VOL. XCIV, NO. 247

★ WIDE MOAT STOCKS COMPARISON ★

NO ADVICE

Friday, January 2, 2026

Wide Moat Stocks Home My Collections

Stock Comparison

Amgen Inc. vs Constellation Software Inc.

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

Amgen Inc.

AMGN · Nasdaq Stock Market

Market cap (USD)$176.5B

Gross margin (TTM)66.2%

Operating margin (TTM)24.1%

Net margin (TTM)19.5%

SectorHealthcare

IndustryDrug Manufacturers - General

CountryUS

Data as of2025-12-22

Moat score

70/ 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 Amgen Inc.'s moat claims, evidence, and risks.

View AMGN 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: Constellation Software Inc. leads (74 / 100 vs 70 / 100 for Amgen Inc.).
Segment focus: Amgen Inc. has 3 segments (80.1% in Core Innovative Medicines); Constellation Software Inc. has 6 segments.
Moat breadth: Amgen Inc. has 5 moat types across 3 domains; Constellation Software Inc. has 3 across 2.

Primary market context

Amgen Inc.

Core Innovative Medicines

Market

Branded biopharmaceutical therapies for common diseases (bone health, inflammation, oncology, cardiovascular and other specialty areas)

Geography

Global

Customer

Payers, providers, and pharmacies

Role

Drug developer/manufacturer

Revenue share

80.1%

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

Amgen Inc.

Constellation Software Inc.

Ticker / Exchange

AMGN - Nasdaq Stock Market

CSU - Toronto Stock Exchange

Market cap (USD)

$176.5B

n/a

Gross margin (TTM)

66.2%

n/a

Operating margin (TTM)

24.1%

n/a

Net margin (TTM)

19.5%

n/a

Sector

Healthcare

Technology

Industry

Drug Manufacturers - General

n/a

HQ country

Primary segment

Core Innovative Medicines

Volaris Operating Group

Market structure

Competitive

Market share

n/a

HHI estimate

n/a

Pricing power

Moderate

Moat score

70 / 100

74 / 100

Moat domains

Legal, Supply, Demand

Demand, Supply

Last update

2025-12-22

2026-01-02

Moat coverage

Shared moat types

No overlap yet.

Amgen Inc. strengths

IP Choke PointRegulated Standards PipeCapex Knowhow ScaleBrand TrustLearning Curve Yield

Constellation Software Inc. strengths

Switching Costs GeneralInstalled Base ConsumablesOperational Excellence

Segment mix

Amgen Inc. segments

Full profile >

Core Innovative Medicines

Competitive

80.1%

Rare Disease Portfolio (Horizon + others)

Quasi-Monopoly

13.3%

Biosimilars

Oligopoly

6.6%

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.