VOL. XCIV, NO. 247

★ WIDE MOAT STOCKS COMPARISON ★

NO ADVICE

Wednesday, January 7, 2026

Stock Comparison

Cochlear Limited vs Enbridge Inc.

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

Cochlear Limited

COH · ASX

Market cap (USD)$17B
Gross margin (TTM)74.5%
Operating margin (TTM)22.7%
Net margin (TTM)16.2%
SectorHealthcare
IndustryMedical - Devices
CountryAU
Data as of2026-01-04
Moat score
81/ 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 Cochlear Limited's moat claims, evidence, and risks.

View COH analysis

Enbridge Inc.

ENB · Toronto Stock Exchange

Market cap (USD)$139.7B
Gross margin (TTM)35.2%
Operating margin (TTM)17.5%
Net margin (TTM)9.4%
SectorEnergy
IndustryOil & Gas Midstream
CountryCA
Data as of2025-12-31
Moat score
92/ 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 Enbridge Inc.'s moat claims, evidence, and risks.

View ENB analysis

Comparison highlights

  • Moat score gap: Enbridge Inc. leads (92 / 100 vs 81 / 100 for Cochlear Limited).
  • Segment focus: Cochlear Limited has 3 segments (62.4% in Cochlear Implants); Enbridge Inc. has 4 segments (72.8% in Liquids Pipelines).
  • Moat breadth: Cochlear Limited has 8 moat types across 3 domains; Enbridge Inc. has 6 across 3.

Primary market context

Cochlear Limited

Cochlear Implants

Market

Cochlear implant systems (internal implant + external sound processors) for severe-to-profound hearing loss

Geography

Global

Customer

Hospitals/ENT clinics and audiology programs (providers) serving implant candidates/recipients; reimbursed by public/private payers

Role

Medical device OEM / platform owner (implant + processor + fitting software + clinical support)

Revenue share

62.4%

Enbridge Inc.

Liquids Pipelines

Market

Crude oil & liquids pipeline transportation plus terminals/storage

Geography

North America (Canada & U.S.)

Customer

Producers, refiners, marketers (shippers)

Role

Midstream pipeline operator

Revenue share

72.8%

Side-by-side metrics

Cochlear Limited
Enbridge Inc.
Ticker / Exchange
COH - ASX
ENB - Toronto Stock Exchange
Market cap (USD)
$17B
$139.7B
Gross margin (TTM)
74.5%
35.2%
Operating margin (TTM)
22.7%
17.5%
Net margin (TTM)
16.2%
9.4%
Sector
Healthcare
Energy
Industry
Medical - Devices
Oil & Gas Midstream
HQ country
AU
CA
Primary segment
Cochlear Implants
Liquids Pipelines
Market structure
Oligopoly
Oligopoly
Market share
60%-65% (reported)
29%-31% (reported)
HHI estimate
n/a
n/a
Pricing power
Moderate
Moderate
Moat score
81 / 100
92 / 100
Moat domains
Demand, Legal, Supply
Legal, Supply, Demand
Last update
2026-01-04
2025-12-31

Moat coverage

Shared moat types

Capex Knowhow Scale

Cochlear Limited strengths

Brand TrustCompliance AdvantageIP Choke PointService Field NetworkInstalled Base ConsumablesFormat Lock InData Workflow Lockin

Enbridge Inc. strengths

Permits Rights Of WayPhysical Network DensityLong Term ContractsRegulated Standards PipeConcession License

Segment mix

Cochlear Limited segments

Full profile >

Cochlear Implants

Oligopoly

62.4%

Services

Monopoly

25.9%

Acoustics

Oligopoly

11.7%

Enbridge Inc. segments

Full profile >

Liquids Pipelines

Oligopoly

72.8%

Gas Transmission and Midstream

Oligopoly

11.8%

Gas Distribution and Storage

Monopoly

14.4%

Renewable Power Generation

Competitive

1%

Want the full wide moat stocks list?

Browse the full ranking of wide moat stocks, updated with moat scores and segment context.

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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.