VOL. XCIV, NO. 247

★ WIDE MOAT STOCKS COMPARISON ★

NO ADVICE

Saturday, January 10, 2026

Stock Comparison

Elevance Health, Inc. vs Halma plc

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

Elevance Health, Inc.

ELV · New York Stock Exchange

Market cap (USD)$82.8B
Gross margin (TTM)
Operating margin (TTM)
Net margin (TTM)
SectorHealthcare
IndustryMedical - Healthcare Plans
CountryUS
Data as of2026-01-09
Moat score
74/ 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 Elevance Health, Inc.'s moat claims, evidence, and risks.

View ELV analysis

Halma plc

HLMA · London Stock Exchange

Market cap (USD)$13.8B
Gross margin (TTM)29.3%
Operating margin (TTM)15%
Net margin (TTM)13.9%
SectorTechnology
IndustryConglomerates
CountryGB
Data as of2026-01-02
Moat score
59/ 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 Halma plc's moat claims, evidence, and risks.

View HLMA analysis

Comparison highlights

  • Moat score gap: Elevance Health, Inc. leads (74 / 100 vs 59 / 100 for Halma plc).
  • Segment focus: Elevance Health, Inc. has 3 segments (85.2% in Health Benefits); Halma plc has 3 segments (40% in Safety).
  • Primary market structure: Oligopoly vs Competitive. Pricing power: Moderate vs Moderate.
  • Moat breadth: Elevance Health, Inc. has 8 moat types across 3 domains; Halma plc has 4 across 2.

Primary market context

Elevance Health, Inc.

Health Benefits

Market

U.S. health insurance and managed care

Geography

United States

Customer

Employers, individuals, and government programs

Role

Payer / managed care organization

Revenue share

85.2%

Halma plc

Safety

Market

Safety technologies (fire safety, public safety, worker safety, and protection of critical assets/infrastructure)

Geography

Global

Customer

Commercial/industrial facility owners and operators; infrastructure operators; installers and OEM channels

Role

Technology OEM / component + systems supplier

Revenue share

40%

Side-by-side metrics

Elevance Health, Inc.
Halma plc
Ticker / Exchange
ELV - New York Stock Exchange
HLMA - London Stock Exchange
Market cap (USD)
$82.8B
$13.8B
Gross margin (TTM)
n/a
29.3%
Operating margin (TTM)
n/a
15%
Net margin (TTM)
n/a
13.9%
Sector
Healthcare
Technology
Industry
Medical - Healthcare Plans
Conglomerates
HQ country
US
GB
Primary segment
Health Benefits
Safety
Market structure
Oligopoly
Competitive
Market share
n/a
n/a
HHI estimate
n/a
n/a
Pricing power
Moderate
Moderate
Moat score
74 / 100
59 / 100
Moat domains
Legal, Demand, Supply
Legal, Demand
Last update
2026-01-09
2026-01-02

Moat coverage

Shared moat types

Switching Costs General

Elevance Health, Inc. strengths

Concession LicenseBrand TrustScale Economies Unit CostGovernment Contracting RelationshipsData Workflow LockinSuite BundlingScope Economies

Halma plc strengths

Compliance AdvantageDesign In QualificationProcurement Inertia

Segment mix

Elevance Health, Inc. segments

Full profile >

Health Benefits

Oligopoly

85.2%

CarelonRx

Oligopoly

12.8%

Carelon Services

Competitive

1.9%

Halma plc segments

Full profile >

Safety

Competitive

40%

Environmental & Analysis

Competitive

35%

Healthcare

Competitive

25%

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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Looking for expansion-stage stocks?

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.