VOL. XCIV, NO. 247

★ WIDE MOAT STOCKS COMPARISON ★

NO ADVICE

Saturday, January 10, 2026

Stock Comparison

Air Liquide S.A. vs Alimentation Couche-Tard Inc.

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

Alimentation Couche-Tard Inc.

ATD · Toronto Stock Exchange

Market cap (USD)$70.8B
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: both at 58 / 100.
  • Segment focus: Air Liquide S.A. has 6 segments (44% in Industrial Merchant); Alimentation Couche-Tard Inc. has 3 segments (74% in Road transportation fuel (retail fuel and related mobility services)).
  • Primary market structure: Competitive vs Competitive. Pricing power: Moderate vs Weak.
  • Moat breadth: Air Liquide S.A. has 12 moat types across 3 domains; Alimentation Couche-Tard Inc. has 5 across 2.

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%

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

Air Liquide S.A.
Alimentation Couche-Tard Inc.
Ticker / Exchange
AI - Euronext Paris
ATD - Toronto Stock Exchange
Market cap (USD)
$91.6B
$70.8B
Gross margin (TTM)
n/a
18.5%
Operating margin (TTM)
n/a
5.3%
Net margin (TTM)
n/a
3.6%
Sector
Materials
Consumer
Industry
Chemicals - Specialty
Specialty Retail
HQ country
FR
CA
Primary segment
Industrial Merchant
Road transportation fuel (retail fuel and related mobility services)
Market structure
Competitive
Competitive
Market share
n/a
n/a
HHI estimate
n/a
n/a
Pricing power
Moderate
Weak
Moat score
58 / 100
58 / 100
Moat domains
Demand, Supply, Legal
Supply, Demand
Last update
2026-01-08
2026-01-05

Moat coverage

Shared moat types

Physical Network DensityOperational ExcellenceSupply Chain ControlScope Economies

Air Liquide S.A. strengths

Long Term ContractsScale Economies Unit CostDistribution ControlService Field NetworkCompliance AdvantageDesign In QualificationIP Choke PointCapex Knowhow Scale

Alimentation Couche-Tard Inc. strengths

Brand Trust

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%

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?

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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.