VOL. XCIV, NO. 247

★ WIDE MOAT STOCKS COMPARISON ★

NO ADVICE

Wednesday, January 7, 2026

Stock Comparison

International Flavors & Fragrances Inc. vs The Progressive Corporation

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

International Flavors & Fragrances Inc.

IFF · New York Stock Exchange

Market cap (USD)$17.1B
Gross margin (TTM)36.4%
Operating margin (TTM)-3.2%
Net margin (TTM)-3.7%
SectorMaterials
IndustryChemicals - Specialty
CountryUS
Data as of2025-12-29
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 International Flavors & Fragrances Inc.'s moat claims, evidence, and risks.

View IFF analysis

The Progressive Corporation

PGR · New York Stock Exchange

Market cap (USD)$124.8B
Gross margin (TTM)26.3%
Operating margin (TTM)15.9%
Net margin (TTM)12.6%
SectorFinancials
IndustryInsurance - Property & Casualty
CountryUS
Data as of2026-01-04
Moat score
75/ 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 The Progressive Corporation's moat claims, evidence, and risks.

View PGR analysis

Comparison highlights

  • Moat score gap: The Progressive Corporation leads (75 / 100 vs 59 / 100 for International Flavors & Fragrances Inc.).
  • Segment focus: International Flavors & Fragrances Inc. has 4 segments (31.2% in Food Ingredients); The Progressive Corporation has 2 segments (85% in Personal Lines).
  • Primary market structure: Competitive vs Oligopoly. Pricing power: Weak vs Moderate.
  • Moat breadth: International Flavors & Fragrances Inc. has 8 moat types across 3 domains; The Progressive Corporation has 5 across 2.

Primary market context

International Flavors & Fragrances Inc.

Food Ingredients

Market

Specialty food ingredients (texturizers, food protection, plant proteins, emulsifiers, sweeteners)

Geography

Global

Customer

B2B (food manufacturers)

Role

Ingredient supplier

Revenue share

31.2%

The Progressive Corporation

Personal Lines

Market

U.S. private passenger auto insurance (dominant) plus specialty personal lines and homeowners/renters (small portion)

Geography

United States

Customer

Individuals/households

Role

Primary insurer (P&C)

Revenue share

85%

Side-by-side metrics

International Flavors & Fragrances Inc.
The Progressive Corporation
Ticker / Exchange
IFF - New York Stock Exchange
PGR - New York Stock Exchange
Market cap (USD)
$17.1B
$124.8B
Gross margin (TTM)
36.4%
26.3%
Operating margin (TTM)
-3.2%
15.9%
Net margin (TTM)
-3.7%
12.6%
Sector
Materials
Financials
Industry
Chemicals - Specialty
Insurance - Property & Casualty
HQ country
US
US
Primary segment
Food Ingredients
Personal Lines
Market structure
Competitive
Oligopoly
Market share
n/a
16.7% (reported)
HHI estimate
n/a
n/a
Pricing power
Weak
Moderate
Moat score
59 / 100
75 / 100
Moat domains
Demand, Legal, Supply
Supply, Demand
Last update
2025-12-29
2026-01-04

Moat coverage

Shared moat types

Service Field Network

International Flavors & Fragrances Inc. strengths

Design In QualificationIP Choke PointSupply Chain ControlCompliance AdvantageSwitching Costs GeneralCapex Knowhow ScaleScale Economies Unit Cost

The Progressive Corporation strengths

Learning Curve YieldBrand TrustSuite BundlingOperational Excellence

Segment mix

International Flavors & Fragrances Inc. segments

Full profile >

Taste

Oligopoly

23.9%

Food Ingredients

Competitive

31.2%

Health & Biosciences

Oligopoly

21.4%

Scent

Oligopoly

23.6%

The Progressive Corporation segments

Full profile >

Personal Lines

Oligopoly

85%

Commercial Lines

Competitive

15%

Want the full wide moat stocks list?

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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.