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 Teqnion AB (publ)

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

Teqnion AB (publ)

TEQ · Nasdaq First North Growth Market Sweden

Market cap (USD)$3.1B

Gross margin (TTM)—

Operating margin (TTM)—

Net margin (TTM)—

SectorFinancials

IndustryIndustrial - Distribution

CountrySE

Data as of2026-01-08

Moat score

47/ 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 Teqnion AB (publ)'s moat claims, evidence, and risks.

View TEQ analysis

Comparison highlights

Moat score gap: Barry Callebaut AG leads (63 / 100 vs 47 / 100 for Teqnion AB (publ)).
Segment focus: Barry Callebaut AG has 2 segments (68.7% in Global Chocolate); Teqnion AB (publ) has 4 segments.
Primary market structure: Oligopoly vs Competitive. Pricing power: Moderate vs n/a.
Moat breadth: Barry Callebaut AG has 6 moat types across 2 domains; Teqnion AB (publ) has 8 across 2.

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%

Teqnion AB (publ)

Acquisition & Portfolio Platform (Active, long-term ownership)

Market

Acquisition and long-term ownership of profitable niche industrial SMEs

Geography

Nordics, UK, Ireland

Customer

Business owners / sellers; subsidiary management teams

Role

Acquirer / holding company / active owner

Side-by-side metrics

Barry Callebaut AG

Teqnion AB (publ)

Ticker / Exchange

BARN - SIX Swiss Exchange

TEQ - Nasdaq First North Growth Market Sweden

Market cap (USD)

$7.1B

$3.1B

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

Industrial - Distribution

HQ country

Primary segment

Global Chocolate

Acquisition & Portfolio Platform (Active, long-term ownership)

Market structure

Oligopoly

Competitive

Market share

n/a

HHI estimate

n/a

Pricing power

Moderate

n/a

Moat score

63 / 100

47 / 100

Moat domains

Supply, Demand

Last update

2025-12-29

2026-01-08

Moat coverage

Shared moat types

Preferential Input Access

Barry Callebaut AG strengths

Capex Knowhow ScaleSupply Chain ControlBrand TrustCost-plus pass-through modelScale Economies Unit Cost

Teqnion AB (publ) strengths

Operational ExcellenceScope EconomiesDistribution ControlProcurement InertiaDesign In QualificationSwitching Costs GeneralLearning Curve Yield

Segment mix

Barry Callebaut AG segments

Full profile >

Global Chocolate

Oligopoly

68.7%

Global Cocoa

Oligopoly

31.3%

Teqnion AB (publ) segments

Full profile >

Acquisition & Portfolio Platform (Active, long-term ownership)

Competitive

n/a

Agency & Distribution Businesses

Competitive

n/a

Niche Product & Service Companies

Competitive

n/a

Manufacturing (Own-brand and Contract/OEM)

Competitive

n/a

Want the full wide moat stocks list?

Browse the full ranking of wide moat stocks, updated with moat scores and segment context.

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Looking for expansion-stage stocks?

Proven models entering the expansion stage with unit economics that work.

View expansion-stage stocks

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.