VOL. XCIV, NO. 247

★ WIDE MOAT STOCKS COMPARISON ★

NO ADVICE

Tuesday, December 30, 2025

Stock Comparison

Air Products and Chemicals, Inc. vs General Dynamics Corporation

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

Air Products and Chemicals, Inc.

APD · New York Stock Exchange

Market cap (USD)$55.1B
SectorMaterials
CountryUS
Data as of2025-12-27
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 Air Products and Chemicals, Inc.'s moat claims, evidence, and risks.

View APD analysis

General Dynamics Corporation

GD · New York Stock Exchange

Market cap (USD)$92.4B
SectorIndustrials
CountryUS
Data as of2025-12-29
Moat score
80/ 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 General Dynamics Corporation's moat claims, evidence, and risks.

View GD analysis

Comparison highlights

  • Moat score gap: General Dynamics Corporation leads (80 / 100 vs 70 / 100 for Air Products and Chemicals, Inc.).
  • Segment focus: Air Products and Chemicals, Inc. has 3 segments (51.3% in On-site industrial gases (incl. pipelines)); General Dynamics Corporation has 4 segments (30.1% in Marine Systems (Nuclear subs + surface shipbuilding)).
  • Primary market structure: Oligopoly vs Duopoly. Pricing power: Strong vs Weak.
  • Moat breadth: Air Products and Chemicals, Inc. has 6 moat types across 3 domains; General Dynamics Corporation has 11 across 3.

Primary market context

Air Products and Chemicals, Inc.

On-site industrial gases (incl. pipelines)

Market

On-site supply of industrial gases (oxygen, nitrogen, hydrogen, etc.)

Geography

Global

Customer

Large-volume industrial customers (refining, chemicals, metals, electronics)

Role

Producer / operator of on-site plants and pipeline networks

Revenue share

51.3%

General Dynamics Corporation

Marine Systems (Nuclear subs + surface shipbuilding)

Market

U.S. Navy nuclear-powered submarine construction and major surface combatant shipbuilding/lifecycle services

Geography

United States

Customer

Government (primarily U.S. Navy)

Role

Prime contractor / shipbuilder / lifecycle services

Revenue share

30.1%

Side-by-side metrics

Air Products and Chemicals, Inc.
General Dynamics Corporation
Ticker / Exchange
APD - New York Stock Exchange
GD - New York Stock Exchange
Market cap (USD)
$55.1B
$92.4B
Sector
Materials
Industrials
HQ country
US
US
Primary segment
On-site industrial gases (incl. pipelines)
Marine Systems (Nuclear subs + surface shipbuilding)
Market structure
Oligopoly
Duopoly
Market share
n/a
45%-55% (estimated)
HHI estimate
n/a
5,000
Pricing power
Strong
Weak
Moat score
70 / 100
80 / 100
Moat domains
Demand, Legal, Supply
Demand, Supply, Legal
Last update
2025-12-27
2025-12-29

Moat coverage

Shared moat types

Long Term ContractsCapex Knowhow Scale

Air Products and Chemicals, Inc. strengths

Permits Rights Of WayPhysical Network DensityInstalled Base ConsumablesOperational Excellence

General Dynamics Corporation strengths

Brand TrustService Field NetworkRegulated Standards PipeGovernment Contracting RelationshipsDesign In QualificationProcurement InertiaCapacity MoatCompliance AdvantageSuite Bundling

Segment mix

Air Products and Chemicals, Inc. segments

Full profile >

On-site industrial gases (incl. pipelines)

Oligopoly

51.3%

Merchant gases (liquid bulk + packaged)

Competitive

44.3%

Industrial gases equipment (cryogenic & gas processing)

Competitive

4.3%

General Dynamics Corporation segments

Full profile >

Aerospace (Gulfstream + Jet Aviation)

Oligopoly

23.6%

Marine Systems (Nuclear subs + surface shipbuilding)

Duopoly

30.1%

Combat Systems (Land vehicles + munitions)

Oligopoly

18.9%

Technologies (C5ISR + Federal IT)

Competitive

27.5%

Want the full wide moat stocks list?

Browse the full ranking of wide moat stocks, updated with moat scores and segment context.

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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.