VOL. XCIV, NO. 247

★ WIDE MOAT STOCKS COMPARISON ★

NO ADVICE

Saturday, January 10, 2026

Stock Comparison

Air Liquide S.A. vs Halma plc

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

Halma plc

HLMA · London Stock Exchange

Market cap (USD)$13.8B
Gross margin (TTM)29.3%
Operating margin (TTM)15%
Net margin (TTM)13.9%
SectorTechnology
IndustryConglomerates
CountryGB
Data as of2026-01-02
Moat score
59/ 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 Halma plc's moat claims, evidence, and risks.

View HLMA analysis

Comparison highlights

  • Moat score gap: Halma plc leads (59 / 100 vs 58 / 100 for Air Liquide S.A.).
  • Segment focus: Air Liquide S.A. has 6 segments (44% in Industrial Merchant); Halma plc has 3 segments (40% in Safety).
  • Moat breadth: Air Liquide S.A. has 12 moat types across 3 domains; Halma plc has 4 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%

Halma plc

Safety

Market

Safety technologies (fire safety, public safety, worker safety, and protection of critical assets/infrastructure)

Geography

Global

Customer

Commercial/industrial facility owners and operators; infrastructure operators; installers and OEM channels

Role

Technology OEM / component + systems supplier

Revenue share

40%

Side-by-side metrics

Air Liquide S.A.
Halma plc
Ticker / Exchange
AI - Euronext Paris
HLMA - London Stock Exchange
Market cap (USD)
$91.6B
$13.8B
Gross margin (TTM)
n/a
29.3%
Operating margin (TTM)
n/a
15%
Net margin (TTM)
n/a
13.9%
Sector
Materials
Technology
Industry
Chemicals - Specialty
Conglomerates
HQ country
FR
GB
Primary segment
Industrial Merchant
Safety
Market structure
Competitive
Competitive
Market share
n/a
n/a
HHI estimate
n/a
n/a
Pricing power
Moderate
Moderate
Moat score
58 / 100
59 / 100
Moat domains
Demand, Supply, Legal
Legal, Demand
Last update
2026-01-08
2026-01-02

Moat coverage

Shared moat types

Compliance AdvantageDesign In Qualification

Air Liquide S.A. strengths

Long Term ContractsPhysical Network DensityScale Economies Unit CostDistribution ControlOperational ExcellenceService Field NetworkSupply Chain ControlIP Choke PointCapex Knowhow ScaleScope Economies

Halma plc strengths

Procurement 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%

Halma plc segments

Full profile >

Safety

Competitive

40%

Environmental & Analysis

Competitive

35%

Healthcare

Competitive

25%

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.