VOL. XCIV, NO. 247

* WIDE MOAT STOCKS COMPARISON *

NO ADVICE

Monday, December 29, 2025

Stock Comparison

JD.com, Inc. vs Air Products and Chemicals, Inc.

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

JD.com, Inc.

9618.HK · Hong Kong Stock Exchange

Market cap (USD)$27.4B
SectorConsumer
CountryKY
Data as of2025-12-28
Moat score
64/ 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 JD.com, Inc.'s moat claims, evidence, and risks.

View 9618.HK analysis

Air Products and Chemicals, Inc.

APD · New York Stock Exchange

Market cap (USD)$55.1B
SectorMaterials
CountryUS
Data as of2025-12-27
Moat score
70/ 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 Products and Chemicals, Inc.'s moat claims, evidence, and risks.

View APD analysis

Comparison highlights

  • Moat score gap: Air Products and Chemicals, Inc. leads (70 / 100 vs 64 / 100 for JD.com, Inc.).
  • Segment focus: JD.com, Inc. has 3 segments (87.7% in JD Retail); Air Products and Chemicals, Inc. has 3 segments (51.3% in On-site industrial gases (incl. pipelines)).
  • Primary market structure: Oligopoly vs Oligopoly. Pricing power: Weak vs Strong.
  • Moat breadth: JD.com, Inc. has 7 moat types across 3 domains; Air Products and Chemicals, Inc. has 6 across 3.

Primary market context

JD.com, Inc.

JD Retail

Market

China e-commerce retail and marketplace (B2C) plus merchant marketing services

Geography

China

Customer

Consumers (end-users) and merchants/brands (sellers/advertisers)

Role

Retailer + marketplace operator

Revenue share

87.7%

Air Products and Chemicals, Inc.

On-site industrial gases (incl. pipelines)

Market

On-site supply of industrial gases (oxygen, nitrogen, hydrogen, etc.)

Geography

Global

Customer

Large-volume industrial customers (refining, chemicals, metals, electronics)

Role

Producer / operator of on-site plants and pipeline networks

Revenue share

51.3%

Side-by-side metrics

JD.com, Inc.
Air Products and Chemicals, Inc.
Ticker / Exchange
9618.HK - Hong Kong Stock Exchange
APD - New York Stock Exchange
Market cap (USD)
$27.4B
$55.1B
Sector
Consumer
Materials
HQ country
KY
US
Primary segment
JD Retail
On-site industrial gases (incl. pipelines)
Market structure
Oligopoly
Oligopoly
Market share
n/a
n/a
HHI estimate
n/a
n/a
Pricing power
Weak
Strong
Moat score
64 / 100
70 / 100
Moat domains
Supply, Demand, Network
Demand, Legal, Supply
Last update
2025-12-28
2025-12-27

Moat coverage

Shared moat types

Operational ExcellencePhysical Network Density

JD.com, Inc. strengths

Brand TrustTwo Sided NetworkService Field NetworkScale Economies Unit CostEcosystem Complements

Air Products and Chemicals, Inc. strengths

Long Term ContractsPermits Rights Of WayCapex Knowhow ScaleInstalled Base Consumables

Segment mix

JD.com, Inc. segments

Full profile >

JD Retail

Oligopoly

87.7%

JD Logistics

Competitive

11%

New Businesses

Competitive

1.3%

Air Products and Chemicals, Inc. segments

Full profile >

On-site industrial gases (incl. pipelines)

Oligopoly

51.3%

Merchant gases (liquid bulk + packaged)

Competitive

44.3%

Industrial gases equipment (cryogenic & gas processing)

Competitive

4.3%

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.