VOL. XCIV, NO. 247

★ WIDE MOAT STOCKS COMPARISON ★

NO ADVICE

Saturday, January 10, 2026

Stock Comparison

Apple Inc. vs Air Liquide S.A.

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

Apple Inc.

AAPL · NASDAQ

Market cap (USD)$3.8T
Gross margin (TTM)46.9%
Operating margin (TTM)32%
Net margin (TTM)26.9%
SectorTechnology
IndustryConsumer Electronics
CountryUS
Data as of2025-12-20
Moat score
87/ 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 Apple Inc.'s moat claims, evidence, and risks.

View AAPL 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: Apple Inc. leads (87 / 100 vs 58 / 100 for Air Liquide S.A.).
  • Segment focus: Apple Inc. has 5 segments (50.4% in iPhone); Air Liquide S.A. has 6 segments (44% in Industrial Merchant).
  • Primary market structure: Oligopoly vs Competitive. Pricing power: Strong vs Moderate.
  • Moat breadth: Apple Inc. has 7 moat types across 3 domains; Air Liquide S.A. has 12 across 3.

Primary market context

Apple Inc.

iPhone

Market

Smartphones (with focus on premium smartphones and iOS ecosystem devices)

Geography

Global

Customer

Consumers and enterprises (end-users), plus carrier/retail channels

Role

OEM / platform owner

Revenue share

50.4%

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

Apple Inc.
Air Liquide S.A.
Ticker / Exchange
AAPL - NASDAQ
AI - Euronext Paris
Market cap (USD)
$3.8T
$91.6B
Gross margin (TTM)
46.9%
n/a
Operating margin (TTM)
32%
n/a
Net margin (TTM)
26.9%
n/a
Sector
Technology
Materials
Industry
Consumer Electronics
Chemicals - Specialty
HQ country
US
FR
Primary segment
iPhone
Industrial Merchant
Market structure
Oligopoly
Competitive
Market share
14%-17% (reported)
n/a
HHI estimate
n/a
n/a
Pricing power
Strong
Moderate
Moat score
87 / 100
58 / 100
Moat domains
Demand, Network, Supply
Demand, Supply, Legal
Last update
2025-12-20
2026-01-08

Moat coverage

Shared moat types

Scale Economies Unit Cost

Apple Inc. strengths

Brand TrustEcosystem ComplementsSwitching Costs GeneralDefault OS GatewayTwo Sided NetworkInstalled Base Consumables

Air Liquide S.A. strengths

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

Segment mix

Apple Inc. segments

Full profile >

iPhone

Oligopoly

50.4%

Mac

Oligopoly

8.1%

iPad

Oligopoly

6.7%

Wearables, Home and Accessories

Competitive

8.6%

Services

Quasi-Monopoly

26.2%

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%

Want the full wide moat stocks list?

Browse the full ranking of wide moat stocks, updated with moat scores and segment context.

View the moat stocks list

Looking for expansion-stage stocks?

Proven models entering the expansion stage with unit economics that work.

View expansion-stage stocks

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.