VOL. XCIV, NO. 247

★ WIDE MOAT STOCKS COMPARISON ★

NO ADVICE

Sunday, January 11, 2026

Stock Comparison

Alcon Inc. vs Enbridge 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

Enbridge Inc.

ENB · Toronto Stock Exchange

Market cap (USD)$138.5B
Gross margin (TTM)35.2%
Operating margin (TTM)17.5%
Net margin (TTM)9.4%
SectorEnergy
IndustryOil & Gas Midstream
CountryCA
Data as of2025-12-31
Moat score
92/ 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 Enbridge Inc.'s moat claims, evidence, and risks.

View ENB analysis

Comparison highlights

  • Moat score gap: Enbridge Inc. leads (92 / 100 vs 71 / 100 for Alcon Inc.).
  • Segment focus: Alcon Inc. has 2 segments (56% in Surgical); Enbridge Inc. has 4 segments (72.8% in Liquids Pipelines).
  • Moat breadth: Alcon Inc. has 7 moat types across 3 domains; Enbridge Inc. has 6 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%

Enbridge Inc.

Liquids Pipelines

Market

Crude oil & liquids pipeline transportation plus terminals/storage

Geography

North America (Canada & U.S.)

Customer

Producers, refiners, marketers (shippers)

Role

Midstream pipeline operator

Revenue share

72.8%

Side-by-side metrics

Alcon Inc.
Enbridge Inc.
Ticker / Exchange
ALC - New York Stock Exchange
ENB - Toronto Stock Exchange
Market cap (USD)
$39.8B
$138.5B
Gross margin (TTM)
n/a
35.2%
Operating margin (TTM)
n/a
17.5%
Net margin (TTM)
n/a
9.4%
Sector
Healthcare
Energy
Industry
n/a
Oil & Gas Midstream
HQ country
CH
CA
Primary segment
Surgical
Liquids Pipelines
Market structure
Oligopoly
Oligopoly
Market share
40%-46% (implied)
29%-31% (reported)
HHI estimate
n/a
n/a
Pricing power
Moderate
Moderate
Moat score
71 / 100
92 / 100
Moat domains
Demand, Supply, Legal
Legal, Supply, Demand
Last update
2026-01-10
2025-12-31

Moat coverage

Shared moat types

Capex Knowhow Scale

Alcon Inc. strengths

Installed Base ConsumablesSuite BundlingService Field NetworkCompliance AdvantageBrand TrustProcurement Inertia

Enbridge Inc. strengths

Permits Rights Of WayPhysical Network DensityLong Term ContractsRegulated Standards PipeConcession License

Segment mix

Alcon Inc. segments

Full profile >

Surgical

Oligopoly

56%

Vision Care

Oligopoly

44%

Enbridge Inc. segments

Full profile >

Liquids Pipelines

Oligopoly

72.8%

Gas Transmission and Midstream

Oligopoly

11.8%

Gas Distribution and Storage

Monopoly

14.4%

Renewable Power Generation

Competitive

1%

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.