VOL. XCIV, NO. 247

★ WIDE MOAT STOCKS COMPARISON ★

NO ADVICE

Thursday, January 8, 2026

Stock Comparison

S.F. Holding Co., Ltd. vs Watsco, Inc.

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

S.F. Holding Co., Ltd.

002352 · Shenzhen Stock Exchange

Market cap (USD)$187.6B
Gross margin (TTM)13.2%
Operating margin (TTM)4.7%
Net margin (TTM)3.6%
SectorIndustrials
IndustryIntegrated Freight & Logistics
CountryCN
Data as of2025-12-28
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 S.F. Holding Co., Ltd.'s moat claims, evidence, and risks.

View 002352 analysis

Watsco, Inc.

WSO · New York Stock Exchange

Market cap (USD)$14.4B
Gross margin (TTM)28.3%
Operating margin (TTM)10.2%
Net margin (TTM)7.4%
SectorIndustrials
IndustryIndustrial - Distribution
CountryUS
Data as of2026-01-05
Moat score
72/ 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 Watsco, Inc.'s moat claims, evidence, and risks.

View WSO analysis

Comparison highlights

  • Moat score gap: S.F. Holding Co., Ltd. leads (75 / 100 vs 72 / 100 for Watsco, Inc.).
  • Segment focus: S.F. Holding Co., Ltd. has 7 segments (43% in Time-definite Express); Watsco, Inc. has 1 segment (100% in HVAC/R Distribution).
  • Primary market structure: Quasi-Monopoly vs Competitive. Pricing power: Strong vs Moderate.
  • Moat breadth: S.F. Holding Co., Ltd. has 9 moat types across 3 domains; Watsco, Inc. has 4 across 3.

Primary market context

S.F. Holding Co., Ltd.

Time-definite Express

Market

Premium time-definite parcel express delivery services

Geography

China

Customer

B2B, B2C

Role

Integrated parcel pickup, sorting, line-haul, and last-mile delivery

Revenue share

43%

Watsco, Inc.

HVAC/R Distribution

Market

HVAC/R equipment, parts and supplies distribution

Geography

North America (U.S., Canada, Mexico, Puerto Rico; export to Latin America/Caribbean)

Customer

Licensed HVAC and refrigeration contractors (residential & commercial)

Role

Wholesale distributor

Revenue share

100%

Side-by-side metrics

S.F. Holding Co., Ltd.
Watsco, Inc.
Ticker / Exchange
002352 - Shenzhen Stock Exchange
WSO - New York Stock Exchange
Market cap (USD)
$187.6B
$14.4B
Gross margin (TTM)
13.2%
28.3%
Operating margin (TTM)
4.7%
10.2%
Net margin (TTM)
3.6%
7.4%
Sector
Industrials
Industrials
Industry
Integrated Freight & Logistics
Industrial - Distribution
HQ country
CN
US
Primary segment
Time-definite Express
HVAC/R Distribution
Market structure
Quasi-Monopoly
Competitive
Market share
64.1% (reported)
9%-12% (implied)
HHI estimate
n/a
n/a
Pricing power
Strong
Moderate
Moat score
75 / 100
72 / 100
Moat domains
Supply, Demand, Network
Supply, Legal, Demand
Last update
2025-12-28
2026-01-05

Moat coverage

Shared moat types

Physical Network DensityScale Economies Unit Cost

S.F. Holding Co., Ltd. strengths

Brand TrustOperational ExcellenceService Field NetworkTwo Sided NetworkScope EconomiesSwitching Costs GeneralNon-core ancillary activities

Watsco, Inc. strengths

Contractual ExclusivityData Workflow Lockin

Segment mix

S.F. Holding Co., Ltd. segments

Full profile >

Time-definite Express

Quasi-Monopoly

43%

Economy Express

Oligopoly

10%

LTL Freight

Competitive

13%

Cold Chain & Pharmaceutical

Competitive

3%

Intra-city On-demand

Oligopoly

3%

Supply Chain & International

Competitive

25%

Other (Non-logistics & Undistributed Units)

Competitive

3%

Watsco, Inc. segments

Full profile >

HVAC/R Distribution

Competitive

100%

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.