VOL. XCIV, NO. 247

★ WIDE MOAT STOCKS COMPARISON ★

NO ADVICE

Friday, January 2, 2026

Stock Comparison

Applied Materials, Inc. vs Constellation Software Inc.

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

Applied Materials, Inc.

AMAT · The Nasdaq Stock Market LLC

Market cap (USD)$211.9B
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

Constellation Software Inc.

CSU · Toronto Stock Exchange

Market cap (USD)
Gross margin (TTM)
Operating margin (TTM)
Net margin (TTM)
SectorTechnology
Industry
CountryCA
Data as of2026-01-02
Moat score
74/ 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 Constellation Software Inc.'s moat claims, evidence, and risks.

View CSU analysis

Comparison highlights

  • Moat score gap: Applied Materials, Inc. leads (76 / 100 vs 74 / 100 for Constellation Software Inc.).
  • Segment focus: Applied Materials, Inc. has 2 segments (73.3% in Semiconductor Systems); Constellation Software Inc. has 6 segments.
  • Primary market structure: Oligopoly vs Competitive. Pricing power: Moderate vs Moderate.
  • Moat breadth: Applied Materials, Inc. has 7 moat types across 3 domains; Constellation Software Inc. has 3 across 2.

Primary market context

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%

Constellation Software Inc.

Volaris Operating Group

Market

Vertical market software (VMS) portfolios across diverse industries (Volaris)

Geography

Global (North America, Continental Europe, UK, Australia, South America, Africa)

Customer

Organizations in specific verticals (mix of public and private sector)

Role

Vertical market software vendor (application provider + long-term maintainer)

Side-by-side metrics

Applied Materials, Inc.
Constellation Software Inc.
Ticker / Exchange
AMAT - The Nasdaq Stock Market LLC
CSU - Toronto Stock Exchange
Market cap (USD)
$211.9B
n/a
Gross margin (TTM)
48.7%
n/a
Operating margin (TTM)
29.2%
n/a
Net margin (TTM)
24.7%
n/a
Sector
Technology
Technology
Industry
Semiconductors
n/a
HQ country
US
CA
Primary segment
Semiconductor Systems
Volaris Operating Group
Market structure
Oligopoly
Competitive
Market share
16%-20% (implied)
n/a
HHI estimate
n/a
n/a
Pricing power
Moderate
Moderate
Moat score
76 / 100
74 / 100
Moat domains
Supply, Demand, Legal
Demand, Supply
Last update
2025-12-22
2026-01-02

Moat coverage

Shared moat types

Installed Base Consumables

Applied Materials, Inc. strengths

Scope EconomiesCapex Knowhow ScaleDesign In QualificationIP Choke PointService Field NetworkLong Term Contracts

Constellation Software Inc. strengths

Switching Costs GeneralOperational Excellence

Segment mix

Applied Materials, Inc. segments

Full profile >

Semiconductor Systems

Oligopoly

73.3%

Applied Global Services (AGS)

Competitive

22.5%

Constellation Software Inc. segments

Full profile >

Volaris Operating Group

Competitive

n/a

Harris Operating Group

Competitive

n/a

Topicus.com Operating Group

Competitive

n/a

Jonas Operating Group

Competitive

n/a

Perseus Operating Group

Competitive

n/a

Vela Operating Group

Competitive

n/a

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

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.