VOL. XCIV, NO. 247

★ WIDE MOAT STOCKS COMPARISON ★

NO ADVICE

Thursday, January 8, 2026

Stock Comparison

Amgen Inc. vs Watsco, Inc.

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

Amgen Inc.

AMGN · Nasdaq Stock Market

Market cap (USD)$172.7B
Gross margin (TTM)66.2%
Operating margin (TTM)24.1%
Net margin (TTM)19.5%
SectorHealthcare
IndustryDrug Manufacturers - General
CountryUS
Data as of2025-12-22
Moat score
70/ 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 Amgen Inc.'s moat claims, evidence, and risks.

View AMGN 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: Watsco, Inc. leads (72 / 100 vs 70 / 100 for Amgen Inc.).
  • Segment focus: Amgen Inc. has 3 segments (80.1% in Core Innovative Medicines); Watsco, Inc. has 1 segment (100% in HVAC/R Distribution).
  • Moat breadth: Amgen Inc. has 5 moat types across 3 domains; Watsco, Inc. has 4 across 3.

Primary market context

Amgen Inc.

Core Innovative Medicines

Market

Branded biopharmaceutical therapies for common diseases (bone health, inflammation, oncology, cardiovascular and other specialty areas)

Geography

Global

Customer

Payers, providers, and pharmacies

Role

Drug developer/manufacturer

Revenue share

80.1%

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

Amgen Inc.
Watsco, Inc.
Ticker / Exchange
AMGN - Nasdaq Stock Market
WSO - New York Stock Exchange
Market cap (USD)
$172.7B
$14.4B
Gross margin (TTM)
66.2%
28.3%
Operating margin (TTM)
24.1%
10.2%
Net margin (TTM)
19.5%
7.4%
Sector
Healthcare
Industrials
Industry
Drug Manufacturers - General
Industrial - Distribution
HQ country
US
US
Primary segment
Core Innovative Medicines
HVAC/R Distribution
Market structure
Competitive
Competitive
Market share
n/a
9%-12% (implied)
HHI estimate
n/a
n/a
Pricing power
Moderate
Moderate
Moat score
70 / 100
72 / 100
Moat domains
Legal, Supply, Demand
Supply, Legal, Demand
Last update
2025-12-22
2026-01-05

Moat coverage

Shared moat types

No overlap yet.

Amgen Inc. strengths

IP Choke PointRegulated Standards PipeCapex Knowhow ScaleBrand TrustLearning Curve Yield

Watsco, Inc. strengths

Physical Network DensityContractual ExclusivityScale Economies Unit CostData Workflow Lockin

Segment mix

Amgen Inc. segments

Full profile >

Core Innovative Medicines

Competitive

80.1%

Rare Disease Portfolio (Horizon + others)

Quasi-Monopoly

13.3%

Biosimilars

Oligopoly

6.6%

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.