VOL. XCIV, NO. 247

★ WIDE MOAT STOCKS COMPARISON ★

NO ADVICE

Thursday, January 8, 2026

Stock Comparison

Adyen N.V. vs Alimentation Couche-Tard Inc.

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

Adyen N.V.

ADYEN · Euronext Amsterdam

Market cap (USD)$44.7B
Gross margin (TTM)80.8%
Operating margin (TTM)40%
Net margin (TTM)35.1%
SectorFinancials
IndustrySoftware - Infrastructure
CountryNL
Data as of2025-12-28
Moat score
63/ 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 Adyen N.V.'s moat claims, evidence, and risks.

View ADYEN analysis

Alimentation Couche-Tard Inc.

ATD · Toronto Stock Exchange

Market cap (USD)$70.7B
Gross margin (TTM)18.5%
Operating margin (TTM)5.3%
Net margin (TTM)3.6%
SectorConsumer
IndustrySpecialty Retail
CountryCA
Data as of2026-01-05
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 Alimentation Couche-Tard Inc.'s moat claims, evidence, and risks.

View ATD analysis

Comparison highlights

  • Moat score gap: Adyen N.V. leads (63 / 100 vs 58 / 100 for Alimentation Couche-Tard Inc.).
  • Segment focus: Adyen N.V. has 3 segments (58.4% in Digital); Alimentation Couche-Tard Inc. has 3 segments (74% in Road transportation fuel (retail fuel and related mobility services)).
  • Primary market structure: Oligopoly vs Competitive. Pricing power: Moderate vs Weak.
  • Moat breadth: Adyen N.V. has 6 moat types across 4 domains; Alimentation Couche-Tard Inc. has 5 across 2.

Primary market context

Adyen N.V.

Digital

Market

Enterprise payment processing and acquiring for online/digital commerce

Geography

Global

Customer

Enterprise merchants and digital-native businesses

Role

PSP / gateway + processor + (direct or indirect) acquiring enablement

Revenue share

58.4%

Alimentation Couche-Tard Inc.

Road transportation fuel (retail fuel and related mobility services)

Market

Road transportation fuel retail (gasoline/diesel) at convenience sites; includes unmanned/automated fuel stations

Geography

North America and Europe (plus select other regions via the network)

Customer

Consumers and small fleets

Role

Fuel retailer and site operator

Revenue share

74%

Side-by-side metrics

Adyen N.V.
Alimentation Couche-Tard Inc.
Ticker / Exchange
ADYEN - Euronext Amsterdam
ATD - Toronto Stock Exchange
Market cap (USD)
$44.7B
$70.7B
Gross margin (TTM)
80.8%
18.5%
Operating margin (TTM)
40%
5.3%
Net margin (TTM)
35.1%
3.6%
Sector
Financials
Consumer
Industry
Software - Infrastructure
Specialty Retail
HQ country
NL
CA
Primary segment
Digital
Road transportation fuel (retail fuel and related mobility services)
Market structure
Oligopoly
Competitive
Market share
n/a
n/a
HHI estimate
n/a
n/a
Pricing power
Moderate
Weak
Moat score
63 / 100
58 / 100
Moat domains
Network, Demand, Legal, Supply
Supply, Demand
Last update
2025-12-28
2026-01-05

Moat coverage

Shared moat types

Operational Excellence

Adyen N.V. strengths

Data Network EffectsData Workflow LockinCompliance AdvantageSuite BundlingSwitching Costs General

Alimentation Couche-Tard Inc. strengths

Physical Network DensityBrand TrustSupply Chain ControlScope Economies

Segment mix

Adyen N.V. segments

Full profile >

Digital

Oligopoly

58.4%

Unified Commerce

Competitive

30.6%

Platforms

Oligopoly

11%

Alimentation Couche-Tard Inc. segments

Full profile >

Merchandise and services (in-store convenience retail)

Competitive

25.2%

Road transportation fuel (retail fuel and related mobility services)

Competitive

74%

Other revenues (ancillary energy and other income streams)

Competitive

0.8%

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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Looking for expansion-stage stocks?

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.