VOL. XCIV, NO. 247

★ WIDE MOAT STOCKS COMPARISON ★

NO ADVICE

Wednesday, January 7, 2026

Stock Comparison

Air Products and Chemicals, Inc. vs Eli Lilly and Company

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)$56.5B
Gross margin (TTM)31.4%
Operating margin (TTM)-7.3%
Net margin (TTM)-3.3%
SectorMaterials
IndustryChemicals - Specialty
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

Eli Lilly and Company

LLY · New York Stock Exchange

Market cap (USD)$935.6B
Gross margin (TTM)83%
Operating margin (TTM)43.9%
Net margin (TTM)31%
SectorHealthcare
IndustryDrug Manufacturers - General
CountryUS
Data as of2026-01-05
Moat score
66/ 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 Eli Lilly and Company's moat claims, evidence, and risks.

View LLY analysis

Comparison highlights

  • Moat score gap: Air Products and Chemicals, Inc. leads (70 / 100 vs 66 / 100 for Eli Lilly and Company).
  • Segment focus: Air Products and Chemicals, Inc. has 3 segments (51.3% in On-site industrial gases (incl. pipelines)); Eli Lilly and Company has 5 segments (65.5% in Cardiometabolic Health).
  • Moat breadth: Air Products and Chemicals, Inc. has 6 moat types across 3 domains; Eli Lilly and Company has 5 across 2.

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%

Eli Lilly and Company

Cardiometabolic Health

Market

Branded cardiometabolic pharmaceuticals (type 2 diabetes, obesity, and related metabolic/cardiovascular conditions; especially incretin therapies)

Geography

Global

Customer

Patients via prescribers; payers/PBMs; wholesaler & pharmacy channels

Role

Drug developer, manufacturer, and marketer

Revenue share

65.5%

Side-by-side metrics

Air Products and Chemicals, Inc.
Eli Lilly and Company
Ticker / Exchange
APD - New York Stock Exchange
LLY - New York Stock Exchange
Market cap (USD)
$56.5B
$935.6B
Gross margin (TTM)
31.4%
83%
Operating margin (TTM)
-7.3%
43.9%
Net margin (TTM)
-3.3%
31%
Sector
Materials
Healthcare
Industry
Chemicals - Specialty
Drug Manufacturers - General
HQ country
US
US
Primary segment
On-site industrial gases (incl. pipelines)
Cardiometabolic Health
Market structure
Oligopoly
Oligopoly
Market share
n/a
n/a
HHI estimate
n/a
n/a
Pricing power
Strong
Strong
Moat score
70 / 100
66 / 100
Moat domains
Demand, Legal, Supply
Legal, Supply
Last update
2025-12-27
2026-01-05

Moat coverage

Shared moat types

Operational Excellence

Air Products and Chemicals, Inc. strengths

Long Term ContractsPermits Rights Of WayCapex Knowhow ScalePhysical Network DensityInstalled Base Consumables

Eli Lilly and Company strengths

IP Choke PointCapacity MoatLearning Curve YieldCompliance Advantage

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%

Eli Lilly and Company segments

Full profile >

Cardiometabolic Health

Oligopoly

65.5%

Oncology

Competitive

19.4%

Immunology

Competitive

9.8%

Neuroscience

Competitive

3.3%

Other

Competitive

2%

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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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.