VOL. XCIV, NO. 247

★ WIDE MOAT STOCKS COMPARISON ★

NO ADVICE

Wednesday, January 7, 2026

Stock Comparison

ASML Holding N.V. vs Watsco, Inc.

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

ASML Holding N.V.

ASML · Euronext Amsterdam

Market cap (USD)$407.9B
Gross margin (TTM)52.7%
Operating margin (TTM)34.9%
Net margin (TTM)29.4%
SectorTechnology
IndustrySemiconductors
CountryNL
Data as of2025-12-21
Moat score
76/ 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 ASML Holding N.V.'s moat claims, evidence, and risks.

View ASML 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: ASML Holding N.V. leads (76 / 100 vs 72 / 100 for Watsco, Inc.).
  • Segment focus: ASML Holding N.V. has 3 segments (23% in Installed Base Management (service, upgrades, field options)); Watsco, Inc. has 1 segment (100% in HVAC/R Distribution).
  • Primary market structure: Quasi-Monopoly vs Competitive. Pricing power: Strong vs Moderate.
  • Moat breadth: ASML Holding N.V. has 6 moat types across 2 domains; Watsco, Inc. has 4 across 3.

Primary market context

ASML Holding N.V.

Installed Base Management (service, upgrades, field options)

Market

Service, upgrades and field options for installed ASML lithography tools

Geography

Global

Customer

Owners/operators of ASML lithography systems

Role

Aftermarket service provider

Revenue share

23%

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

ASML Holding N.V.
Watsco, Inc.
Ticker / Exchange
ASML - Euronext Amsterdam
WSO - New York Stock Exchange
Market cap (USD)
$407.9B
$14.4B
Gross margin (TTM)
52.7%
28.3%
Operating margin (TTM)
34.9%
10.2%
Net margin (TTM)
29.4%
7.4%
Sector
Technology
Industrials
Industry
Semiconductors
Industrial - Distribution
HQ country
NL
US
Primary segment
Installed Base Management (service, upgrades, field options)
HVAC/R Distribution
Market structure
Quasi-Monopoly
Competitive
Market share
n/a
9%-12% (implied)
HHI estimate
n/a
n/a
Pricing power
Strong
Moderate
Moat score
76 / 100
72 / 100
Moat domains
Supply, Demand
Supply, Legal, Demand
Last update
2025-12-21
2026-01-05

Moat coverage

Shared moat types

No overlap yet.

ASML Holding N.V. strengths

Supply Chain ControlCapex Knowhow ScaleBrand TrustSwitching Costs GeneralService Field NetworkInstalled Base Consumables

Watsco, Inc. strengths

Physical Network DensityContractual ExclusivityScale Economies Unit CostData Workflow Lockin

Segment mix

ASML Holding N.V. segments

Full profile >

EUV lithography systems (incl. High-NA)

Monopoly

n/a

DUV lithography systems

Oligopoly

n/a

Installed Base Management (service, upgrades, field options)

Quasi-Monopoly

23%

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.