VOL. XCIV, NO. 247

★ WIDE MOAT STOCKS COMPARISON ★

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Friday, January 2, 2026

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Stock Comparison

Thales S.A. vs Martin Marietta Materials, Inc.

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

Thales S.A.

HO · Euronext Paris

Market cap (USD)$48.3B

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

Martin Marietta Materials, Inc.

MLM · NYSE

Market cap (USD)$37.9B

Gross margin (TTM)—

Operating margin (TTM)—

Net margin (TTM)—

SectorMaterials

IndustryConstruction Materials

CountryUS

Data as of2026-01-01

Moat score

78/ 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 Martin Marietta Materials, Inc.'s moat claims, evidence, and risks.

View MLM analysis

Comparison highlights

Moat score gap: Martin Marietta Materials, Inc. leads (78 / 100 vs 73 / 100 for Thales S.A.).
Segment focus: Thales S.A. has 3 segments (53.3% in Defence); Martin Marietta Materials, Inc. has 3 segments (52.4% in East Group).
Primary market structure: Oligopoly vs Oligopoly. Pricing power: Moderate vs Strong.
Moat breadth: Thales S.A. has 8 moat types across 3 domains; Martin Marietta Materials, Inc. has 4 across 2.

Primary market context

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%

Martin Marietta Materials, Inc.

East Group

Market

Construction aggregates and asphalt products (crushed stone, sand & gravel; asphalt) in local/regional markets

Geography

United States (East/Southeast and adjacent regions)

Customer

Infrastructure agencies, construction contractors, and downstream materials producers (asphalt/ready-mix)

Role

Quarry/mining operator and building materials producer/distributor

Revenue share

52.4%

Side-by-side metrics

Thales S.A.

Martin Marietta Materials, Inc.

Ticker / Exchange

HO - Euronext Paris

MLM - NYSE

Market cap (USD)

$48.3B

$37.9B

Gross margin (TTM)

26.1%

n/a

Operating margin (TTM)

n/a

Net margin (TTM)

5.1%

n/a

Sector

Industrials

Materials

Industry

Aerospace & Defense

Construction Materials

HQ country

Primary segment

Defence

East Group

Market structure

Oligopoly

Market share

n/a

HHI estimate

n/a

Pricing power

Moderate

Strong

Moat score

73 / 100

78 / 100

Moat domains

Legal, Demand, Supply

Supply, Financial

Last update

2025-12-28

2026-01-01

Moat coverage

Shared moat types

Capex Knowhow Scale

Thales S.A. strengths

Government Contracting RelationshipsLong Term ContractsDesign In QualificationRegulated Standards PipeService Field NetworkBrand TrustSuite Bundling

Martin Marietta Materials, Inc. strengths

Physical Network DensityGeographic NaturalBenchmark Pricing Power

Segment mix

Thales S.A. segments

Full profile >

Defence

Oligopoly

53.3%

Aerospace

Oligopoly

26.6%

Cyber & Digital

Competitive

19.6%

Martin Marietta Materials, Inc. segments

Full profile >

East Group

Oligopoly

52.4%

West Group

Oligopoly

40.9%

Specialties (formerly Magnesia Specialties)

Oligopoly

6.7%

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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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.