VOL. XCIV, NO. 247

★ WIDE MOAT STOCKS COMPARISON ★

NO ADVICE

Stock Comparison

British American Tobacco p.l.c. vs EssilorLuxottica

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

British American Tobacco p.l.c.

BATS · London Stock Exchange

Market cap (USD)$99.1B
Gross margin (TTM)68.1%
Operating margin (TTM)27%
Net margin (TTM)21%
SectorConsumer
IndustryTobacco
CountryGB
Data as of2025-12-30
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 British American Tobacco p.l.c.'s moat claims, evidence, and risks.

View BATS analysis

EssilorLuxottica

EL · Euronext Paris

Market cap (USD)$110.3B
Gross margin (TTM)61.5%
Operating margin (TTM)12.4%
Net margin (TTM)8.5%
SectorHealthcare
IndustryMedical - Instruments & Supplies
CountryFR
Data as of2026-01-11
Moat score
69/ 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 EssilorLuxottica's moat claims, evidence, and risks.

View EL analysis

Comparison highlights

  • Moat score gap: British American Tobacco p.l.c. leads (71 / 100 vs 69 / 100 for EssilorLuxottica).
  • Segment focus: British American Tobacco p.l.c. has 6 segments (80% in Combustibles); EssilorLuxottica has 2 segments (52.7% in Direct to Consumer).
  • Primary market structure: Oligopoly vs Competitive. Pricing power: Strong vs Moderate.
  • Moat breadth: British American Tobacco p.l.c. has 6 moat types across 3 domains; EssilorLuxottica has 5 across 3.

Primary market context

British American Tobacco p.l.c.

Combustibles

Market

Combustible tobacco (cigarettes and other combustible products)

Geography

Global

Customer

Adult nicotine consumers via retail/wholesale channels

Role

Manufacturer / brand owner

Revenue share

80%

EssilorLuxottica

Direct to Consumer

Market

Optical retail and e-commerce (prescription eyewear and sunglasses)

Geography

Global

Customer

Consumers (end-users)

Role

Omnichannel retailer + vertically integrated manufacturer/brand owner

Revenue share

52.7%

Side-by-side metrics

British American Tobacco p.l.c.
EssilorLuxottica
Ticker / Exchange
BATS - London Stock Exchange
EL - Euronext Paris
Market cap (USD)
$99.1B
$110.3B
Gross margin (TTM)
68.1%
61.5%
Operating margin (TTM)
27%
12.4%
Net margin (TTM)
21%
8.5%
Sector
Consumer
Healthcare
Industry
Tobacco
Medical - Instruments & Supplies
HQ country
GB
FR
Primary segment
Combustibles
Direct to Consumer
Market structure
Oligopoly
Competitive
Market share
n/a
n/a
HHI estimate
n/a
n/a
Pricing power
Strong
Moderate
Moat score
71 / 100
69 / 100
Moat domains
Demand, Supply, Legal
Legal, Supply, Demand
Last update
2025-12-30
2026-01-11

Moat coverage

Shared moat types

Brand TrustDistribution Control

British American Tobacco p.l.c. strengths

Compliance AdvantageInstalled Base ConsumablesOperational ExcellenceCapability adjacency

EssilorLuxottica strengths

IP Choke PointScale Economies Unit CostContractual Exclusivity

Segment mix

British American Tobacco p.l.c. segments

Full profile >

Combustibles

Oligopoly

80%

Vapour

Competitive

6.7%

Heated Products

Oligopoly

3.6%

Modern Oral

Oligopoly

3.1%

Traditional Oral

Oligopoly

4.2%

Other

Competitive

2.5%

EssilorLuxottica segments

Full profile >

Professional Solutions

Oligopoly

47.3%

Direct to Consumer

Competitive

52.7%

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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.