VOL. XCIV, NO. 247

★ WIDE MOAT STOCKS COMPARISON ★

NO ADVICE

Friday, January 9, 2026

Stock Comparison

Nabtesco Corporation vs Watsco, Inc.

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

Nabtesco Corporation

6268 · Tokyo Stock Exchange

Market cap (USD)$474.6B
Gross margin (TTM)28.7%
Operating margin (TTM)6.6%
Net margin (TTM)5.1%
SectorIndustrials
IndustryIndustrial - Machinery
CountryJP
Data as of2025-12-30
Moat score
91/ 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 Nabtesco Corporation's moat claims, evidence, and risks.

View 6268 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: Nabtesco Corporation leads (91 / 100 vs 72 / 100 for Watsco, Inc.).
  • Segment focus: Nabtesco Corporation has 4 segments (34.2% in Component Solutions Business); Watsco, Inc. has 1 segment (100% in HVAC/R Distribution).
  • Primary market structure: Quasi-Monopoly vs Competitive. Pricing power: Strong vs Moderate.
  • Moat breadth: Nabtesco Corporation has 5 moat types across 3 domains; Watsco, Inc. has 4 across 3.

Primary market context

Nabtesco Corporation

Component Solutions Business

Market

Precision reduction gears (RV reducers) for industrial robot joints

Geography

Global

Customer

Industrial robot manufacturers (OEMs)

Role

Precision motion-control component supplier

Revenue share

34.2%

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

Nabtesco Corporation
Watsco, Inc.
Ticker / Exchange
6268 - Tokyo Stock Exchange
WSO - New York Stock Exchange
Market cap (USD)
$474.6B
$14.4B
Gross margin (TTM)
28.7%
28.3%
Operating margin (TTM)
6.6%
10.2%
Net margin (TTM)
5.1%
7.4%
Sector
Industrials
Industrials
Industry
Industrial - Machinery
Industrial - Distribution
HQ country
JP
US
Primary segment
Component Solutions Business
HVAC/R Distribution
Market structure
Quasi-Monopoly
Competitive
Market share
55%-65% (reported)
9%-12% (implied)
HHI estimate
n/a
n/a
Pricing power
Strong
Moderate
Moat score
91 / 100
72 / 100
Moat domains
Supply, Demand, Legal
Supply, Legal, Demand
Last update
2025-12-30
2026-01-05

Moat coverage

Shared moat types

No overlap yet.

Nabtesco Corporation strengths

Learning Curve YieldDesign In QualificationCompliance AdvantageService Field NetworkBrand Trust

Watsco, Inc. strengths

Physical Network DensityContractual ExclusivityScale Economies Unit CostData Workflow Lockin

Segment mix

Nabtesco Corporation segments

Full profile >

Component Solutions Business

Quasi-Monopoly

34.2%

Transport Solutions Business

Oligopoly

27.4%

Accessibility Solutions Business

Quasi-Monopoly

33%

Other Businesses

Quasi-Monopoly

5.4%

Watsco, Inc. segments

Full profile >

HVAC/R Distribution

Competitive

100%

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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.