VOL. XCIV, NO. 247

★ WIDE MOAT STOCKS COMPARISON ★

NO ADVICE

Saturday, January 10, 2026

Stock Comparison

Air Liquide S.A. vs Safran

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

Safran

SAF · Euronext Paris

Market cap (USD)$133B
Gross margin (TTM)32.8%
Operating margin (TTM)14.4%
Net margin (TTM)10.8%
SectorIndustrials
IndustryAerospace & Defense
CountryFR
Data as of2025-12-28
Moat score
74/ 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 Safran's moat claims, evidence, and risks.

View SAF analysis

Comparison highlights

  • Moat score gap: Safran leads (74 / 100 vs 58 / 100 for Air Liquide S.A.).
  • Segment focus: Air Liquide S.A. has 6 segments (44% in Industrial Merchant); Safran has 3 segments (50% in Propulsion).
  • Primary market structure: Competitive vs Oligopoly. Pricing power: Moderate vs Strong.
  • Moat breadth: Air Liquide S.A. has 12 moat types across 3 domains; Safran has 8 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%

Safran

Propulsion

Market

Aircraft propulsion (commercial, military and helicopter engines) and engine aftermarket (spares, MRO, RPFH)

Geography

Global

Customer

Aircraft OEMs, airlines/lessors, MRO operators, and militaries

Role

Engine OEM + aftermarket service provider (incl. CFM JV participation)

Revenue share

50%

Side-by-side metrics

Air Liquide S.A.
Safran
Ticker / Exchange
AI - Euronext Paris
SAF - Euronext Paris
Market cap (USD)
$91.6B
$133B
Gross margin (TTM)
n/a
32.8%
Operating margin (TTM)
n/a
14.4%
Net margin (TTM)
n/a
10.8%
Sector
Materials
Industrials
Industry
Chemicals - Specialty
Aerospace & Defense
HQ country
FR
FR
Primary segment
Industrial Merchant
Propulsion
Market structure
Competitive
Oligopoly
Market share
n/a
n/a
HHI estimate
n/a
n/a
Pricing power
Moderate
Strong
Moat score
58 / 100
74 / 100
Moat domains
Demand, Supply, Legal
Demand, Supply, Legal
Last update
2026-01-08
2025-12-28

Moat coverage

Shared moat types

Long Term ContractsOperational ExcellenceService Field NetworkDesign In QualificationCapex Knowhow Scale

Air Liquide S.A. strengths

Physical Network DensityScale Economies Unit CostDistribution ControlCompliance AdvantageSupply Chain ControlIP Choke PointScope Economies

Safran strengths

Installed Base ConsumablesRegulated Standards PipeGovernment Contracting Relationships

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%

Safran segments

Full profile >

Propulsion

Oligopoly

50%

Equipment & Defense

Oligopoly

38.9%

Aircraft Interiors

Competitive

11.1%

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.