VOL. XCIV, NO. 247

★ WIDE MOAT STOCKS COMPARISON ★

NO ADVICE

Stock Comparison

Merck & Co., Inc. vs Siemens Healthineers AG

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

Merck & Co., Inc.

MRK · New York Stock Exchange

Market cap (USD)$305.4B
Gross margin (TTM)81.5%
Operating margin (TTM)41.2%
Net margin (TTM)28.1%
SectorHealthcare
IndustryDrug Manufacturers - General
CountryUS
Data as of2025-12-22
Moat score
71/ 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 Merck & Co., Inc.'s moat claims, evidence, and risks.

View MRK analysis

Siemens Healthineers AG

SHL · XETRA

Market cap (USD)$47.3B
Gross margin (TTM)38.4%
Operating margin (TTM)14.7%
Net margin (TTM)9.1%
SectorHealthcare
IndustryMedical - Devices
CountryDE
Data as of2025-12-28
Moat score
68/ 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 Siemens Healthineers AG's moat claims, evidence, and risks.

View SHL analysis

Comparison highlights

  • Moat score gap: Merck & Co., Inc. leads (71 / 100 vs 68 / 100 for Siemens Healthineers AG).
  • Segment focus: Merck & Co., Inc. has 2 segments (89.5% in Pharmaceutical); Siemens Healthineers AG has 4 segments (54.6% in Imaging).
  • Primary market structure: Competitive vs Oligopoly. Pricing power: Moderate vs Moderate.
  • Moat breadth: Merck & Co., Inc. has 5 moat types across 3 domains; Siemens Healthineers AG has 8 across 3.

Primary market context

Merck & Co., Inc.

Pharmaceutical

Market

Branded prescription pharmaceuticals & human vaccines

Geography

Global

Customer

Wholesalers/retailers, managed care and government payers, hospitals/clinics

Role

R&D-intensive innovator, manufacturer, and marketer

Revenue share

89.5%

Siemens Healthineers AG

Imaging

Market

Diagnostic medical imaging equipment and related software/services (MRI, CT, X-ray, molecular imaging, ultrasound)

Geography

Global

Customer

Hospitals, imaging centers, clinics, and integrated delivery networks

Role

OEM + digital platform and service provider

Revenue share

54.6%

Side-by-side metrics

Merck & Co., Inc.
Siemens Healthineers AG
Ticker / Exchange
MRK - New York Stock Exchange
SHL - XETRA
Market cap (USD)
$305.4B
$47.3B
Gross margin (TTM)
81.5%
38.4%
Operating margin (TTM)
41.2%
14.7%
Net margin (TTM)
28.1%
9.1%
Sector
Healthcare
Healthcare
Industry
Drug Manufacturers - General
Medical - Devices
HQ country
US
DE
Primary segment
Pharmaceutical
Imaging
Market structure
Competitive
Oligopoly
Market share
n/a
n/a
HHI estimate
n/a
n/a
Pricing power
Moderate
Moderate
Moat score
71 / 100
68 / 100
Moat domains
Legal, Supply, Demand
Supply, Demand, Network
Last update
2025-12-22
2025-12-28

Moat coverage

Shared moat types

Capex Knowhow ScaleData Workflow Lockin

Merck & Co., Inc. strengths

IP Choke PointRegulated Standards PipeScope Economies

Siemens Healthineers AG strengths

Service Field NetworkLong Term ContractsInstalled Base ConsumablesDesign In QualificationEcosystem ComplementsSwitching Costs General

Segment mix

Merck & Co., Inc. segments

Full profile >

Pharmaceutical

Competitive

89.5%

Animal Health

Oligopoly

9.2%

Siemens Healthineers AG segments

Full profile >

Imaging

Oligopoly

54.6%

Diagnostics

Oligopoly

18.7%

Varian

Oligopoly

17.6%

Advanced Therapies

Oligopoly

9.1%

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.