VOL. XCIV, NO. 247

★ WIDE MOAT STOCKS COMPARISON ★

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Friday, January 2, 2026

Stock Comparison

British American Tobacco p.l.c. vs Pro Medicus Limited

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)$91.3B
Gross margin (TTM)73.3%
Operating margin (TTM)-24.7%
Net margin (TTM)-20.8%
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

Pro Medicus Limited

PME · ASX

Market cap (USD)$15.5B
Gross margin (TTM)
Operating margin (TTM)
Net margin (TTM)
SectorHealthcare
Industry
CountryAU
Data as of
Moat score
80/ 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 Pro Medicus Limited's moat claims, evidence, and risks.

View PME analysis

Comparison highlights

  • Moat score gap: Pro Medicus Limited leads (80 / 100 vs 71 / 100 for British American Tobacco p.l.c.).
  • Segment focus: British American Tobacco p.l.c. has 6 segments (80% in Combustibles); Pro Medicus Limited has 2 segments (92.5% in Visage 7 Enterprise Imaging Platform (PACS / CloudPACS)).
  • Moat breadth: British American Tobacco p.l.c. has 6 moat types across 3 domains; Pro Medicus Limited has 6 across 2.

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%

Pro Medicus Limited

Visage 7 Enterprise Imaging Platform (PACS / CloudPACS)

Market

Enterprise imaging / PACS and related modules for hospitals and integrated delivery networks (IDNs)

Geography

Primarily North America; also Europe and Australia

Customer

Hospitals, imaging centers, integrated delivery networks (IDNs)

Role

Healthcare IT software vendor / platform provider

Revenue share

92.5%

Side-by-side metrics

British American Tobacco p.l.c.
Pro Medicus Limited
Ticker / Exchange
BATS - London Stock Exchange
PME - ASX
Market cap (USD)
$91.3B
$15.5B
Gross margin (TTM)
73.3%
n/a
Operating margin (TTM)
-24.7%
n/a
Net margin (TTM)
-20.8%
n/a
Sector
Consumer
Healthcare
Industry
Tobacco
n/a
HQ country
GB
AU
Primary segment
Combustibles
Visage 7 Enterprise Imaging Platform (PACS / CloudPACS)
Market structure
Oligopoly
Oligopoly
Market share
n/a
55% (implied)
HHI estimate
n/a
n/a
Pricing power
Strong
Strong
Moat score
71 / 100
80 / 100
Moat domains
Demand, Supply, Legal
Demand, Supply
Last update
2025-12-30
2026-01-02

Moat coverage

Shared moat types

Operational Excellence

British American Tobacco p.l.c. strengths

Brand TrustDistribution ControlCompliance AdvantageInstalled Base ConsumablesCapability adjacency

Pro Medicus Limited strengths

Data Workflow LockinKeystone ComponentSuite BundlingSwitching Costs GeneralLong Term Contracts

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%

Pro Medicus Limited segments

Full profile >

Visage 7 Enterprise Imaging Platform (PACS / CloudPACS)

Oligopoly

92.5%

Visage RIS (Radiology Information System) and Promedicus.net

Oligopoly

7.5%

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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.