VOL. XCIV, NO. 247

★ WIDE MOAT STOCKS COMPARISON ★

NO ADVICE

Sunday, January 11, 2026

Stock Comparison

Alcon Inc. vs Barry Callebaut AG

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

Barry Callebaut AG

BARN · SIX Swiss Exchange

Market cap (USD)$7.1B
Gross margin (TTM)11.1%
Operating margin (TTM)4.6%
Net margin (TTM)1.5%
SectorConsumer
IndustryFood Confectioners
CountryCH
Data as of2025-12-29
Moat score
63/ 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 Barry Callebaut AG's moat claims, evidence, and risks.

View BARN analysis

Comparison highlights

  • Moat score gap: Alcon Inc. leads (71 / 100 vs 63 / 100 for Barry Callebaut AG).
  • Segment focus: Alcon Inc. has 2 segments (56% in Surgical); Barry Callebaut AG has 2 segments (68.7% in Global Chocolate).
  • Moat breadth: Alcon Inc. has 7 moat types across 3 domains; Barry Callebaut AG has 6 across 2.

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%

Barry Callebaut AG

Global Chocolate

Market

Chocolate ingredients and solutions (B2B) for food manufacturers and professional/artisan customers

Geography

Global

Customer

Industrial food manufacturers; professional/artisan users (chocolatiers, bakers, pastry chefs, foodservice)

Role

Ingredient manufacturer / solutions provider

Revenue share

68.7%

Side-by-side metrics

Alcon Inc.
Barry Callebaut AG
Ticker / Exchange
ALC - New York Stock Exchange
BARN - SIX Swiss Exchange
Market cap (USD)
$39.8B
$7.1B
Gross margin (TTM)
n/a
11.1%
Operating margin (TTM)
n/a
4.6%
Net margin (TTM)
n/a
1.5%
Sector
Healthcare
Consumer
Industry
n/a
Food Confectioners
HQ country
CH
CH
Primary segment
Surgical
Global Chocolate
Market structure
Oligopoly
Oligopoly
Market share
40%-46% (implied)
n/a
HHI estimate
n/a
n/a
Pricing power
Moderate
Moderate
Moat score
71 / 100
63 / 100
Moat domains
Demand, Supply, Legal
Supply, Demand
Last update
2026-01-10
2025-12-29

Moat coverage

Shared moat types

Brand TrustCapex Knowhow Scale

Alcon Inc. strengths

Installed Base ConsumablesSuite BundlingService Field NetworkCompliance AdvantageProcurement Inertia

Barry Callebaut AG strengths

Supply Chain ControlCost-plus pass-through modelScale Economies Unit CostPreferential Input Access

Segment mix

Alcon Inc. segments

Full profile >

Surgical

Oligopoly

56%

Vision Care

Oligopoly

44%

Barry Callebaut AG segments

Full profile >

Global Chocolate

Oligopoly

68.7%

Global Cocoa

Oligopoly

31.3%

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.