VOL. XCIV, NO. 247

★ WIDE MOAT STOCKS COMPARISON ★

NO ADVICE

Wednesday, January 14, 2026

Stock Comparison

Air Liquide S.A. vs PPG Industries, 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

PPG Industries, Inc.

PPG · New York Stock Exchange

Market cap (USD)
Gross margin (TTM)
Operating margin (TTM)
Net margin (TTM)
SectorMaterials
Industry
CountryUS
Data as of2026-01-12
Moat score
62/ 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 PPG Industries, Inc.'s moat claims, evidence, and risks.

View PPG analysis

Comparison highlights

  • Moat score gap: PPG Industries, Inc. leads (62 / 100 vs 58 / 100 for Air Liquide S.A.).
  • Segment focus: Air Liquide S.A. has 6 segments (44% in Industrial Merchant); PPG Industries, Inc. has 3 segments (42.2% in Industrial Coatings).
  • Primary market structure: Competitive vs Oligopoly. Pricing power: Moderate vs Weak.
  • Moat breadth: Air Liquide S.A. has 12 moat types across 3 domains; PPG Industries, Inc. has 7 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%

PPG Industries, Inc.

Industrial Coatings

Market

Industrial coatings for OEM/manufacturing (automotive OEM, general industrial, packaging coatings, specialty materials)

Geography

Global

Customer

Automotive OEMs and tier suppliers, industrial manufacturers, can/closure and packaging producers

Role

Coatings/materials supplier integrated into OEM production processes

Revenue share

42.2%

Side-by-side metrics

Air Liquide S.A.
PPG Industries, Inc.
Ticker / Exchange
AI - Euronext Paris
PPG - New York Stock Exchange
Market cap (USD)
$91.6B
n/a
Gross margin (TTM)
n/a
n/a
Operating margin (TTM)
n/a
n/a
Net margin (TTM)
n/a
n/a
Sector
Materials
Materials
Industry
Chemicals - Specialty
n/a
HQ country
FR
US
Primary segment
Industrial Merchant
Industrial Coatings
Market structure
Competitive
Oligopoly
Market share
n/a
n/a
HHI estimate
n/a
n/a
Pricing power
Moderate
Weak
Moat score
58 / 100
62 / 100
Moat domains
Demand, Supply, Legal
Demand, Supply, Legal
Last update
2026-01-08
2026-01-12

Moat coverage

Shared moat types

Scale Economies Unit CostDistribution ControlService Field NetworkCompliance AdvantageDesign In Qualification

Air Liquide S.A. strengths

Long Term ContractsPhysical Network DensityOperational ExcellenceSupply Chain ControlIP Choke PointCapex Knowhow ScaleScope Economies

PPG Industries, Inc. strengths

Brand TrustLearning Curve Yield

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%

PPG Industries, Inc. segments

Full profile >

Global Architectural Coatings

Competitive

24.7%

Performance Coatings

Oligopoly

33.1%

Industrial Coatings

Oligopoly

42.2%

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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Looking for expansion-stage stocks?

Proven models entering the expansion stage with unit economics that work.

View expansion-stage stocks

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.