VOL. XCIV, NO. 247

★ WIDE MOAT STOCKS COMPARISON ★

NO ADVICE

Friday, January 9, 2026

Stock Comparison

Cochlear Limited vs Illinois Tool Works 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

Illinois Tool Works Inc.

ITW · New York Stock Exchange

Market cap (USD)$73.1B
Gross margin (TTM)43.6%
Operating margin (TTM)26.2%
Net margin (TTM)19.1%
SectorIndustrials
IndustryIndustrial - Machinery
CountryUS
Data as of2025-12-31
Moat score
66/ 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 Illinois Tool Works Inc.'s moat claims, evidence, and risks.

View ITW analysis

Comparison highlights

  • Moat score gap: Cochlear Limited leads (81 / 100 vs 66 / 100 for Illinois Tool Works Inc.).
  • Segment focus: Cochlear Limited has 3 segments (62.4% in Cochlear Implants); Illinois Tool Works Inc. has 7 segments (20% in Automotive OEM).
  • Primary market structure: Oligopoly vs Competitive. Pricing power: Moderate vs Moderate.
  • Moat breadth: Cochlear Limited has 8 moat types across 3 domains; Illinois Tool Works Inc. 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%

Illinois Tool Works Inc.

Automotive OEM

Market

Automotive OEM engineered components and fasteners

Geography

Global

Customer

Automotive OEMs and Tier suppliers

Role

Component supplier

Revenue share

20%

Side-by-side metrics

Cochlear Limited
Illinois Tool Works Inc.
Ticker / Exchange
COH - ASX
ITW - New York Stock Exchange
Market cap (USD)
$17B
$73.1B
Gross margin (TTM)
74.5%
43.6%
Operating margin (TTM)
22.7%
26.2%
Net margin (TTM)
16.2%
19.1%
Sector
Healthcare
Industrials
Industry
Medical - Devices
Industrial - Machinery
HQ country
AU
US
Primary segment
Cochlear Implants
Automotive OEM
Market structure
Oligopoly
Competitive
Market share
60%-65% (reported)
n/a
HHI estimate
n/a
n/a
Pricing power
Moderate
Moderate
Moat score
81 / 100
66 / 100
Moat domains
Demand, Legal, Supply
Demand, Supply, Legal
Last update
2026-01-04
2025-12-31

Moat coverage

Shared moat types

Brand TrustIP Choke PointService Field NetworkInstalled Base Consumables

Cochlear Limited strengths

Compliance AdvantageCapex Knowhow ScaleFormat Lock InData Workflow Lockin

Illinois Tool Works Inc. strengths

Design In QualificationOperational ExcellenceSwitching Costs GeneralFormulation and application engineering know-how

Segment mix

Cochlear Limited segments

Full profile >

Cochlear Implants

Oligopoly

62.4%

Services

Monopoly

25.9%

Acoustics

Oligopoly

11.7%

Illinois Tool Works Inc. segments

Full profile >

Automotive OEM

Competitive

20%

Food Equipment

Oligopoly

16.6%

Test & Measurement and Electronics

Oligopoly

17.7%

Welding

Oligopoly

11.6%

Polymers & Fluids

Competitive

11.1%

Construction Products

Competitive

12%

Specialty Products

Oligopoly

10.9%

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.