VOL. XCIV, NO. 247

★ WIDE MOAT STOCKS COMPARISON ★

NO ADVICE

Thursday, January 8, 2026

Stock Comparison

Air Products and Chemicals, Inc. vs Lotus Bakeries NV

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

Lotus Bakeries NV

LOTB · Euronext Brussels

Market cap (USD)$6.9B
Gross margin (TTM)28.7%
Operating margin (TTM)16.5%
Net margin (TTM)12.3%
SectorConsumer
IndustryPackaged Foods
CountryBE
Data as of2026-01-06
Moat score
64/ 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 Lotus Bakeries NV's moat claims, evidence, and risks.

View LOTB analysis

Comparison highlights

  • Moat score gap: Air Products and Chemicals, Inc. leads (70 / 100 vs 64 / 100 for Lotus Bakeries NV).
  • Segment focus: Air Products and Chemicals, Inc. has 3 segments (51.3% in On-site industrial gases (incl. pipelines)); Lotus Bakeries NV has 3 segments (56% in Lotus Biscoff).
  • Moat breadth: Air Products and Chemicals, Inc. has 6 moat types across 3 domains; Lotus Bakeries NV 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%

Lotus Bakeries NV

Lotus Biscoff

Market

Branded caramelised biscuits (speculoos) and Biscoff spread

Geography

Global

Customer

Consumers via retail and away-from-home channels

Role

Brand owner and manufacturer

Revenue share

56%

Side-by-side metrics

Air Products and Chemicals, Inc.
Lotus Bakeries NV
Ticker / Exchange
APD - New York Stock Exchange
LOTB - Euronext Brussels
Market cap (USD)
$56.5B
$6.9B
Gross margin (TTM)
31.4%
28.7%
Operating margin (TTM)
-7.3%
16.5%
Net margin (TTM)
-3.3%
12.3%
Sector
Materials
Consumer
Industry
Chemicals - Specialty
Packaged Foods
HQ country
US
BE
Primary segment
On-site industrial gases (incl. pipelines)
Lotus Biscoff
Market structure
Oligopoly
Oligopoly
Market share
n/a
n/a
HHI estimate
n/a
n/a
Pricing power
Strong
Strong
Moat score
70 / 100
64 / 100
Moat domains
Demand, Legal, Supply
Demand, Supply
Last update
2025-12-27
2026-01-06

Moat coverage

Shared moat types

Capex Knowhow Scale

Air Products and Chemicals, Inc. strengths

Long Term ContractsPermits Rights Of WayPhysical Network DensityInstalled Base ConsumablesOperational Excellence

Lotus Bakeries NV strengths

Brand TrustHabit DefaultCapacity MoatDistribution Control

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%

Lotus Bakeries NV segments

Full profile >

Lotus Biscoff

Oligopoly

56%

Lotus Natural Foods

Competitive

24%

Lotus Local Heroes

Competitive

20%

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.