VOL. XCIV, NO. 247

★ WIDE MOAT STOCKS COMPARISON ★

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Sunday, January 11, 2026

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Stock Comparison

Arthur J. Gallagher & Co. vs Alphabet Inc.

Compare moat strength, market structure, and segment coverage to understand how each company defends its edge.

Arthur J. Gallagher & Co.

AJG · New York Stock Exchange

Market cap (USD)$67.9B
Gross margin (TTM)—
Operating margin (TTM)—
Net margin (TTM)—
SectorFinancials
IndustryInsurance - Brokers
CountryUS
Data as of2026-01-09
Moat score
69/ 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 Arthur J. Gallagher & Co.'s moat claims, evidence, and risks.

View AJG analysis

Alphabet Inc.

GOOGL · The Nasdaq Stock Market

Market cap (USD)$4T
Gross margin (TTM)59.2%
Operating margin (TTM)32.2%
Net margin (TTM)32.2%
SectorCommunication Services
IndustryInternet Content & Information
CountryUS
Data as of2025-12-21
Moat score
86/ 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 Alphabet Inc.'s moat claims, evidence, and risks.

View GOOGL analysis

Comparison highlights

  • Moat score gap: Alphabet Inc. leads (86 / 100 vs 69 / 100 for Arthur J. Gallagher & Co.).
  • Segment focus: Arthur J. Gallagher & Co. has 2 segments (86% in Brokerage); Alphabet Inc. has 6 segments (56.6% in Google Search & other (Advertising)).
  • Primary market structure: Oligopoly vs Quasi-Monopoly. Pricing power: Moderate vs Strong.
  • Moat breadth: Arthur J. Gallagher & Co. has 4 moat types across 2 domains; Alphabet Inc. has 10 across 4.

Primary market context

Arthur J. Gallagher & Co.

Brokerage

Market

Insurance and reinsurance brokerage and consulting

Geography

Global

Customer

Commercial, industrial, public sector, nonprofit and other organizations; underwriting enterprises for reinsurance placements

Role

Intermediary / broker / advisor

Revenue share

86%

Alphabet Inc.

Google Search & other (Advertising)

Market

Search advertising (intent-based digital ads)

Geography

Global

Customer

Advertisers (SMB to enterprise)

Role

Ad platform / publisher

Revenue share

56.6%

Side-by-side metrics

Arthur J. Gallagher & Co.
Alphabet Inc.
Ticker / Exchange
AJG - New York Stock Exchange
GOOGL - The Nasdaq Stock Market
Market cap (USD)
$67.9B
$4T
Gross margin (TTM)
n/a
59.2%
Operating margin (TTM)
n/a
32.2%
Net margin (TTM)
n/a
32.2%
Sector
Financials
Communication Services
Industry
Insurance - Brokers
Internet Content & Information
HQ country
US
US
Primary segment
Brokerage
Google Search & other (Advertising)
Market structure
Oligopoly
Quasi-Monopoly
Market share
n/a
88%-91% (reported)
HHI estimate
n/a
8,115
Pricing power
Moderate
Strong
Moat score
69 / 100
86 / 100
Moat domains
Supply, Demand
Network, Demand, Legal, Supply
Last update
2026-01-09
2025-12-21

Moat coverage

Shared moat types

Operational Excellence

Arthur J. Gallagher & Co. strengths

Service Field NetworkBrand TrustData Workflow Lockin

Alphabet Inc. strengths

Data Network EffectsHabit DefaultTwo Sided NetworkContent Rights CurrencyDefault OS GatewaySwitching Costs GeneralCapex Knowhow ScaleEcosystem ComplementsIncubation & patient capital

Segment mix

Arthur J. Gallagher & Co. segments

Full profile >

Brokerage

Oligopoly

86%

Risk Management

Competitive

14%

Alphabet Inc. segments

Full profile >

Google Search & other (Advertising)

Quasi-Monopoly

56.6%

YouTube (Advertising)

Oligopoly

10.3%

Google Network (Advertising)

Competitive

8.7%

Google Subscriptions, Platforms & Devices

Quasi-Monopoly

11.5%

Google Cloud

Oligopoly

12.4%

Other Bets

Competitive

0.5%

Want the full wide moat stocks list?

Browse the full ranking of wide moat stocks, updated with moat scores and segment context.

View the moat stocks list

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.