VOL. XCIV, NO. 247

★ WIDE MOAT STOCKS COMPARISON ★

NO ADVICE

Wednesday, January 7, 2026

Stock Comparison

Cochlear Limited vs Thales S.A.

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

Thales S.A.

HO · Euronext Paris

Market cap (USD)$51.4B
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: Cochlear Limited leads (81 / 100 vs 73 / 100 for Thales S.A.).
  • Segment focus: Cochlear Limited has 3 segments (62.4% in Cochlear Implants); Thales S.A. has 3 segments (53.3% in Defence).
  • Moat breadth: Cochlear Limited has 8 moat types across 3 domains; Thales S.A. has 8 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%

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

Cochlear Limited
Thales S.A.
Ticker / Exchange
COH - ASX
HO - Euronext Paris
Market cap (USD)
$17B
$51.4B
Gross margin (TTM)
74.5%
26.1%
Operating margin (TTM)
22.7%
9%
Net margin (TTM)
16.2%
5.1%
Sector
Healthcare
Industrials
Industry
Medical - Devices
Aerospace & Defense
HQ country
AU
FR
Primary segment
Cochlear Implants
Defence
Market structure
Oligopoly
Oligopoly
Market share
60%-65% (reported)
n/a
HHI estimate
n/a
n/a
Pricing power
Moderate
Moderate
Moat score
81 / 100
73 / 100
Moat domains
Demand, Legal, Supply
Legal, Demand, Supply
Last update
2026-01-04
2025-12-28

Moat coverage

Shared moat types

Brand TrustCapex Knowhow ScaleService Field Network

Cochlear Limited strengths

Compliance AdvantageIP Choke PointInstalled Base ConsumablesFormat Lock InData Workflow Lockin

Thales S.A. strengths

Government Contracting RelationshipsLong Term ContractsDesign In QualificationRegulated Standards PipeSuite Bundling

Segment mix

Cochlear Limited segments

Full profile >

Cochlear Implants

Oligopoly

62.4%

Services

Monopoly

25.9%

Acoustics

Oligopoly

11.7%

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.