VOL. XCIV, NO. 247

★ WIDE MOAT STOCKS COMPARISON ★

NO ADVICE

Thursday, January 8, 2026

Stock Comparison

Halma plc vs Paychex, Inc.

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

Halma plc

HLMA · London Stock Exchange

Market cap (USD)$13.5B
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

Paychex, Inc.

PAYX · NASDAQ Global Select Market

Market cap (USD)$39.4B
Gross margin (TTM)73.4%
Operating margin (TTM)37.1%
Net margin (TTM)26.5%
SectorIndustrials
IndustryStaffing & Employment Services
CountryUS
Data as of2026-01-04
Moat score
66/ 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 Paychex, Inc.'s moat claims, evidence, and risks.

View PAYX analysis

Comparison highlights

  • Moat score gap: Paychex, Inc. leads (66 / 100 vs 59 / 100 for Halma plc).
  • Segment focus: Halma plc has 3 segments (40% in Safety); Paychex, Inc. has 3 segments (73% in Management Solutions).
  • Primary market structure: Competitive vs Oligopoly. Pricing power: Moderate vs Moderate.
  • Moat breadth: Halma plc has 4 moat types across 2 domains; Paychex, Inc. has 7 across 4.

Primary market context

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%

Paychex, Inc.

Management Solutions

Market

Payroll processing and integrated HCM solutions for SMB and mid-market employers

Geography

United States (primarily)

Customer

Employers (SMB and mid-market)

Role

HCM SaaS + outsourced payroll/HR service provider

Revenue share

73%

Side-by-side metrics

Halma plc
Paychex, Inc.
Ticker / Exchange
HLMA - London Stock Exchange
PAYX - NASDAQ Global Select Market
Market cap (USD)
$13.5B
$39.4B
Gross margin (TTM)
29.3%
73.4%
Operating margin (TTM)
15%
37.1%
Net margin (TTM)
13.9%
26.5%
Sector
Technology
Industrials
Industry
Conglomerates
Staffing & Employment Services
HQ country
GB
US
Primary segment
Safety
Management Solutions
Market structure
Competitive
Oligopoly
Market share
n/a
n/a
HHI estimate
n/a
n/a
Pricing power
Moderate
Moderate
Moat score
59 / 100
66 / 100
Moat domains
Legal, Demand
Demand, Supply, Legal, Financial
Last update
2026-01-02
2026-01-04

Moat coverage

Shared moat types

Compliance AdvantageSwitching Costs General

Halma plc strengths

Design In QualificationProcurement Inertia

Paychex, Inc. strengths

Data Workflow LockinSuite BundlingService Field NetworkUnderwriting Risk PoolingFloat Prepayment

Segment mix

Halma plc segments

Full profile >

Safety

Competitive

40%

Environmental & Analysis

Competitive

35%

Healthcare

Competitive

25%

Paychex, Inc. segments

Full profile >

Management Solutions

Oligopoly

73%

PEO and Insurance Solutions

Competitive

24.1%

Client funds float (interest on funds held for clients)

Oligopoly

2.9%

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.

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.