VOL. XCIV, NO. 247

★ WIDE MOAT STOCKS COMPARISON ★

NO ADVICE

Wednesday, January 7, 2026

Stock Comparison

ASML Holding N.V. vs Cochlear Limited

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

ASML Holding N.V.

ASML · Euronext Amsterdam

Market cap (USD)$407.9B
Gross margin (TTM)52.7%
Operating margin (TTM)34.9%
Net margin (TTM)29.4%
SectorTechnology
IndustrySemiconductors
CountryNL
Data as of2025-12-21
Moat score
76/ 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 ASML Holding N.V.'s moat claims, evidence, and risks.

View ASML 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 76 / 100 for ASML Holding N.V.).
  • Segment focus: ASML Holding N.V. has 3 segments (23% in Installed Base Management (service, upgrades, field options)); Cochlear Limited has 3 segments (62.4% in Cochlear Implants).
  • Primary market structure: Quasi-Monopoly vs Oligopoly. Pricing power: Strong vs Moderate.
  • Moat breadth: ASML Holding N.V. has 6 moat types across 2 domains; Cochlear Limited has 8 across 3.

Primary market context

ASML Holding N.V.

Installed Base Management (service, upgrades, field options)

Market

Service, upgrades and field options for installed ASML lithography tools

Geography

Global

Customer

Owners/operators of ASML lithography systems

Role

Aftermarket service provider

Revenue share

23%

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

ASML Holding N.V.
Cochlear Limited
Ticker / Exchange
ASML - Euronext Amsterdam
COH - ASX
Market cap (USD)
$407.9B
$17B
Gross margin (TTM)
52.7%
74.5%
Operating margin (TTM)
34.9%
22.7%
Net margin (TTM)
29.4%
16.2%
Sector
Technology
Healthcare
Industry
Semiconductors
Medical - Devices
HQ country
NL
AU
Primary segment
Installed Base Management (service, upgrades, field options)
Cochlear Implants
Market structure
Quasi-Monopoly
Oligopoly
Market share
n/a
60%-65% (reported)
HHI estimate
n/a
n/a
Pricing power
Strong
Moderate
Moat score
76 / 100
81 / 100
Moat domains
Supply, Demand
Demand, Legal, Supply
Last update
2025-12-21
2026-01-04

Moat coverage

Shared moat types

Capex Knowhow ScaleBrand TrustService Field NetworkInstalled Base Consumables

ASML Holding N.V. strengths

Supply Chain ControlSwitching Costs General

Cochlear Limited strengths

Compliance AdvantageIP Choke PointFormat Lock InData Workflow Lockin

Segment mix

ASML Holding N.V. segments

Full profile >

EUV lithography systems (incl. High-NA)

Monopoly

n/a

DUV lithography systems

Oligopoly

n/a

Installed Base Management (service, upgrades, field options)

Quasi-Monopoly

23%

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.