VOL. XCIV, NO. 247

★ WIDE MOAT STOCKS COMPARISON ★

NO ADVICE

Saturday, January 10, 2026

Stock Comparison

Elevance Health, Inc. vs Thales S.A.

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

Thales S.A.

HO · Euronext Paris

Market cap (USD)$54.6B
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: Elevance Health, Inc. leads (74 / 100 vs 73 / 100 for Thales S.A.).
  • Segment focus: Elevance Health, Inc. has 3 segments (85.2% in Health Benefits); Thales S.A. has 3 segments (53.3% in Defence).
  • Moat breadth: Elevance Health, Inc. has 8 moat types across 3 domains; Thales S.A. has 8 across 3.

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%

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

Elevance Health, Inc.
Thales S.A.
Ticker / Exchange
ELV - New York Stock Exchange
HO - Euronext Paris
Market cap (USD)
$82.8B
$54.6B
Gross margin (TTM)
n/a
26.1%
Operating margin (TTM)
n/a
9%
Net margin (TTM)
n/a
5.1%
Sector
Healthcare
Industrials
Industry
Medical - Healthcare Plans
Aerospace & Defense
HQ country
US
FR
Primary segment
Health Benefits
Defence
Market structure
Oligopoly
Oligopoly
Market share
n/a
n/a
HHI estimate
n/a
n/a
Pricing power
Moderate
Moderate
Moat score
74 / 100
73 / 100
Moat domains
Legal, Demand, Supply
Legal, Demand, Supply
Last update
2026-01-09
2025-12-28

Moat coverage

Shared moat types

Brand TrustGovernment Contracting RelationshipsSuite Bundling

Elevance Health, Inc. strengths

Concession LicenseScale Economies Unit CostData Workflow LockinScope EconomiesSwitching Costs General

Thales S.A. strengths

Long Term ContractsDesign In QualificationRegulated Standards PipeService Field NetworkCapex Knowhow Scale

Segment mix

Elevance Health, Inc. segments

Full profile >

Health Benefits

Oligopoly

85.2%

CarelonRx

Oligopoly

12.8%

Carelon Services

Competitive

1.9%

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?

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.