VOL. XCIV, NO. 247

★ WIDE MOAT STOCKS COMPARISON ★

NO ADVICE

Thursday, January 8, 2026

Stock Comparison

Cochlear Limited vs Fortinet, 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

Fortinet, Inc.

FTNT · NASDAQ

Market cap (USD)$59.5B
Gross margin (TTM)81.3%
Operating margin (TTM)31%
Net margin (TTM)28.6%
SectorTechnology
IndustrySoftware - Infrastructure
CountryUS
Data as of2025-12-26
Moat score
84/ 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 Fortinet, Inc.'s moat claims, evidence, and risks.

View FTNT analysis

Comparison highlights

  • Moat score gap: Fortinet, Inc. leads (84 / 100 vs 81 / 100 for Cochlear Limited).
  • Segment focus: Cochlear Limited has 3 segments (62.4% in Cochlear Implants); Fortinet, Inc. has 2 segments (68% in Subscriptions & Support Services).
  • Primary market structure: Oligopoly vs Quasi-Monopoly. Pricing power: Moderate vs Strong.
  • Moat breadth: Cochlear Limited has 8 moat types across 3 domains; Fortinet, Inc. has 7 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%

Fortinet, Inc.

Subscriptions & Support Services

Market

Cybersecurity subscriptions and technical support for Fortinet installed base (FortiGuard + FortiCare)

Geography

Global

Customer

Installed-base enterprises and channel partners

Role

Vendor (subscription/support services)

Revenue share

68%

Side-by-side metrics

Cochlear Limited
Fortinet, Inc.
Ticker / Exchange
COH - ASX
FTNT - NASDAQ
Market cap (USD)
$17B
$59.5B
Gross margin (TTM)
74.5%
81.3%
Operating margin (TTM)
22.7%
31%
Net margin (TTM)
16.2%
28.6%
Sector
Healthcare
Technology
Industry
Medical - Devices
Software - Infrastructure
HQ country
AU
US
Primary segment
Cochlear Implants
Subscriptions & Support Services
Market structure
Oligopoly
Quasi-Monopoly
Market share
60%-65% (reported)
n/a
HHI estimate
n/a
n/a
Pricing power
Moderate
Strong
Moat score
81 / 100
84 / 100
Moat domains
Demand, Legal, Supply
Demand, Supply, Financial
Last update
2026-01-04
2025-12-26

Moat coverage

Shared moat types

Installed Base Consumables

Cochlear Limited strengths

Brand TrustCompliance AdvantageCapex Knowhow ScaleIP Choke PointService Field NetworkFormat Lock InData Workflow Lockin

Fortinet, Inc. strengths

Suite BundlingKeystone ComponentScope EconomiesBenchmark Pricing PowerLong Term ContractsSwitching Costs General

Segment mix

Cochlear Limited segments

Full profile >

Cochlear Implants

Oligopoly

62.4%

Services

Monopoly

25.9%

Acoustics

Oligopoly

11.7%

Fortinet, Inc. segments

Full profile >

Secure Networking Products

Oligopoly

32%

Subscriptions & Support Services

Quasi-Monopoly

68%

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.