VOL. XCIV, NO. 247

★ WIDE MOAT STOCKS COMPARISON ★

NO ADVICE

Saturday, January 10, 2026

Stock Comparison

Alimentation Couche-Tard Inc. vs Brown & Brown, Inc.

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

Alimentation Couche-Tard Inc.

ATD · Toronto Stock Exchange

Market cap (USD)$70.8B
Gross margin (TTM)18.5%
Operating margin (TTM)5.3%
Net margin (TTM)3.6%
SectorConsumer
IndustrySpecialty Retail
CountryCA
Data as of2026-01-05
Moat score
58/ 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 Alimentation Couche-Tard Inc.'s moat claims, evidence, and risks.

View ATD analysis

Brown & Brown, Inc.

BRO · New York Stock Exchange

Market cap (USD)$27.5B
Gross margin (TTM)
Operating margin (TTM)
Net margin (TTM)
SectorFinancials
IndustryInsurance - Brokers
CountryUS
Data as of2026-01-09
Moat score
61/ 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 Brown & Brown, Inc.'s moat claims, evidence, and risks.

View BRO analysis

Comparison highlights

  • Moat score gap: Brown & Brown, Inc. leads (61 / 100 vs 58 / 100 for Alimentation Couche-Tard Inc.).
  • Segment focus: Alimentation Couche-Tard Inc. has 3 segments (74% in Road transportation fuel (retail fuel and related mobility services)); Brown & Brown, Inc. has 2 segments (59% in Retail).
  • Primary market structure: Competitive vs Competitive. Pricing power: Weak vs Moderate.
  • Moat breadth: Alimentation Couche-Tard Inc. has 5 moat types across 2 domains; Brown & Brown, Inc. has 5 across 3.

Primary market context

Alimentation Couche-Tard Inc.

Road transportation fuel (retail fuel and related mobility services)

Market

Road transportation fuel retail (gasoline/diesel) at convenience sites; includes unmanned/automated fuel stations

Geography

North America and Europe (plus select other regions via the network)

Customer

Consumers and small fleets

Role

Fuel retailer and site operator

Revenue share

74%

Brown & Brown, Inc.

Retail

Market

Retail insurance brokerage and agency services (commercial P&C, employee benefits, personal lines) plus dealer F&I risk-mitigating products

Geography

Primarily United States; also selected international operations

Customer

Commercial (SMB to mid-market), public/quasi-public entities, professional and individual insured customers; auto/RV dealers for F&I

Role

Insurance intermediary (agent/broker) and risk solutions advisor

Revenue share

59%

Side-by-side metrics

Alimentation Couche-Tard Inc.
Brown & Brown, Inc.
Ticker / Exchange
ATD - Toronto Stock Exchange
BRO - New York Stock Exchange
Market cap (USD)
$70.8B
$27.5B
Gross margin (TTM)
18.5%
n/a
Operating margin (TTM)
5.3%
n/a
Net margin (TTM)
3.6%
n/a
Sector
Consumer
Financials
Industry
Specialty Retail
Insurance - Brokers
HQ country
CA
US
Primary segment
Road transportation fuel (retail fuel and related mobility services)
Retail
Market structure
Competitive
Competitive
Market share
n/a
n/a
HHI estimate
n/a
n/a
Pricing power
Weak
Moderate
Moat score
58 / 100
61 / 100
Moat domains
Supply, Demand
Demand, Supply, Legal
Last update
2026-01-05
2026-01-09

Moat coverage

Shared moat types

Brand Trust

Alimentation Couche-Tard Inc. strengths

Physical Network DensityOperational ExcellenceSupply Chain ControlScope Economies

Brown & Brown, Inc. strengths

Procurement InertiaScale Economies Unit CostContractual ExclusivityPreferential Input Access

Segment mix

Alimentation Couche-Tard Inc. segments

Full profile >

Merchandise and services (in-store convenience retail)

Competitive

25.2%

Road transportation fuel (retail fuel and related mobility services)

Competitive

74%

Other revenues (ancillary energy and other income streams)

Competitive

0.8%

Brown & Brown, Inc. segments

Full profile >

Retail

Competitive

59%

Specialty Distribution

Oligopoly

41%

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.