VOL. XCIV, NO. 247

★ WIDE MOAT STOCKS COMPARISON ★

NO ADVICE

Wednesday, January 7, 2026

Stock Comparison

Aon plc vs Cochlear Limited

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

Aon plc

AON · New York Stock Exchange

Market cap (USD)$75.9B
Gross margin (TTM)43.7%
Operating margin (TTM)24.8%
Net margin (TTM)16%
SectorFinancials
IndustryInsurance - Brokers
CountryIE
Data as of2025-12-31
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 Aon plc's moat claims, evidence, and risks.

View AON analysis

Cochlear Limited

COH · ASX

Market cap (USD)$17B
Gross margin (TTM)74.5%
Operating margin (TTM)22.7%
Net margin (TTM)16.2%
SectorHealthcare
IndustryMedical - Devices
CountryAU
Data as of2026-01-04
Moat score
81/ 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 Cochlear Limited's moat claims, evidence, and risks.

View COH analysis

Comparison highlights

  • Moat score gap: Cochlear Limited leads (81 / 100 vs 70 / 100 for Aon plc).
  • Segment focus: Aon plc has 2 segments (67% in Risk Capital); Cochlear Limited has 3 segments (62.4% in Cochlear Implants).
  • Moat breadth: Aon plc has 6 moat types across 3 domains; Cochlear Limited has 8 across 3.

Primary market context

Aon plc

Risk Capital

Market

Large-account commercial insurance & reinsurance brokerage and risk advisory

Geography

Global

Customer

Enterprises, insurers, reinsurers

Role

Intermediary/advisor

Revenue share

67%

Cochlear Limited

Cochlear Implants

Market

Cochlear implant systems (internal implant + external sound processors) for severe-to-profound hearing loss

Geography

Global

Customer

Hospitals/ENT clinics and audiology programs (providers) serving implant candidates/recipients; reimbursed by public/private payers

Role

Medical device OEM / platform owner (implant + processor + fitting software + clinical support)

Revenue share

62.4%

Side-by-side metrics

Aon plc
Cochlear Limited
Ticker / Exchange
AON - New York Stock Exchange
COH - ASX
Market cap (USD)
$75.9B
$17B
Gross margin (TTM)
43.7%
74.5%
Operating margin (TTM)
24.8%
22.7%
Net margin (TTM)
16%
16.2%
Sector
Financials
Healthcare
Industry
Insurance - Brokers
Medical - Devices
HQ country
IE
AU
Primary segment
Risk Capital
Cochlear Implants
Market structure
Oligopoly
Oligopoly
Market share
n/a
60%-65% (reported)
HHI estimate
n/a
n/a
Pricing power
Moderate
Moderate
Moat score
70 / 100
81 / 100
Moat domains
Demand, Supply, Legal
Demand, Legal, Supply
Last update
2025-12-31
2026-01-04

Moat coverage

Shared moat types

Data Workflow LockinService Field NetworkBrand TrustCompliance Advantage

Aon plc strengths

Switching Costs GeneralScale Economies Unit Cost

Cochlear Limited strengths

Capex Knowhow ScaleIP Choke PointInstalled Base ConsumablesFormat Lock In

Segment mix

Aon plc segments

Full profile >

Risk Capital

Oligopoly

67%

Human Capital

Oligopoly

33.2%

Cochlear Limited segments

Full profile >

Cochlear Implants

Oligopoly

62.4%

Services

Monopoly

25.9%

Acoustics

Oligopoly

11.7%

Want the full wide moat stocks list?

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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.