VOL. XCIV, NO. 247

★ WIDE MOAT STOCKS COMPARISON ★

NO ADVICE

Saturday, January 10, 2026

Stock Comparison

Elevance Health, Inc. vs Northrop Grumman Corporation

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

Northrop Grumman Corporation

NOC · New York Stock Exchange

Market cap (USD)$88.3B
Gross margin (TTM)19.4%
Operating margin (TTM)10.6%
Net margin (TTM)9.8%
SectorIndustrials
IndustryAerospace & Defense
CountryUS
Data as of2025-12-26
Moat score
72/ 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 Northrop Grumman Corporation's moat claims, evidence, and risks.

View NOC analysis

Comparison highlights

  • Moat score gap: Elevance Health, Inc. leads (74 / 100 vs 72 / 100 for Northrop Grumman Corporation).
  • Segment focus: Elevance Health, Inc. has 3 segments (85.2% in Health Benefits); Northrop Grumman Corporation has 4 segments (28.7% in Aeronautics Systems).
  • Moat breadth: Elevance Health, Inc. has 8 moat types across 3 domains; Northrop Grumman Corporation has 6 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%

Northrop Grumman Corporation

Aeronautics Systems

Market

Military aircraft systems (manned & unmanned) plus sustainment/modernization

Geography

Global (primarily United States and allies)

Customer

U.S. government and allied governments

Role

Prime contractor and major subsystem supplier

Revenue share

28.7%

Side-by-side metrics

Elevance Health, Inc.
Northrop Grumman Corporation
Ticker / Exchange
ELV - New York Stock Exchange
NOC - New York Stock Exchange
Market cap (USD)
$82.8B
$88.3B
Gross margin (TTM)
n/a
19.4%
Operating margin (TTM)
n/a
10.6%
Net margin (TTM)
n/a
9.8%
Sector
Healthcare
Industrials
Industry
Medical - Healthcare Plans
Aerospace & Defense
HQ country
US
US
Primary segment
Health Benefits
Aeronautics Systems
Market structure
Oligopoly
Oligopoly
Market share
n/a
n/a
HHI estimate
n/a
n/a
Pricing power
Moderate
Moderate
Moat score
74 / 100
72 / 100
Moat domains
Legal, Demand, Supply
Legal, Demand, Supply
Last update
2026-01-09
2025-12-26

Moat coverage

Shared moat types

Government Contracting RelationshipsSwitching Costs General

Elevance Health, Inc. strengths

Concession LicenseBrand TrustScale Economies Unit CostData Workflow LockinSuite BundlingScope Economies

Northrop Grumman Corporation strengths

Design In QualificationCompliance AdvantageCapacity MoatCapex Knowhow Scale

Segment mix

Elevance Health, Inc. segments

Full profile >

Health Benefits

Oligopoly

85.2%

CarelonRx

Oligopoly

12.8%

Carelon Services

Competitive

1.9%

Northrop Grumman Corporation segments

Full profile >

Aeronautics Systems

Oligopoly

28.7%

Defense Systems

Oligopoly

18.8%

Mission Systems

Oligopoly

24.9%

Space Systems

Oligopoly

27.6%

Want the full wide moat stocks list?

Browse the full ranking of wide moat stocks, updated with moat scores and segment context.

View the moat stocks list

Looking for expansion-stage stocks?

Proven models entering the expansion stage with unit economics that work.

View expansion-stage stocks

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.