VOL. XCIV, NO. 247

★ WIDE MOAT STOCKS COMPARISON ★

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Sunday, January 11, 2026

Stock Comparison

Novartis AG vs Teqnion AB (publ)

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

Novartis AG

NOVN · SIX Swiss Exchange

Market cap (USD)$218.8B
Gross margin (TTM)76.2%
Operating margin (TTM)31.2%
Net margin (TTM)25.5%
SectorHealthcare
IndustryDrug Manufacturers - General
CountryCH
Data as of2026-01-02
Moat score
65/ 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 Novartis AG's moat claims, evidence, and risks.

View NOVN analysis

Teqnion AB (publ)

TEQ · Nasdaq First North Growth Market Sweden

Market cap (USD)$3.1B
Gross margin (TTM)
Operating margin (TTM)
Net margin (TTM)
SectorFinancials
IndustryIndustrial - Distribution
CountrySE
Data as of2026-01-08
Moat score
47/ 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 Teqnion AB (publ)'s moat claims, evidence, and risks.

View TEQ analysis

Comparison highlights

  • Moat score gap: Novartis AG leads (65 / 100 vs 47 / 100 for Teqnion AB (publ)).
  • Segment focus: Novartis AG has 5 segments (29.3% in Oncology); Teqnion AB (publ) has 4 segments.
  • Primary market structure: Oligopoly vs Competitive. Pricing power: Strong vs n/a.
  • Moat breadth: Novartis AG has 4 moat types across 3 domains; Teqnion AB (publ) has 8 across 2.

Primary market context

Novartis AG

Oncology

Market

Oncology and hematology branded medicines (including targeted therapies and radioligand therapy)

Geography

Global

Customer

Oncologists and hospitals; reimbursed by payers; hospital and specialty pharmacy channels

Role

Originator developer, manufacturer, and marketer of oncology therapies

Revenue share

29.3%

Teqnion AB (publ)

Acquisition & Portfolio Platform (Active, long-term ownership)

Market

Acquisition and long-term ownership of profitable niche industrial SMEs

Geography

Nordics, UK, Ireland

Customer

Business owners / sellers; subsidiary management teams

Role

Acquirer / holding company / active owner

Side-by-side metrics

Novartis AG
Teqnion AB (publ)
Ticker / Exchange
NOVN - SIX Swiss Exchange
TEQ - Nasdaq First North Growth Market Sweden
Market cap (USD)
$218.8B
$3.1B
Gross margin (TTM)
76.2%
n/a
Operating margin (TTM)
31.2%
n/a
Net margin (TTM)
25.5%
n/a
Sector
Healthcare
Financials
Industry
Drug Manufacturers - General
Industrial - Distribution
HQ country
CH
SE
Primary segment
Oncology
Acquisition & Portfolio Platform (Active, long-term ownership)
Market structure
Oligopoly
Competitive
Market share
n/a
n/a
HHI estimate
n/a
n/a
Pricing power
Strong
n/a
Moat score
65 / 100
47 / 100
Moat domains
Legal, Supply, Demand
Supply, Demand
Last update
2026-01-02
2026-01-08

Moat coverage

Shared moat types

No overlap yet.

Novartis AG strengths

IP Choke PointRegulated Standards PipeCapex Knowhow ScaleBrand Trust

Teqnion AB (publ) strengths

Operational ExcellencePreferential Input AccessScope EconomiesDistribution ControlProcurement InertiaDesign In QualificationSwitching Costs GeneralLearning Curve Yield

Segment mix

Novartis AG segments

Full profile >

Cardiovascular, Renal and Metabolic

Oligopoly

17%

Immunology

Oligopoly

18.5%

Neuroscience

Oligopoly

9.4%

Oncology

Oligopoly

29.3%

Established Brands

Competitive

25.8%

Teqnion AB (publ) segments

Full profile >

Acquisition & Portfolio Platform (Active, long-term ownership)

Competitive

n/a

Agency & Distribution Businesses

Competitive

n/a

Niche Product & Service Companies

Competitive

n/a

Manufacturing (Own-brand and Contract/OEM)

Competitive

n/a

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.

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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.