VOL. XCIV, NO. 247

★ WIDE MOAT STOCKS COMPARISON ★

NO ADVICE

Thursday, January 8, 2026

Stock Comparison

Cochlear Limited vs Workday, 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

Workday, Inc.

WDAY · NASDAQ

Market cap (USD)$55.8B
Gross margin (TTM)75.6%
Operating margin (TTM)6.7%
Net margin (TTM)7%
SectorTechnology
IndustrySoftware - Application
CountryUS
Data as of2025-12-23
Moat score
71/ 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 Workday, Inc.'s moat claims, evidence, and risks.

View WDAY analysis

Comparison highlights

  • Moat score gap: Cochlear Limited leads (81 / 100 vs 71 / 100 for Workday, Inc.).
  • Segment focus: Cochlear Limited has 3 segments (62.4% in Cochlear Implants); Workday, Inc. has 2 segments (91.4% in Subscription services (Workday cloud applications + platform)).
  • Moat breadth: Cochlear Limited has 8 moat types across 3 domains; Workday, Inc. has 5 across 2.

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%

Workday, Inc.

Subscription services (Workday cloud applications + platform)

Market

Enterprise cloud applications for managing people and money (HCM, financial management, spend, planning & analytics)

Geography

Global

Customer

Medium to large organizations (including higher education and government)

Role

SaaS application vendor and extensible platform provider

Revenue share

91.4%

Side-by-side metrics

Cochlear Limited
Workday, Inc.
Ticker / Exchange
COH - ASX
WDAY - NASDAQ
Market cap (USD)
$17B
$55.8B
Gross margin (TTM)
74.5%
75.6%
Operating margin (TTM)
22.7%
6.7%
Net margin (TTM)
16.2%
7%
Sector
Healthcare
Technology
Industry
Medical - Devices
Software - Application
HQ country
AU
US
Primary segment
Cochlear Implants
Subscription services (Workday cloud applications + platform)
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
71 / 100
Moat domains
Demand, Legal, Supply
Demand, Network
Last update
2026-01-04
2025-12-23

Moat coverage

Shared moat types

Data Workflow Lockin

Cochlear Limited strengths

Brand TrustCompliance AdvantageCapex Knowhow ScaleIP Choke PointService Field NetworkInstalled Base ConsumablesFormat Lock In

Workday, Inc. strengths

Training Org Change CostsSuite BundlingEcosystem ComplementsWorkday implementation expertise

Segment mix

Cochlear Limited segments

Full profile >

Cochlear Implants

Oligopoly

62.4%

Services

Monopoly

25.9%

Acoustics

Oligopoly

11.7%

Workday, Inc. segments

Full profile >

Subscription services (Workday cloud applications + platform)

Oligopoly

91.4%

Professional services (deployment, optimization, training)

Competitive

8.6%

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.