VOL. XCIV, NO. 247

★ WIDE MOAT STOCKS COMPARISON ★

NO ADVICE

Thursday, January 8, 2026

Stock Comparison

Thales S.A. vs ResMed 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)$51.4B
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

ResMed Inc.

RMD · New York Stock Exchange

Market cap (USD)$36B
Gross margin (TTM)60.1%
Operating margin (TTM)33.2%
Net margin (TTM)27.4%
SectorHealthcare
IndustryMedical - Instruments & Supplies
CountryUS
Data as of2026-01-04
Moat score
76/ 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 ResMed Inc.'s moat claims, evidence, and risks.

View RMD analysis

Comparison highlights

  • Moat score gap: ResMed Inc. leads (76 / 100 vs 73 / 100 for Thales S.A.).
  • Segment focus: Thales S.A. has 3 segments (53.3% in Defence); ResMed Inc. has 2 segments (87.5% in Sleep and Breathing Health).
  • Moat breadth: Thales S.A. has 8 moat types across 3 domains; ResMed Inc. has 7 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%

ResMed Inc.

Sleep and Breathing Health

Market

Sleep apnea and respiratory care devices and related consumables (PAP, masks, ventilation) plus connected monitoring services

Geography

Global

Customer

DME/HME providers, sleep clinics, hospitals, patients

Role

Medical device OEM + connected care software/data services

Revenue share

87.5%

Side-by-side metrics

Thales S.A.
ResMed Inc.
Ticker / Exchange
HO - Euronext Paris
RMD - New York Stock Exchange
Market cap (USD)
$51.4B
$36B
Gross margin (TTM)
26.1%
60.1%
Operating margin (TTM)
9%
33.2%
Net margin (TTM)
5.1%
27.4%
Sector
Industrials
Healthcare
Industry
Aerospace & Defense
Medical - Instruments & Supplies
HQ country
FR
US
Primary segment
Defence
Sleep and Breathing Health
Market structure
Oligopoly
Oligopoly
Market share
n/a
58%-66% (estimated)
HHI estimate
n/a
n/a
Pricing power
Moderate
Moderate
Moat score
73 / 100
76 / 100
Moat domains
Legal, Demand, Supply
Demand, Legal
Last update
2025-12-28
2026-01-04

Moat coverage

Shared moat types

Long Term ContractsBrand Trust

Thales S.A. strengths

Government Contracting RelationshipsDesign In QualificationRegulated Standards PipeService Field NetworkSuite BundlingCapex Knowhow Scale

ResMed Inc. strengths

Installed Base ConsumablesData Workflow LockinCompliance AdvantageIP Choke PointTraining Org Change Costs

Segment mix

Thales S.A. segments

Full profile >

Defence

Oligopoly

53.3%

Aerospace

Oligopoly

26.6%

Cyber & Digital

Competitive

19.6%

ResMed Inc. segments

Full profile >

Sleep and Breathing Health

Oligopoly

87.5%

Residential Care Software

Competitive

12.5%

Want the full wide moat stocks list?

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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.