VOL. XCIV, NO. 247

★ WIDE MOAT STOCKS COMPARISON ★

NO ADVICE

Saturday, January 10, 2026

Stock Comparison

Air Liquide S.A. vs Mastercard Incorporated

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

Mastercard Incorporated

MA · New York Stock Exchange

Market cap (USD)$516.8B
Gross margin (TTM)77.5%
Operating margin (TTM)57%
Net margin (TTM)45.3%
SectorFinancials
IndustryFinancial - Credit Services
CountryUS
Data as of2025-12-21
Moat score
77/ 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 Mastercard Incorporated's moat claims, evidence, and risks.

View MA analysis

Comparison highlights

  • Moat score gap: Mastercard Incorporated leads (77 / 100 vs 58 / 100 for Air Liquide S.A.).
  • Segment focus: Air Liquide S.A. has 6 segments (44% in Industrial Merchant); Mastercard Incorporated has 2 segments (61.5% in Payment Network).
  • Primary market structure: Competitive vs Oligopoly. Pricing power: Moderate vs Moderate.
  • Moat breadth: Air Liquide S.A. has 12 moat types across 3 domains; Mastercard Incorporated 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%

Mastercard Incorporated

Payment Network

Market

Four-party card payment network (switching, acceptance, and network-related services)

Geography

Global

Customer

Issuers, acquirers, merchants, account holders

Role

Network operator (authorization, clearing, settlement) and rules/standards steward

Revenue share

61.5%

Side-by-side metrics

Air Liquide S.A.
Mastercard Incorporated
Ticker / Exchange
AI - Euronext Paris
MA - New York Stock Exchange
Market cap (USD)
$91.6B
$516.8B
Gross margin (TTM)
n/a
77.5%
Operating margin (TTM)
n/a
57%
Net margin (TTM)
n/a
45.3%
Sector
Materials
Financials
Industry
Chemicals - Specialty
Financial - Credit Services
HQ country
FR
US
Primary segment
Industrial Merchant
Payment Network
Market structure
Competitive
Oligopoly
Market share
n/a
29.7% (reported)
HHI estimate
n/a
n/a
Pricing power
Moderate
Moderate
Moat score
58 / 100
77 / 100
Moat domains
Demand, Supply, Legal
Network, Demand, Legal
Last update
2026-01-08
2025-12-21

Moat coverage

Shared moat types

No overlap yet.

Air Liquide S.A. strengths

Long Term ContractsPhysical Network DensityScale Economies Unit CostDistribution ControlOperational ExcellenceService Field NetworkCompliance AdvantageDesign In QualificationSupply Chain ControlIP Choke PointCapex Knowhow ScaleScope Economies

Mastercard Incorporated strengths

Two Sided NetworkClearing SettlementBrand TrustRegulated Standards PipeData Network EffectsData Workflow Lockin

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%

Mastercard Incorporated segments

Full profile >

Payment Network

Oligopoly

61.5%

Value-Added Services and Solutions

Competitive

38.5%

Want the full wide moat stocks list?

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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.