VOL. XCIV, NO. 247

★ WIDE MOAT STOCKS COMPARISON ★

NO ADVICE

Saturday, January 10, 2026

Stock Comparison

Air Liquide S.A. vs VINCI SA

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

VINCI SA

DG · Euronext Paris

Market cap (USD)$67.7B
Gross margin (TTM)16%
Operating margin (TTM)12.1%
Net margin (TTM)6.5%
SectorIndustrials
IndustryEngineering & Construction
CountryFR
Data as of2026-01-03
Moat score
57/ 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 VINCI SA's moat claims, evidence, and risks.

View DG analysis

Comparison highlights

  • Moat score gap: Air Liquide S.A. leads (58 / 100 vs 57 / 100 for VINCI SA).
  • Segment focus: Air Liquide S.A. has 6 segments (44% in Industrial Merchant); VINCI SA has 7 segments (44.4% in VINCI Construction).
  • Primary market structure: Competitive vs Competitive. Pricing power: Moderate vs Weak.
  • Moat breadth: Air Liquide S.A. has 12 moat types across 3 domains; VINCI SA has 7 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%

VINCI SA

VINCI Construction

Market

Construction and civil engineering contracting (buildings, infrastructure and specialty networks)

Geography

Global

Customer

Public-sector project owners and private developers/industrial clients

Role

General contractor / civil engineering contractor

Revenue share

44.4%

Side-by-side metrics

Air Liquide S.A.
VINCI SA
Ticker / Exchange
AI - Euronext Paris
DG - Euronext Paris
Market cap (USD)
$91.6B
$67.7B
Gross margin (TTM)
n/a
16%
Operating margin (TTM)
n/a
12.1%
Net margin (TTM)
n/a
6.5%
Sector
Materials
Industrials
Industry
Chemicals - Specialty
Engineering & Construction
HQ country
FR
FR
Primary segment
Industrial Merchant
VINCI Construction
Market structure
Competitive
Competitive
Market share
n/a
n/a
HHI estimate
n/a
n/a
Pricing power
Moderate
Weak
Moat score
58 / 100
57 / 100
Moat domains
Demand, Supply, Legal
Legal, Supply
Last update
2026-01-08
2026-01-03

Moat coverage

Shared moat types

Operational ExcellenceService Field NetworkCompliance AdvantageCapex Knowhow Scale

Air Liquide S.A. strengths

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

VINCI SA strengths

Concession LicensePermits Rights Of WayCapacity 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%

VINCI SA segments

Full profile >

VINCI Autoroutes

Monopoly

9.2%

VINCI Airports

Oligopoly

6.3%

Other concessions (incl. VINCI Highways and PPP assets)

Competitive

0.8%

VINCI Energies

Competitive

28.4%

Cobra IS

Competitive

9.9%

VINCI Construction

Competitive

44.4%

VINCI Immobilier

Competitive

1.6%

Want the full wide moat stocks list?

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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.