VOL. XCIV, NO. 247

★ WIDE MOAT STOCKS COMPARISON ★

NO ADVICE

Sunday, January 11, 2026

Stock Comparison

Air Liquide S.A. vs Bureau Veritas S.A.

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

Bureau Veritas S.A.

BVI · Euronext Paris

Market cap (USD)$12.3B
Gross margin (TTM)22.7%
Operating margin (TTM)14%
Net margin (TTM)9.3%
SectorIndustrials
IndustryConsulting Services
CountryFR
Data as of2025-12-28
Moat score
66/ 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 Bureau Veritas S.A.'s moat claims, evidence, and risks.

View BVI analysis

Comparison highlights

  • Moat score gap: Bureau Veritas S.A. leads (66 / 100 vs 58 / 100 for Air Liquide S.A.).
  • Segment focus: Air Liquide S.A. has 6 segments (44% in Industrial Merchant); Bureau Veritas S.A. has 6 segments (29.3% in Buildings & Infrastructure).
  • Moat breadth: Air Liquide S.A. has 12 moat types across 3 domains; Bureau Veritas S.A. has 6 across 3.

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%

Bureau Veritas S.A.

Buildings & Infrastructure

Market

Construction, buildings and infrastructure inspection/testing and project assurance

Geography

Global

Customer

Developers, contractors, infrastructure operators, public authorities

Role

Third-party testing/inspection and compliance verification across project lifecycle

Revenue share

29.3%

Side-by-side metrics

Air Liquide S.A.
Bureau Veritas S.A.
Ticker / Exchange
AI - Euronext Paris
BVI - Euronext Paris
Market cap (USD)
$91.6B
$12.3B
Gross margin (TTM)
n/a
22.7%
Operating margin (TTM)
n/a
14%
Net margin (TTM)
n/a
9.3%
Sector
Materials
Industrials
Industry
Chemicals - Specialty
Consulting Services
HQ country
FR
FR
Primary segment
Industrial Merchant
Buildings & Infrastructure
Market structure
Competitive
Competitive
Market share
n/a
n/a
HHI estimate
n/a
n/a
Pricing power
Moderate
Moderate
Moat score
58 / 100
66 / 100
Moat domains
Demand, Supply, Legal
Legal, Supply, Demand
Last update
2026-01-08
2025-12-28

Moat coverage

Shared moat types

Operational ExcellenceService Field NetworkCapex Knowhow Scale

Air Liquide S.A. strengths

Long Term ContractsPhysical Network DensityScale Economies Unit CostDistribution ControlCompliance AdvantageDesign In QualificationSupply Chain ControlIP Choke PointScope Economies

Bureau Veritas S.A. strengths

Regulated Standards PipeProcurement InertiaSwitching Costs General

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%

Bureau Veritas S.A. segments

Full profile >

Marine & Offshore

Oligopoly

8.1%

Agri-Food & Commodities

Competitive

20.3%

Industry

Competitive

21.1%

Buildings & Infrastructure

Competitive

29.3%

Certification

Competitive

8.4%

Consumer Products Services

Competitive

12.8%

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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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.