VOL. XCIV, NO. 247

★ WIDE MOAT STOCKS COMPARISON ★

NO ADVICE

Sunday, January 11, 2026

Stock Comparison

Alcon Inc. vs DSM-Firmenich 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

DSM-Firmenich AG

DSFIR · Euronext Amsterdam

Market cap (USD)$17.9B
Gross margin (TTM)34.1%
Operating margin (TTM)9.2%
Net margin (TTM)5.5%
SectorMaterials
IndustryHousehold & Personal Products
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 DSM-Firmenich AG's moat claims, evidence, and risks.

View DSFIR analysis

Comparison highlights

  • Moat score gap: Alcon Inc. leads (71 / 100 vs 63 / 100 for DSM-Firmenich AG).
  • Segment focus: Alcon Inc. has 2 segments (56% in Surgical); DSM-Firmenich AG has 4 segments (31% in Perfumery & Beauty).
  • Moat breadth: Alcon Inc. has 7 moat types across 3 domains; DSM-Firmenich AG has 10 across 4.

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%

DSM-Firmenich AG

Perfumery & Beauty

Market

B2B fragrances, perfumery ingredients, and beauty ingredients

Geography

Global

Customer

Consumer brands (fine fragrance, personal care, home care) and beauty brands

Role

Ingredient supplier / fragrance house (co-creation + ingredient palette)

Revenue share

31%

Side-by-side metrics

Alcon Inc.
DSM-Firmenich AG
Ticker / Exchange
ALC - New York Stock Exchange
DSFIR - Euronext Amsterdam
Market cap (USD)
$39.8B
$17.9B
Gross margin (TTM)
n/a
34.1%
Operating margin (TTM)
n/a
9.2%
Net margin (TTM)
n/a
5.5%
Sector
Healthcare
Materials
Industry
n/a
Household & Personal Products
HQ country
CH
CH
Primary segment
Surgical
Perfumery & Beauty
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, Legal, Network
Last update
2026-01-10
2025-12-29

Moat coverage

Shared moat types

Service Field NetworkCompliance Advantage

Alcon Inc. strengths

Installed Base ConsumablesSuite BundlingBrand TrustProcurement InertiaCapex Knowhow Scale

DSM-Firmenich AG strengths

Supply Chain ControlTraining Org Change CostsIP Choke PointScope EconomiesLearning Curve YieldDesign In QualificationEcosystem ComplementsData Workflow Lockin

Segment mix

Alcon Inc. segments

Full profile >

Surgical

Oligopoly

56%

Vision Care

Oligopoly

44%

DSM-Firmenich AG segments

Full profile >

Perfumery & Beauty

Oligopoly

31%

Taste, Texture & Health

Oligopoly

25.4%

Health, Nutrition & Care

Competitive

17.3%

Animal Nutrition & Health

Competitive

26%

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.