VOL. XCIV, NO. 247

★ WIDE MOAT STOCKS COMPARISON ★

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Stock Comparison

DexCom, Inc. vs Novo Nordisk A/S

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

DexCom, Inc.

DXCM · Nasdaq Global Select Market

Market cap (USD)$23.6B
Gross margin (TTM)60.1%
Operating margin (TTM)19.6%
Net margin (TTM)17.9%
SectorHealthcare
IndustryMedical - Devices
CountryUS
Data as of2026-04-24
Moat score
82/ 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 DexCom, Inc.'s moat claims, evidence, and risks.

View DXCM analysis

Novo Nordisk A/S

NOVOB · Nasdaq Copenhagen

Market cap (USD)$169.9B
Gross margin (TTM)81%
Operating margin (TTM)41.3%
Net margin (TTM)33.1%
SectorHealthcare
IndustryBiotechnology
CountryDK
Data as of2025-12-28
Moat score
85/ 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 Novo Nordisk A/S's moat claims, evidence, and risks.

View NOVOB analysis

Comparison highlights

  • Moat score gap: Novo Nordisk A/S leads (85 / 100 vs 82 / 100 for DexCom, Inc.).
  • Segment focus: DexCom, Inc. has 1 segment (100% in Continuous glucose monitoring systems); Novo Nordisk A/S has 3 segments (71.1% in Diabetes care).
  • Moat breadth: DexCom, Inc. has 5 moat types across 3 domains; Novo Nordisk A/S has 5 across 3.

Primary market context

DexCom, Inc.

Continuous glucose monitoring systems

Market

Global continuous glucose monitoring systems and glucose biosensing devices

Geography

Global, with FY2025 revenue 71.5% United States and 28.5% international

Customer

People with diabetes, metabolic-health users, caregivers, clinicians, payors, distributors and pharmacy channels

Role

CGM device manufacturer, disposable sensor supplier, software/data platform and distribution partner

Revenue share

100%

Novo Nordisk A/S

Diabetes care

Market

Diabetes pharmaceuticals (GLP-1 for type 2 diabetes, insulin, and related therapies)

Geography

Global

Customer

Payers/providers and patients (via wholesalers/pharmacies/hospitals)

Role

Originator pharma (R&D, regulatory, manufacturing, commercialization)

Revenue share

71.1%

Side-by-side metrics

DexCom, Inc.
Novo Nordisk A/S
Ticker / Exchange
DXCM - Nasdaq Global Select Market
NOVOB - Nasdaq Copenhagen
Market cap (USD)
$23.6B
$169.9B
Gross margin (TTM)
60.1%
81%
Operating margin (TTM)
19.6%
41.3%
Net margin (TTM)
17.9%
33.1%
Sector
Healthcare
Healthcare
Industry
Medical - Devices
Biotechnology
HQ country
US
DK
Primary segment
Continuous glucose monitoring systems
Diabetes care
Market structure
Oligopoly
Oligopoly
Market share
35.1% (estimated)
33.7% (reported)
HHI estimate
4,452
n/a
Pricing power
Moderate
Moderate
Moat score
82 / 100
85 / 100
Moat domains
Demand, Network, Legal
Legal, Supply, Demand
Last update
2026-04-24
2025-12-28

Moat coverage

Shared moat types

Regulated Standards PipeBrand Trust

DexCom, Inc. strengths

Installed Base ConsumablesEcosystem ComplementsData Workflow Lockin

Novo Nordisk A/S strengths

IP Choke PointCapacity MoatLearning Curve Yield

Segment mix

DexCom, Inc. segments

Full profile >

Continuous glucose monitoring systems

Oligopoly

100%

Novo Nordisk A/S segments

Full profile >

Diabetes care

Oligopoly

71.1%

Obesity care

Duopoly

22.4%

Rare disease

Oligopoly

6.4%

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.