VOL. XCIV, NO. 247

★ WIDE MOAT STOCKS COMPARISON ★

NO ADVICE

Stock Comparison

Applied Materials, Inc. vs Teradyne, 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)$297.9B
Gross margin (TTM)48.7%
Operating margin (TTM)29.1%
Net margin (TTM)27.8%
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

Teradyne, Inc.

TER · Nasdaq Stock Market

Market cap (USD)$51.7B
Gross margin (TTM)58.3%
Operating margin (TTM)20.9%
Net margin (TTM)17.4%
SectorTechnology
IndustrySemiconductors
CountryUS
Data as of2025-12-23
Moat score
79/ 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 Teradyne, Inc.'s moat claims, evidence, and risks.

View TER analysis

Comparison highlights

  • Moat score gap: Teradyne, Inc. leads (79 / 100 vs 76 / 100 for Applied Materials, Inc.).
  • Segment focus: Applied Materials, Inc. has 2 segments (73.3% in Semiconductor Systems); Teradyne, Inc. has 3 segments (77.9% in Semiconductor Test).
  • Primary market structure: Oligopoly vs Duopoly. Pricing power: Moderate vs Moderate.
  • Moat breadth: Applied Materials, Inc. has 7 moat types across 3 domains; Teradyne, Inc. has 6 across 3.

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%

Teradyne, Inc.

Semiconductor Test

Market

Semiconductor automated test equipment (ATE) and system-level test (SLT)

Geography

Global

Customer

IDMs, foundries, fabless, OSATs

Role

Capital equipment supplier

Revenue share

77.9%

Side-by-side metrics

Applied Materials, Inc.
Teradyne, Inc.
Ticker / Exchange
AMAT - The Nasdaq Stock Market LLC
TER - Nasdaq Stock Market
Market cap (USD)
$297.9B
$51.7B
Gross margin (TTM)
48.7%
58.3%
Operating margin (TTM)
29.1%
20.9%
Net margin (TTM)
27.8%
17.4%
Sector
Technology
Technology
Industry
Semiconductors
Semiconductors
HQ country
US
US
Primary segment
Semiconductor Systems
Semiconductor Test
Market structure
Oligopoly
Duopoly
Market share
16%-20% (implied)
27%-30% (implied)
HHI estimate
n/a
3,565
Pricing power
Moderate
Moderate
Moat score
76 / 100
79 / 100
Moat domains
Supply, Demand, Legal
Demand, Supply, Network
Last update
2025-12-22
2025-12-23

Moat coverage

Shared moat types

Capex Knowhow ScaleDesign In Qualification

Applied Materials, Inc. strengths

Scope EconomiesIP Choke PointInstalled Base ConsumablesService Field NetworkLong Term Contracts

Teradyne, Inc. strengths

Format Lock InSwitching Costs GeneralEcosystem ComplementsBrand Trust

Segment mix

Applied Materials, Inc. segments

Full profile >

Semiconductor Systems

Oligopoly

73.3%

Applied Global Services (AGS)

Competitive

22.5%

Teradyne, Inc. segments

Full profile >

Semiconductor Test

Duopoly

77.9%

Product Test

Competitive

11.7%

Robotics

Competitive

10.4%

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.