VOL. XCIV, NO. 247

★ WIDE MOAT STOCKS COMPARISON ★

NO ADVICE

Thursday, January 8, 2026

Stock Comparison

Cochlear Limited vs Euronext N.V.

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

Euronext N.V.

ENX · Euronext Paris

Market cap (USD)$12.9B
Gross margin (TTM)58.9%
Operating margin (TTM)51.2%
Net margin (TTM)36.2%
SectorFinancials
IndustryFinancial - Data & Stock Exchanges
CountryNL
Data as of2026-01-03
Moat score
74/ 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 Euronext N.V.'s moat claims, evidence, and risks.

View ENX analysis

Comparison highlights

  • Moat score gap: Cochlear Limited leads (81 / 100 vs 74 / 100 for Euronext N.V.).
  • Segment focus: Cochlear Limited has 3 segments (62.4% in Cochlear Implants); Euronext N.V. has 7 segments (34.4% in Trading).
  • Moat breadth: Cochlear Limited has 8 moat types across 3 domains; Euronext N.V. has 7 across 4.

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%

Euronext N.V.

Trading

Market

Multi-asset exchange trading venues (cash equities, derivatives, fixed income, FX, power)

Geography

Europe (with global participants)

Customer

Broker-dealers, banks, proprietary trading firms, asset managers, and other market participants

Role

Trading venue operator

Revenue share

34.4%

Side-by-side metrics

Cochlear Limited
Euronext N.V.
Ticker / Exchange
COH - ASX
ENX - Euronext Paris
Market cap (USD)
$17B
$12.9B
Gross margin (TTM)
74.5%
58.9%
Operating margin (TTM)
22.7%
51.2%
Net margin (TTM)
16.2%
36.2%
Sector
Healthcare
Financials
Industry
Medical - Devices
Financial - Data & Stock Exchanges
HQ country
AU
NL
Primary segment
Cochlear Implants
Trading
Market structure
Oligopoly
Oligopoly
Market share
60%-65% (reported)
64.8% (reported)
HHI estimate
n/a
n/a
Pricing power
Moderate
Moderate
Moat score
81 / 100
74 / 100
Moat domains
Demand, Legal, Supply
Legal, Network, Supply, Demand
Last update
2026-01-04
2026-01-03

Moat coverage

Shared moat types

IP Choke PointFormat Lock InData Workflow Lockin

Cochlear Limited strengths

Brand TrustCompliance AdvantageCapex Knowhow ScaleService Field NetworkInstalled Base Consumables

Euronext N.V. strengths

Concession LicenseTwo Sided NetworkOperational ExcellenceClearing Settlement

Segment mix

Cochlear Limited segments

Full profile >

Cochlear Implants

Oligopoly

62.4%

Services

Monopoly

25.9%

Acoustics

Oligopoly

11.7%

Euronext N.V. segments

Full profile >

Listing

Oligopoly

14.3%

Trading

Oligopoly

34.4%

Advanced Data Services

Quasi-Monopoly

14.9%

Clearing

Oligopoly

12.4%

Custody & Settlement

Quasi-Monopoly

16.6%

Technology Solutions & Other

Competitive

6.5%

Investor Services

Competitive

0.9%

Want the full wide moat stocks list?

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

View the moat stocks list

Looking for expansion-stage stocks?

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

View expansion-stage stocks

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.