TTM)
21.8%
16.2%
Sector
Technology
Healthcare
Industry
Semiconductors
Medical - Devices
HQ country
JP
AU
Primary segment
Coater/Developer (Lithography Track) Systems
Cochlear Implants
Market structure
Quasi-Monopoly
Oligopoly
Market share
88%-92% (reported)
60%-65% (reported)
HHI estimate
n/a
n/a
Pricing power
Strong
Moderate
Moat score
86 / 100
81 / 100
Moat domains
Demand, Supply
Demand, Legal, Supply
Last update
2025-12-29
2026-01-04

Moat coverage

Shared moat types

Capex Knowhow ScaleInstalled Base ConsumablesService Field Network

Tokyo Electron Limited strengths

Design In QualificationLearning Curve Yield

Cochlear Limited strengths

Brand TrustCompliance AdvantageIP Choke PointFormat Lock InData Workflow Lockin

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

Cochlear Limited segments

Full profile >

Cochlear Implants

Oligopoly

62.4%

Services

Monopoly

25.9%

Acoustics

Oligopoly

11.7%

Want the full wide moat stocks list?

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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.