VOL. XCIV, NO. 247

★ WIDE MOAT STOCKS COMPARISON ★

NO ADVICE

Thursday, January 8, 2026

Stock Comparison

Keyence Corporation vs Watsco, Inc.

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

Keyence Corporation

6861.T · Tokyo Stock Exchange

Market cap (USD)$13.9T
Gross margin (TTM)83.1%
Operating margin (TTM)51.2%
Net margin (TTM)37.6%
SectorTechnology
IndustryHardware, Equipment & Parts
CountryJP
Data as of2026-01-02
Moat score
73/ 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 Keyence Corporation's moat claims, evidence, and risks.

View 6861.T 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: Keyence Corporation leads (73 / 100 vs 72 / 100 for Watsco, Inc.).
  • Segment focus: Keyence Corporation has 3 segments; Watsco, Inc. has 1 segment (100% in HVAC/R Distribution).
  • Primary market structure: Oligopoly vs Competitive. Pricing power: Strong vs Moderate.
  • Moat breadth: Keyence Corporation has 7 moat types across 2 domains; Watsco, Inc. has 4 across 3.

Primary market context

Keyence Corporation

Sensors & Safety/Static Control

Market

Industrial sensors and safety/static control for factory automation

Geography

Global

Customer

Manufacturers (production/automation teams) and machine builders

Role

Component OEM and application-solution provider

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

Keyence Corporation
Watsco, Inc.
Ticker / Exchange
6861.T - Tokyo Stock Exchange
WSO - New York Stock Exchange
Market cap (USD)
$13.9T
$14.4B
Gross margin (TTM)
83.1%
28.3%
Operating margin (TTM)
51.2%
10.2%
Net margin (TTM)
37.6%
7.4%
Sector
Technology
Industrials
Industry
Hardware, Equipment & Parts
Industrial - Distribution
HQ country
JP
US
Primary segment
Sensors & Safety/Static Control
HVAC/R Distribution
Market structure
Oligopoly
Competitive
Market share
n/a
9%-12% (implied)
HHI estimate
n/a
n/a
Pricing power
Strong
Moderate
Moat score
73 / 100
72 / 100
Moat domains
Supply, Demand
Supply, Legal, Demand
Last update
2026-01-02
2026-01-05

Moat coverage

Shared moat types

No overlap yet.

Keyence Corporation strengths

Service Field NetworkDesign In QualificationLearning Curve YieldOperational ExcellenceDistribution ControlScope EconomiesBrand Trust

Watsco, Inc. strengths

Physical Network DensityContractual ExclusivityScale Economies Unit CostData Workflow Lockin

Segment mix

Keyence Corporation segments

Full profile >

Sensors & Safety/Static Control

Oligopoly

n/a

Machine Vision, Code Reading & Laser Marking

Oligopoly

n/a

Metrology & Microscopes

Oligopoly

n/a

Watsco, Inc. segments

Full profile >

HVAC/R Distribution

Competitive

100%

Want the full wide moat stocks list?

Browse the full ranking of wide moat stocks, updated with moat scores and segment context.

View the moat stocks list

Looking for expansion-stage stocks?

Proven models entering the expansion stage with unit economics that work.

View expansion-stage stocks

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.