VOL. XCIV, NO. 247

★ WIDE MOAT STOCKS COMPARISON ★

NO ADVICE

Wednesday, January 7, 2026

Stock Comparison

Paychex, Inc. vs Roche Holding AG

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

Paychex, Inc.

PAYX · NASDAQ Global Select Market

Market cap (USD)$39.4B
Gross margin (TTM)73.4%
Operating margin (TTM)37.1%
Net margin (TTM)26.5%
SectorIndustrials
IndustryStaffing & Employment Services
CountryUS
Data as of2026-01-04
Moat score
66/ 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 Paychex, Inc.'s moat claims, evidence, and risks.

View PAYX analysis

Roche Holding AG

ROG · SIX Swiss Exchange

Market cap (USD)$258.5B
Gross margin (TTM)73.6%
Operating margin (TTM)29.1%
Net margin (TTM)15.4%
SectorHealthcare
IndustryDrug Manufacturers - General
CountryCH
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 Roche Holding AG's moat claims, evidence, and risks.

View ROG analysis

Comparison highlights

  • Moat score gap: Roche Holding AG leads (68 / 100 vs 66 / 100 for Paychex, Inc.).
  • Segment focus: Paychex, Inc. has 3 segments (73% in Management Solutions); Roche Holding AG has 2 segments (76.3% in Pharmaceuticals).
  • Primary market structure: Oligopoly vs Competitive. Pricing power: Moderate vs Moderate.
  • Moat breadth: Paychex, Inc. has 7 moat types across 4 domains; Roche Holding AG has 5 across 3.

Primary market context

Paychex, Inc.

Management Solutions

Market

Payroll processing and integrated HCM solutions for SMB and mid-market employers

Geography

United States (primarily)

Customer

Employers (SMB and mid-market)

Role

HCM SaaS + outsourced payroll/HR service provider

Revenue share

73%

Roche Holding AG

Pharmaceuticals

Market

Innovative (branded) prescription pharmaceuticals

Geography

Global

Customer

Healthcare providers and systems (hospitals/clinics), payers/governments, and patients

Role

Innovator pharmaceutical developer, manufacturer and marketer

Revenue share

76.3%

Side-by-side metrics

Paychex, Inc.
Roche Holding AG
Ticker / Exchange
PAYX - NASDAQ Global Select Market
ROG - SIX Swiss Exchange
Market cap (USD)
$39.4B
$258.5B
Gross margin (TTM)
73.4%
73.6%
Operating margin (TTM)
37.1%
29.1%
Net margin (TTM)
26.5%
15.4%
Sector
Industrials
Healthcare
Industry
Staffing & Employment Services
Drug Manufacturers - General
HQ country
US
CH
Primary segment
Management Solutions
Pharmaceuticals
Market structure
Oligopoly
Competitive
Market share
n/a
n/a
HHI estimate
n/a
n/a
Pricing power
Moderate
Moderate
Moat score
66 / 100
68 / 100
Moat domains
Demand, Supply, Legal, Financial
Legal, Supply, Demand
Last update
2026-01-04
2025-12-28

Moat coverage

Shared moat types

Data Workflow Lockin

Paychex, Inc. strengths

Suite BundlingService Field NetworkCompliance AdvantageUnderwriting Risk PoolingSwitching Costs GeneralFloat Prepayment

Roche Holding AG strengths

IP Choke PointCapex Knowhow ScaleInstalled Base ConsumablesRegulated Standards Pipe

Segment mix

Paychex, Inc. segments

Full profile >

Management Solutions

Oligopoly

73%

PEO and Insurance Solutions

Competitive

24.1%

Client funds float (interest on funds held for clients)

Oligopoly

2.9%

Roche Holding AG segments

Full profile >

Pharmaceuticals

Competitive

76.3%

Diagnostics

Oligopoly

23.7%

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.