VOL. XCIV, NO. 247

★ WIDE MOAT STOCKS COMPARISON ★

NO ADVICE

Wednesday, December 31, 2025

Stock Comparison

Air Products and Chemicals, Inc. vs UnitedHealth Group Incorporated

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

UnitedHealth Group Incorporated

UNH · New York Stock Exchange

Market cap (USD)$123.8B
SectorHealthcare
CountryUS
Data as of2025-12-31
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 UnitedHealth Group Incorporated's moat claims, evidence, and risks.

View UNH analysis

Comparison highlights

  • Moat score gap: Air Products and Chemicals, Inc. leads (70 / 100 vs 64 / 100 for UnitedHealth Group Incorporated).
  • Segment focus: Air Products and Chemicals, Inc. has 3 segments (51.3% in On-site industrial gases (incl. pipelines)); UnitedHealth Group Incorporated has 4 segments (74.9% in UnitedHealthcare).
  • Primary market structure: Oligopoly vs Oligopoly. Pricing power: Strong vs Weak.
  • Moat breadth: Air Products and Chemicals, Inc. has 6 moat types across 3 domains; UnitedHealth Group Incorporated 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%

UnitedHealth Group Incorporated

UnitedHealthcare

Market

U.S. health benefits / managed care (commercial, Medicare Advantage, Medicaid managed care)

Geography

United States (primarily)

Customer

Employers, individuals, and government-sponsored programs

Role

Health insurer / managed care organization

Revenue share

74.9%

Side-by-side metrics

Air Products and Chemicals, Inc.
UnitedHealth Group Incorporated
Ticker / Exchange
APD - New York Stock Exchange
UNH - New York Stock Exchange
Market cap (USD)
$55.1B
$123.8B
Sector
Materials
Healthcare
HQ country
US
US
Primary segment
On-site industrial gases (incl. pipelines)
UnitedHealthcare
Market structure
Oligopoly
Oligopoly
Market share
n/a
n/a
HHI estimate
n/a
n/a
Pricing power
Strong
Weak
Moat score
70 / 100
64 / 100
Moat domains
Demand, Legal, Supply
Supply, Demand
Last update
2025-12-27
2025-12-31

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

UnitedHealth Group Incorporated strengths

Scale Economies Unit CostSuite BundlingData Workflow LockinTraining Org Change Costs

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%

UnitedHealth Group Incorporated segments

Full profile >

UnitedHealthcare

Oligopoly

74.9%

Optum Health

Competitive

9.9%

Optum Insight

Competitive

1.7%

Optum Rx

Oligopoly

13.5%

Want the full wide moat stocks list?

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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.