VOL. XCIV, NO. 247

★ WIDE MOAT STOCKS COMPARISON ★

NO ADVICE

Stock Comparison

CSL Limited vs Thales S.A.

Compare moat strength, market structure, and segment coverage to understand how each company defends its edge.

CSL Limited

CSL · ASX

Market cap (USD)$74.4B
Gross margin (TTM)48.9%
Operating margin (TTM)23.3%
Net margin (TTM)14.9%
SectorHealthcare
IndustryBiotechnology
CountryAU
Data as of2026-01-02
Moat score
77/ 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 CSL Limited's moat claims, evidence, and risks.

View CSL analysis

Thales S.A.

HO · Euronext Paris

Market cap (USD)$54.3B
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: CSL Limited leads (77 / 100 vs 73 / 100 for Thales S.A.).
  • Segment focus: CSL Limited has 3 segments (71.7% in CSL Behring); Thales S.A. has 3 segments (53.3% in Defence).
  • Moat breadth: CSL Limited has 7 moat types across 3 domains; Thales S.A. has 8 across 3.

Primary market context

CSL Limited

CSL Behring

Market

Plasma-derived therapies (immunoglobulins, albumin, coagulation factors) plus recombinant and gene therapies for rare and serious diseases

Geography

Global

Customer

Hospitals, specialty pharmacies, physicians; payers and national health systems

Role

Vertically integrated biopharma (plasma collection -> fractionation/manufacturing -> commercial distribution)

Revenue share

71.7%

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

CSL Limited
Thales S.A.
Ticker / Exchange
CSL - ASX
HO - Euronext Paris
Market cap (USD)
$74.4B
$54.3B
Gross margin (TTM)
48.9%
26.1%
Operating margin (TTM)
23.3%
9%
Net margin (TTM)
14.9%
5.1%
Sector
Healthcare
Industrials
Industry
Biotechnology
Aerospace & Defense
HQ country
AU
FR
Primary segment
CSL Behring
Defence
Market structure
Oligopoly
Oligopoly
Market share
n/a
n/a
HHI estimate
n/a
n/a
Pricing power
Moderate
Moderate
Moat score
77 / 100
73 / 100
Moat domains
Supply, Legal, Demand
Legal, Demand, Supply
Last update
2026-01-02
2025-12-28

Moat coverage

Shared moat types

Government Contracting RelationshipsRegulated Standards Pipe

CSL Limited strengths

Supply Chain ControlPhysical Network DensityOperational ExcellenceCapacity MoatProcurement Inertia

Thales S.A. strengths

Long Term ContractsDesign In QualificationService Field NetworkBrand TrustSuite BundlingCapex Knowhow Scale

Segment mix

CSL Limited segments

Full profile >

CSL Behring

Oligopoly

71.7%

CSL Seqirus

Oligopoly

13.9%

CSL Vifor

Oligopoly

14.4%

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.