VOL. XCIV, NO. 247

★ WIDE MOAT STOCKS COMPARISON ★

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Monday, December 29, 2025

Stock Comparison

Novo Nordisk A/S vs Siemens Healthineers AG

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

Novo Nordisk A/S

NOVOB · Nasdaq Copenhagen

Market cap (USD)$232.3B
SectorHealthcare
CountryDK
Data as of2025-12-28
Moat score
85/ 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 Novo Nordisk A/S's moat claims, evidence, and risks.

View NOVOB analysis

Siemens Healthineers AG

SHL · XETRA

Market cap (USD)
SectorHealthcare
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: Novo Nordisk A/S leads (85 / 100 vs 68 / 100 for Siemens Healthineers AG).
  • Segment focus: Novo Nordisk A/S has 3 segments (71.1% in Diabetes care); Siemens Healthineers AG has 4 segments (54.6% in Imaging).
  • Moat breadth: Novo Nordisk A/S has 5 moat types across 3 domains; Siemens Healthineers AG has 8 across 3.

Primary market context

Novo Nordisk A/S

Diabetes care

Market

Diabetes pharmaceuticals (GLP-1 for type 2 diabetes, insulin, and related therapies)

Geography

Global

Customer

Payers/providers and patients (via wholesalers/pharmacies/hospitals)

Role

Originator pharma (R&D, regulatory, manufacturing, commercialization)

Revenue share

71.1%

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

Novo Nordisk A/S
Siemens Healthineers AG
Ticker / Exchange
NOVOB - Nasdaq Copenhagen
SHL - XETRA
Market cap (USD)
$232.3B
n/a
Sector
Healthcare
Healthcare
HQ country
DK
DE
Primary segment
Diabetes care
Imaging
Market structure
Oligopoly
Oligopoly
Market share
33.7% (reported)
n/a
HHI estimate
n/a
n/a
Pricing power
Moderate
Moderate
Moat score
85 / 100
68 / 100
Moat domains
Legal, Supply, Demand
Supply, Demand, Network
Last update
2025-12-28
2025-12-28

Moat coverage

Shared moat types

No overlap yet.

Novo Nordisk A/S strengths

IP Choke PointRegulated Standards PipeCapacity MoatBrand TrustLearning Curve Yield

Siemens Healthineers AG strengths

Service Field NetworkData Workflow LockinCapex Knowhow ScaleLong Term ContractsInstalled Base ConsumablesDesign In QualificationEcosystem ComplementsSwitching Costs General

Segment mix

Novo Nordisk A/S segments

Full profile >

Diabetes care

Oligopoly

71.1%

Obesity care

Duopoly

22.4%

Rare disease

Oligopoly

6.4%

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?

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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.