VOL. XCIV, NO. 247

★ WIDE MOAT STOCKS COMPARISON ★

NO ADVICE

Wednesday, January 7, 2026

Stock Comparison

JD.com, Inc. vs Cochlear Limited

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)$335.3B
Gross margin (TTM)9.5%
Operating margin (TTM)1.3%
Net margin (TTM)2.5%
SectorConsumer
IndustrySpecialty Retail
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

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: Cochlear Limited leads (81 / 100 vs 64 / 100 for JD.com, Inc.).
  • Segment focus: JD.com, Inc. has 3 segments (87.7% in JD Retail); Cochlear Limited has 3 segments (62.4% in Cochlear Implants).
  • Primary market structure: Oligopoly vs Oligopoly. Pricing power: Weak vs Moderate.
  • Moat breadth: JD.com, Inc. has 7 moat types across 3 domains; Cochlear Limited has 8 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%

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

JD.com, Inc.
Cochlear Limited
Ticker / Exchange
9618.HK - Hong Kong Stock Exchange
COH - ASX
Market cap (USD)
$335.3B
$17B
Gross margin (TTM)
9.5%
74.5%
Operating margin (TTM)
1.3%
22.7%
Net margin (TTM)
2.5%
16.2%
Sector
Consumer
Healthcare
Industry
Specialty Retail
Medical - Devices
HQ country
KY
AU
Primary segment
JD Retail
Cochlear Implants
Market structure
Oligopoly
Oligopoly
Market share
n/a
60%-65% (reported)
HHI estimate
n/a
n/a
Pricing power
Weak
Moderate
Moat score
64 / 100
81 / 100
Moat domains
Supply, Demand, Network
Demand, Legal, Supply
Last update
2025-12-28
2026-01-04

Moat coverage

Shared moat types

Brand TrustService Field Network

JD.com, Inc. strengths

Operational ExcellenceTwo Sided NetworkPhysical Network DensityScale Economies Unit CostEcosystem Complements

Cochlear Limited strengths

Compliance AdvantageCapex Knowhow ScaleIP Choke PointInstalled Base ConsumablesFormat Lock InData Workflow Lockin

Segment mix

JD.com, Inc. segments

Full profile >

JD Retail

Oligopoly

87.7%

JD Logistics

Competitive

11%

New Businesses

Competitive

1.3%

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.