VOL. XCIV, NO. 247

* WIDE MOAT STOCKS COMPARISON *

NO ADVICE

Monday, December 29, 2025

Stock Comparison

BAE Systems plc vs Spirax Group plc

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

BAE Systems plc

BA. · London Stock Exchange

Market cap (USD)
SectorIndustrials
CountryGB
Data as of2025-12-28
Moat score
75/ 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 BAE Systems plc's moat claims, evidence, and risks.

View BA. analysis

Spirax Group plc

SPX · London Stock Exchange

Market cap (USD)$6.7B
SectorIndustrials
CountryGB
Data as of2025-12-28
Moat score
71/ 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 Spirax Group plc's moat claims, evidence, and risks.

View SPX analysis

Comparison highlights

  • Moat score gap: BAE Systems plc leads (75 / 100 vs 71 / 100 for Spirax Group plc).
  • Segment focus: BAE Systems plc has 5 segments (26.6% in Electronic Systems); Spirax Group plc has 3 segments (52.1% in Steam Thermal Solutions).
  • Moat breadth: BAE Systems plc has 8 moat types across 3 domains; Spirax Group plc has 6 across 2.

Primary market context

BAE Systems plc

Electronic Systems

Market

Defence electronics (electronic warfare, avionics, C4ISR, space payloads and mission systems)

Geography

Primarily US and UK; global programmes

Customer

Government defence and intelligence agencies; prime contractors

Role

Subsystem OEM and prime contractor for electronics/mission systems

Revenue share

26.6%

Spirax Group plc

Steam Thermal Solutions

Market

Industrial and commercial steam systems (condensate management, controls, thermal energy management products and solutions)

Geography

Global

Customer

Industrial process operators and commercial facility operators

Role

OEM / solutions provider

Revenue share

52.1%

Side-by-side metrics

BAE Systems plc
Spirax Group plc
Ticker / Exchange
BA. - London Stock Exchange
SPX - London Stock Exchange
Market cap (USD)
n/a
$6.7B
Sector
Industrials
Industrials
HQ country
GB
GB
Primary segment
Electronic Systems
Steam Thermal Solutions
Market structure
Oligopoly
Oligopoly
Market share
n/a
n/a
HHI estimate
n/a
n/a
Pricing power
Moderate
Moderate
Moat score
75 / 100
71 / 100
Moat domains
Legal, Demand, Supply
Supply, Demand
Last update
2025-12-28
2025-12-28

Moat coverage

Shared moat types

Design In QualificationService Field NetworkCapex Knowhow Scale

BAE Systems plc strengths

Government Contracting RelationshipsCompliance AdvantageLong Term ContractsCapacity MoatSwitching Costs General

Spirax Group plc strengths

Installed Base ConsumablesBrand TrustSuite Bundling

Segment mix

BAE Systems plc segments

Full profile >

Electronic Systems

Oligopoly

26.6%

Platforms & Services

Oligopoly

16.3%

Air

Oligopoly

26%

Maritime

Oligopoly

22.5%

Cyber & Intelligence

Competitive

8.6%

Spirax Group plc segments

Full profile >

Steam Thermal Solutions

Oligopoly

52.1%

Electric Thermal Solutions

Competitive

24.3%

Watson-Marlow Fluid Technology Solutions

Oligopoly

23.6%

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.