VOL. XCIV, NO. 247

★ WIDE MOAT STOCKS COMPARISON ★

NO ADVICE

Thursday, January 8, 2026

Stock Comparison

British American Tobacco p.l.c. vs ResMed Inc.

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)$88.2B
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

ResMed Inc.

RMD · New York Stock Exchange

Market cap (USD)$36B
Gross margin (TTM)60.1%
Operating margin (TTM)33.2%
Net margin (TTM)27.4%
SectorHealthcare
IndustryMedical - Instruments & Supplies
CountryUS
Data as of2026-01-04
Moat score
76/ 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 ResMed Inc.'s moat claims, evidence, and risks.

View RMD analysis

Comparison highlights

  • Moat score gap: ResMed Inc. leads (76 / 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); ResMed Inc. has 2 segments (87.5% in Sleep and Breathing Health).
  • Primary market structure: Oligopoly vs Oligopoly. Pricing power: Strong vs Moderate.
  • Moat breadth: British American Tobacco p.l.c. has 6 moat types across 3 domains; ResMed Inc. has 7 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%

ResMed Inc.

Sleep and Breathing Health

Market

Sleep apnea and respiratory care devices and related consumables (PAP, masks, ventilation) plus connected monitoring services

Geography

Global

Customer

DME/HME providers, sleep clinics, hospitals, patients

Role

Medical device OEM + connected care software/data services

Revenue share

87.5%

Side-by-side metrics

British American Tobacco p.l.c.
ResMed Inc.
Ticker / Exchange
BATS - London Stock Exchange
RMD - New York Stock Exchange
Market cap (USD)
$88.2B
$36B
Gross margin (TTM)
73.3%
60.1%
Operating margin (TTM)
-24.7%
33.2%
Net margin (TTM)
-20.8%
27.4%
Sector
Consumer
Healthcare
Industry
Tobacco
Medical - Instruments & Supplies
HQ country
GB
US
Primary segment
Combustibles
Sleep and Breathing Health
Market structure
Oligopoly
Oligopoly
Market share
n/a
58%-66% (estimated)
HHI estimate
n/a
n/a
Pricing power
Strong
Moderate
Moat score
71 / 100
76 / 100
Moat domains
Demand, Supply, Legal
Demand, Legal
Last update
2025-12-30
2026-01-04

Moat coverage

Shared moat types

Brand TrustCompliance AdvantageInstalled Base Consumables

British American Tobacco p.l.c. strengths

Distribution ControlOperational ExcellenceCapability adjacency

ResMed Inc. strengths

Data Workflow LockinIP Choke PointLong Term ContractsTraining Org Change Costs

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%

ResMed Inc. segments

Full profile >

Sleep and Breathing Health

Oligopoly

87.5%

Residential Care Software

Competitive

12.5%

Want the full wide moat stocks list?

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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.