VOL. XCIV, NO. 247

★ WIDE MOAT STOCKS COMPARISON ★

NO ADVICE

Saturday, January 3, 2026

Wide Moat Stocks Home My Collections

Stock Comparison

Barry Callebaut AG vs Xero Limited

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)$7.2B

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

Xero Limited

XRO · Australian Securities Exchange

Market cap (USD)—

Gross margin (TTM)—

Operating margin (TTM)—

Net margin (TTM)—

SectorTechnology

Industry—

CountryNZ

Data as of2026-01-02

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 Xero Limited's moat claims, evidence, and risks.

View XRO analysis

Comparison highlights

Moat score gap: Xero Limited leads (71 / 100 vs 63 / 100 for Barry Callebaut AG).
Segment focus: Barry Callebaut AG has 2 segments (68.7% in Global Chocolate); Xero Limited has 2 segments.
Moat breadth: Barry Callebaut AG has 6 moat types across 2 domains; Xero Limited has 7 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%

Xero Limited

Core Accounting Subscription Platform

Market

Cloud accounting software for small businesses and their advisors

Geography

Global

Customer

SMB; accountants & bookkeepers

Role

Software platform (SaaS)

Side-by-side metrics

Barry Callebaut AG

Xero Limited

Ticker / Exchange

BARN - SIX Swiss Exchange

XRO - Australian Securities Exchange

Market cap (USD)

$7.2B

n/a

Gross margin (TTM)

11.1%

n/a

Operating margin (TTM)

4.6%

n/a

Net margin (TTM)

1.5%

n/a

Sector

Consumer

Technology

Industry

Food Confectioners

n/a

HQ country

Primary segment

Global Chocolate

Core Accounting Subscription Platform

Market structure

Oligopoly

Market share

n/a

HHI estimate

n/a

Pricing power

Moderate

Moat score

63 / 100

71 / 100

Moat domains

Supply, Demand

Demand, Network, Financial

Last update

2025-12-29

2026-01-02

Moat coverage

Shared moat types

No overlap yet.

Barry Callebaut AG strengths

Capex Knowhow ScaleSupply Chain ControlBrand TrustCost-plus pass-through modelScale Economies Unit CostPreferential Input Access

Xero Limited strengths

Data Workflow LockinSwitching Costs GeneralTwo Sided NetworkBenchmark Pricing PowerInteroperability HubEcosystem ComplementsSuite Bundling

Segment mix

Barry Callebaut AG segments

Full profile >

Global Chocolate

Oligopoly

68.7%

Global Cocoa

Oligopoly

31.3%

Xero Limited segments

Full profile >

Core Accounting Subscription Platform

Oligopoly

n/a

Platform Services (Payments, Payroll, App Ecosystem)

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.

View the moat stocks list

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.