VOL. XCIV, NO. 247

★ WIDE MOAT STOCKS COMPARISON ★

NO ADVICE

Sunday, January 11, 2026

Stock Comparison

Alcon Inc. vs Spirax Group plc

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

Spirax Group plc

SPX · London Stock Exchange

Market cap (USD)$5.2B
Gross margin (TTM)19.6%
Operating margin (TTM)17.2%
Net margin (TTM)10.7%
SectorIndustrials
IndustryIndustrial - Machinery
CountryGB
Data as of2025-12-28
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 Spirax Group plc's moat claims, evidence, and risks.

View SPX analysis

Comparison highlights

  • Moat score: both at 71 / 100.
  • Segment focus: Alcon Inc. has 2 segments (56% in Surgical); Spirax Group plc has 3 segments (52.1% in Steam Thermal Solutions).
  • Moat breadth: Alcon Inc. has 7 moat types across 3 domains; Spirax Group plc 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%

Spirax Group plc

Steam Thermal Solutions

Market

Industrial and commercial steam systems (condensate management, controls, thermal energy management products and solutions)

Geography

Global

Customer

Industrial process operators and commercial facility operators

Role

OEM / solutions provider

Revenue share

52.1%

Side-by-side metrics

Alcon Inc.
Spirax Group plc
Ticker / Exchange
ALC - New York Stock Exchange
SPX - London Stock Exchange
Market cap (USD)
$39.8B
$5.2B
Gross margin (TTM)
n/a
19.6%
Operating margin (TTM)
n/a
17.2%
Net margin (TTM)
n/a
10.7%
Sector
Healthcare
Industrials
Industry
n/a
Industrial - Machinery
HQ country
CH
GB
Primary segment
Surgical
Steam Thermal Solutions
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
71 / 100
Moat domains
Demand, Supply, Legal
Supply, Demand
Last update
2026-01-10
2025-12-28

Moat coverage

Shared moat types

Installed Base ConsumablesSuite BundlingService Field NetworkBrand TrustCapex Knowhow Scale

Alcon Inc. strengths

Compliance AdvantageProcurement Inertia

Spirax Group plc strengths

Design In Qualification

Segment mix

Alcon Inc. segments

Full profile >

Surgical

Oligopoly

56%

Vision Care

Oligopoly

44%

Spirax Group plc segments

Full profile >

Steam Thermal Solutions

Oligopoly

52.1%

Electric Thermal Solutions

Competitive

24.3%

Watson-Marlow Fluid Technology Solutions

Oligopoly

23.6%

Want the full wide moat stocks list?

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Looking for expansion-stage stocks?

Proven models entering the expansion stage with unit economics that work.

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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.