VOL. XCIV, NO. 247

★ WIDE MOAT STOCKS COMPARISON ★

NO ADVICE

Sunday, January 11, 2026

Stock Comparison

Alcon Inc. vs Applied Materials, Inc.

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

Alcon Inc.

ALC · New York Stock Exchange

Market cap (USD)$39.8B
Gross margin (TTM)
Operating margin (TTM)
Net margin (TTM)
SectorHealthcare
Industry
CountryCH
Data as of2026-01-10
Moat score
71/ 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 Alcon Inc.'s moat claims, evidence, and risks.

View ALC analysis

Applied Materials, Inc.

AMAT · The Nasdaq Stock Market LLC

Market cap (USD)$239.9B
Gross margin (TTM)48.7%
Operating margin (TTM)29.2%
Net margin (TTM)24.7%
SectorTechnology
IndustrySemiconductors
CountryUS
Data as of2025-12-22
Moat score
76/ 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 Applied Materials, Inc.'s moat claims, evidence, and risks.

View AMAT analysis

Comparison highlights

  • Moat score gap: Applied Materials, Inc. leads (76 / 100 vs 71 / 100 for Alcon Inc.).
  • Segment focus: Alcon Inc. has 2 segments (56% in Surgical); Applied Materials, Inc. has 2 segments (73.3% in Semiconductor Systems).
  • Moat breadth: Alcon Inc. has 7 moat types across 3 domains; Applied Materials, Inc. has 7 across 3.

Primary market context

Alcon Inc.

Surgical

Market

Ophthalmic surgical devices (implantables, consumables, equipment) and related service/training

Geography

Global

Customer

Ophthalmic surgeons, hospitals, ambulatory surgery centers, group purchasing organizations

Role

Medical device OEM with direct service, clinical support, and training

Revenue share

56%

Applied Materials, Inc.

Semiconductor Systems

Market

Wafer fabrication equipment (WFE) and adjacent front-end process equipment (deposition, etch, CMP, metrology/inspection) plus advanced packaging tools

Geography

Global

Customer

Semiconductor manufacturers (foundry, logic, memory) and advanced packaging providers

Role

OEM equipment supplier

Revenue share

73.3%

Side-by-side metrics

Alcon Inc.
Applied Materials, Inc.
Ticker / Exchange
ALC - New York Stock Exchange
AMAT - The Nasdaq Stock Market LLC
Market cap (USD)
$39.8B
$239.9B
Gross margin (TTM)
n/a
48.7%
Operating margin (TTM)
n/a
29.2%
Net margin (TTM)
n/a
24.7%
Sector
Healthcare
Technology
Industry
n/a
Semiconductors
HQ country
CH
US
Primary segment
Surgical
Semiconductor Systems
Market structure
Oligopoly
Oligopoly
Market share
40%-46% (implied)
16%-20% (implied)
HHI estimate
n/a
n/a
Pricing power
Moderate
Moderate
Moat score
71 / 100
76 / 100
Moat domains
Demand, Supply, Legal
Supply, Demand, Legal
Last update
2026-01-10
2025-12-22

Moat coverage

Shared moat types

Installed Base ConsumablesService Field NetworkCapex Knowhow Scale

Alcon Inc. strengths

Suite BundlingCompliance AdvantageBrand TrustProcurement Inertia

Applied Materials, Inc. strengths

Scope EconomiesDesign In QualificationIP Choke PointLong Term Contracts

Segment mix

Alcon Inc. segments

Full profile >

Surgical

Oligopoly

56%

Vision Care

Oligopoly

44%

Applied Materials, Inc. segments

Full profile >

Semiconductor Systems

Oligopoly

73.3%

Applied Global Services (AGS)

Competitive

22.5%

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.