VOL. XCIV, NO. 247

★ WIDE MOAT STOCKS COMPARISON ★

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Saturday, January 10, 2026

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Stock Comparison

Barry Callebaut AG vs Brown & Brown, Inc.

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

Barry Callebaut AG

BARN · SIX Swiss Exchange

Market cap (USD)$7.1B
Gross margin (TTM)11.1%
Operating margin (TTM)4.6%
Net margin (TTM)1.5%
SectorConsumer
IndustryFood Confectioners
CountryCH
Data as of2025-12-29
Moat score
63/ 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 Barry Callebaut AG's moat claims, evidence, and risks.

View BARN 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: Barry Callebaut AG leads (63 / 100 vs 61 / 100 for Brown & Brown, Inc.).
  • Segment focus: Barry Callebaut AG has 2 segments (68.7% in Global Chocolate); Brown & Brown, Inc. has 2 segments (59% in Retail).
  • Primary market structure: Oligopoly vs Competitive. Pricing power: Moderate vs Moderate.
  • Moat breadth: Barry Callebaut AG has 6 moat types across 2 domains; Brown & Brown, Inc. has 5 across 3.

Primary market context

Barry Callebaut AG

Global Chocolate

Market

Chocolate ingredients and solutions (B2B) for food manufacturers and professional/artisan customers

Geography

Global

Customer

Industrial food manufacturers; professional/artisan users (chocolatiers, bakers, pastry chefs, foodservice)

Role

Ingredient manufacturer / solutions provider

Revenue share

68.7%

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

Barry Callebaut AG
Brown & Brown, Inc.
Ticker / Exchange
BARN - SIX Swiss Exchange
BRO - New York Stock Exchange
Market cap (USD)
$7.1B
$27.5B
Gross margin (TTM)
11.1%
n/a
Operating margin (TTM)
4.6%
n/a
Net margin (TTM)
1.5%
n/a
Sector
Consumer
Financials
Industry
Food Confectioners
Insurance - Brokers
HQ country
CH
US
Primary segment
Global Chocolate
Retail
Market structure
Oligopoly
Competitive
Market share
n/a
n/a
HHI estimate
n/a
n/a
Pricing power
Moderate
Moderate
Moat score
63 / 100
61 / 100
Moat domains
Supply, Demand
Demand, Supply, Legal
Last update
2025-12-29
2026-01-09

Moat coverage

Shared moat types

Brand TrustScale Economies Unit CostPreferential Input Access

Barry Callebaut AG strengths

Capex Knowhow ScaleSupply Chain ControlCost-plus pass-through model

Brown & Brown, Inc. strengths

Procurement InertiaContractual Exclusivity

Segment mix

Barry Callebaut AG segments

Full profile >

Global Chocolate

Oligopoly

68.7%

Global Cocoa

Oligopoly

31.3%

Brown & Brown, Inc. segments

Full profile >

Retail

Competitive

59%

Specialty Distribution

Oligopoly

41%

Want the full wide moat stocks list?

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Looking for expansion-stage stocks?

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.