VOL. XCIV, NO. 247

★ WIDE MOAT STOCKS COMPARISON ★

NO ADVICE

Saturday, January 10, 2026

Stock Comparison

Air Liquide S.A. vs American Tower Corporation

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

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

American Tower Corporation

AMT · New York Stock Exchange

Market cap (USD)$78.9B
Gross margin (TTM)74.6%
Operating margin (TTM)45.9%
Net margin (TTM)28.1%
SectorReal Estate
IndustryREIT - Specialty
CountryUS
Data as of2025-12-31
Moat score
76/ 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 American Tower Corporation's moat claims, evidence, and risks.

View AMT analysis

Comparison highlights

  • Moat score gap: American Tower Corporation leads (76 / 100 vs 58 / 100 for Air Liquide S.A.).
  • Segment focus: Air Liquide S.A. has 6 segments (44% in Industrial Merchant); American Tower Corporation has 3 segments.
  • Primary market structure: Competitive vs Oligopoly. Pricing power: Moderate vs Moderate.
  • Moat breadth: Air Liquide S.A. has 12 moat types across 3 domains; American Tower Corporation has 6 across 4.

Primary market context

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%

American Tower Corporation

U.S. & Canada Communications Sites

Market

Wireless communications site leasing (macro towers, rooftops and DAS)

Geography

United States and Canada

Customer

Wireless carriers and other tenants (broadcast, data, government/municipal)

Role

Independent owner/operator of communications real estate (towerco)

Side-by-side metrics

Air Liquide S.A.
American Tower Corporation
Ticker / Exchange
AI - Euronext Paris
AMT - New York Stock Exchange
Market cap (USD)
$91.6B
$78.9B
Gross margin (TTM)
n/a
74.6%
Operating margin (TTM)
n/a
45.9%
Net margin (TTM)
n/a
28.1%
Sector
Materials
Real Estate
Industry
Chemicals - Specialty
REIT - Specialty
HQ country
FR
US
Primary segment
Industrial Merchant
U.S. & Canada Communications Sites
Market structure
Competitive
Oligopoly
Market share
n/a
n/a
HHI estimate
n/a
n/a
Pricing power
Moderate
Moderate
Moat score
58 / 100
76 / 100
Moat domains
Demand, Supply, Legal
Demand, Legal, Supply, Network
Last update
2026-01-08
2025-12-31

Moat coverage

Shared moat types

Long Term ContractsPhysical Network Density

Air Liquide S.A. strengths

Scale Economies Unit CostDistribution ControlOperational ExcellenceService Field NetworkCompliance AdvantageDesign In QualificationSupply Chain ControlIP Choke PointCapex Knowhow ScaleScope Economies

American Tower Corporation strengths

Permits Rights Of WaySwitching Costs GeneralInteroperability HubCapacity Moat

Segment mix

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%

American Tower Corporation segments

Full profile >

U.S. & Canada Communications Sites

Oligopoly

n/a

International Communications Sites

Oligopoly

n/a

Data Centers

Competitive

n/a

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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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.