VOL. XCIV, NO. 247

★ WIDE MOAT STOCKS COMPARISON ★

NO ADVICE

Stock Comparison

Caterpillar Inc. vs Thales S.A.

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

Caterpillar Inc.

CAT · New York Stock Exchange

Market cap (USD)$355.5B
Gross margin (TTM)32.3%
Operating margin (TTM)16.6%
Net margin (TTM)13.1%
SectorIndustrials
IndustryAgricultural - Machinery
CountryUS
Data as of2025-12-25
Moat score
68/ 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 Caterpillar Inc.'s moat claims, evidence, and risks.

View CAT analysis

Thales S.A.

HO · Euronext Paris

Market cap (USD)$54.3B
Gross margin (TTM)26.1%
Operating margin (TTM)9%
Net margin (TTM)5.1%
SectorIndustrials
IndustryAerospace & Defense
CountryFR
Data as of2025-12-28
Moat score
73/ 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 Thales S.A.'s moat claims, evidence, and risks.

View HO analysis

Comparison highlights

  • Moat score gap: Thales S.A. leads (73 / 100 vs 68 / 100 for Caterpillar Inc.).
  • Segment focus: Caterpillar Inc. has 5 segments (40.7% in Energy & Transportation); Thales S.A. has 3 segments (53.3% in Defence).
  • Moat breadth: Caterpillar Inc. has 9 moat types across 4 domains; Thales S.A. has 8 across 3.

Primary market context

Caterpillar Inc.

Energy & Transportation

Market

Off-highway engines, power generation, turbines, locomotives and related services

Geography

Global

Customer

Energy companies, industrial customers, OEMs, rail and marine operators

Role

OEM + aftermarket parts/service

Revenue share

40.7%

Thales S.A.

Defence

Market

Defense electronics, secure communications, and mission systems

Geography

Global

Customer

Government / defence ministries, armed forces, security forces

Role

Prime contractor and system integrator; OEM of defence electronics

Revenue share

53.3%

Side-by-side metrics

Caterpillar Inc.
Thales S.A.
Ticker / Exchange
CAT - New York Stock Exchange
HO - Euronext Paris
Market cap (USD)
$355.5B
$54.3B
Gross margin (TTM)
32.3%
26.1%
Operating margin (TTM)
16.6%
9%
Net margin (TTM)
13.1%
5.1%
Sector
Industrials
Industrials
Industry
Agricultural - Machinery
Aerospace & Defense
HQ country
US
FR
Primary segment
Energy & Transportation
Defence
Market structure
Oligopoly
Oligopoly
Market share
n/a
n/a
HHI estimate
n/a
n/a
Pricing power
Moderate
Moderate
Moat score
68 / 100
73 / 100
Moat domains
Supply, Demand, Financial, Network
Legal, Demand, Supply
Last update
2025-12-25
2025-12-28

Moat coverage

Shared moat types

Brand TrustService Field NetworkCapex Knowhow ScaleDesign In QualificationSuite Bundling

Caterpillar Inc. strengths

Distribution ControlInstalled Base ConsumablesUnderwriting Risk PoolingEcosystem Complements

Thales S.A. strengths

Government Contracting RelationshipsLong Term ContractsRegulated Standards Pipe

Segment mix

Caterpillar Inc. segments

Full profile >

Construction Industries

Oligopoly

35.9%

Resource Industries

Oligopoly

17.5%

Energy & Transportation

Oligopoly

40.7%

Financial Products

Competitive

5.3%

All Other

Competitive

0.6%

Thales S.A. segments

Full profile >

Defence

Oligopoly

53.3%

Aerospace

Oligopoly

26.6%

Cyber & Digital

Competitive

19.6%

Want the full wide moat stocks list?

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

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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.