VOL. XCIV, NO. 247

★ WIDE MOAT STOCKS COMPARISON ★

NO ADVICE

Sunday, January 11, 2026

Stock Comparison

Baidu, Inc. vs Air Liquide S.A.

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

Baidu, Inc.

9888 · The Stock Exchange of Hong Kong Limited

Market cap (USD)$372.8B
Gross margin (TTM)44.7%
Operating margin (TTM)-2.6%
Net margin (TTM)6.9%
SectorTechnology
IndustryInternet Content & Information
CountryCN
Data as of2025-12-28
Moat score
71/ 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 Baidu, Inc.'s moat claims, evidence, and risks.

View 9888 analysis

Air Liquide S.A.

AI · Euronext Paris

Market cap (USD)$91.6B
Gross margin (TTM)
Operating margin (TTM)
Net margin (TTM)
SectorMaterials
IndustryChemicals - Specialty
CountryFR
Data as of2026-01-08
Moat score
58/ 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 Liquide S.A.'s moat claims, evidence, and risks.

View AI analysis

Comparison highlights

  • Moat score gap: Baidu, Inc. leads (71 / 100 vs 58 / 100 for Air Liquide S.A.).
  • Segment focus: Baidu, Inc. has 4 segments (54.5% in Online Marketing (Search & Feed Ads)); Air Liquide S.A. has 6 segments (44% in Industrial Merchant).
  • Primary market structure: Quasi-Monopoly vs Competitive. Pricing power: Moderate vs Moderate.
  • Moat breadth: Baidu, Inc. has 10 moat types across 4 domains; Air Liquide S.A. has 12 across 3.

Primary market context

Baidu, Inc.

Online Marketing (Search & Feed Ads)

Market

Chinese-language search and feed-based online marketing services

Geography

Mainland China

Customer

Advertisers (SMEs and larger enterprises) buying performance-based and feed ads

Role

Search + feed platform operator / ad marketplace

Revenue share

54.5%

Air Liquide S.A.

Industrial Merchant

Market

Merchant industrial and medical gases distribution (cylinders, bulk liquids) plus related equipment and services

Geography

Global (local/regional distribution markets)

Customer

SMEs and mid-market industrial customers, contractors, labs, and public sector buyers

Role

Distributor + producer (last-mile logistics, cylinder assets, bulk delivery)

Revenue share

44%

Side-by-side metrics

Baidu, Inc.
Air Liquide S.A.
Ticker / Exchange
9888 - The Stock Exchange of Hong Kong Limited
AI - Euronext Paris
Market cap (USD)
$372.8B
$91.6B
Gross margin (TTM)
44.7%
n/a
Operating margin (TTM)
-2.6%
n/a
Net margin (TTM)
6.9%
n/a
Sector
Technology
Materials
Industry
Internet Content & Information
Chemicals - Specialty
HQ country
CN
FR
Primary segment
Online Marketing (Search & Feed Ads)
Industrial Merchant
Market structure
Quasi-Monopoly
Competitive
Market share
62%-66% (reported)
n/a
HHI estimate
n/a
n/a
Pricing power
Moderate
Moderate
Moat score
71 / 100
58 / 100
Moat domains
Demand, Network, Supply, Legal
Demand, Supply, Legal
Last update
2025-12-28
2026-01-08

Moat coverage

Shared moat types

Capex Knowhow ScaleScale Economies Unit Cost

Baidu, Inc. strengths

Habit DefaultBrand TrustEcosystem ComplementsData Workflow LockinLearning Curve YieldRegulated Standards PipeContent Rights CurrencyData Network Effects

Air Liquide S.A. strengths

Long Term ContractsPhysical Network DensityDistribution ControlOperational ExcellenceService Field NetworkCompliance AdvantageDesign In QualificationSupply Chain ControlIP Choke PointScope Economies

Segment mix

Baidu, Inc. segments

Full profile >

Online Marketing (Search & Feed Ads)

Quasi-Monopoly

54.5%

AI Cloud (IaaS/PaaS/SaaS + GenAI APIs)

Oligopoly

16.3%

Intelligent Driving & Other Growth Initiatives

Oligopoly

7.4%

iQIYI (Online Entertainment)

Oligopoly

21.8%

Air Liquide S.A. segments

Full profile >

Large Industries

Oligopoly

26%

Industrial Merchant

Competitive

44%

Healthcare

Competitive

16%

Electronics

Oligopoly

9%

Engineering & Construction

Competitive

2%

Global Markets & Technologies

Competitive

3%

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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.