VOL. XCIV, NO. 247

★ WIDE MOAT STOCKS COMPARISON ★

NO ADVICE

Saturday, January 10, 2026

Stock Comparison

American Water Works Company, Inc. vs Marsh & McLennan Companies, Inc.

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

American Water Works Company, Inc.

AWK · New York Stock Exchange

Market cap (USD)$25B
Gross margin (TTM)
Operating margin (TTM)
Net margin (TTM)
SectorUtilities
Industry
CountryUS
Data as of2026-01-09
Moat score
79/ 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 American Water Works Company, Inc.'s moat claims, evidence, and risks.

View AWK analysis

Marsh & McLennan Companies, Inc.

MMC · New York Stock Exchange

Market cap (USD)$91.5B
Gross margin (TTM)42.3%
Operating margin (TTM)23.2%
Net margin (TTM)15.6%
SectorFinancials
IndustryInsurance - Brokers
CountryUS
Data as of2025-12-31
Moat score
65/ 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 Marsh & McLennan Companies, Inc.'s moat claims, evidence, and risks.

View MMC analysis

Comparison highlights

  • Moat score gap: American Water Works Company, Inc. leads (79 / 100 vs 65 / 100 for Marsh & McLennan Companies, Inc.).
  • Segment focus: American Water Works Company, Inc. has 2 segments (91.7% in Regulated Businesses); Marsh & McLennan Companies, Inc. has 2 segments (62.8% in Risk and Insurance Services).
  • Primary market structure: Monopoly vs Oligopoly. Pricing power: Moderate vs Moderate.
  • Moat breadth: American Water Works Company, Inc. has 8 moat types across 3 domains; Marsh & McLennan Companies, Inc. has 5 across 3.

Primary market context

American Water Works Company, Inc.

Regulated Businesses

Market

Regulated water and wastewater utility service in certificated/franchised territories

Geography

United States (14-state footprint)

Customer

Residential, commercial, industrial, public authority, fire service, and sale-for-resale customers

Role

Regulated utility owner/operator (water & wastewater)

Revenue share

91.7%

Marsh & McLennan Companies, Inc.

Risk and Insurance Services

Market

Insurance brokerage, risk advisory, and reinsurance brokerage/services

Geography

Global

Customer

Enterprises, public entities, associations, and individuals (via broker/agent channels)

Role

Intermediary + advisor (insurance/reinsurance market intermediary)

Revenue share

62.8%

Side-by-side metrics

American Water Works Company, Inc.
Marsh & McLennan Companies, Inc.
Ticker / Exchange
AWK - New York Stock Exchange
MMC - New York Stock Exchange
Market cap (USD)
$25B
$91.5B
Gross margin (TTM)
n/a
42.3%
Operating margin (TTM)
n/a
23.2%
Net margin (TTM)
n/a
15.6%
Sector
Utilities
Financials
Industry
n/a
Insurance - Brokers
HQ country
US
US
Primary segment
Regulated Businesses
Risk and Insurance Services
Market structure
Monopoly
Oligopoly
Market share
n/a
n/a
HHI estimate
n/a
n/a
Pricing power
Moderate
Moderate
Moat score
79 / 100
65 / 100
Moat domains
Legal, Supply, Demand
Supply, Demand, Legal
Last update
2026-01-09
2025-12-31

Moat coverage

Shared moat types

Compliance Advantage

American Water Works Company, Inc. strengths

Concession LicensePhysical Network DensityPermits Rights Of WayScale Economies Unit CostLong Term ContractsGovernment Contracting RelationshipsOperational Excellence

Marsh & McLennan Companies, Inc. strengths

Service Field NetworkBrand TrustSwitching Costs GeneralData Workflow Lockin

Segment mix

American Water Works Company, Inc. segments

Full profile >

Regulated Businesses

Monopoly

91.7%

Military and Contract Water Services (Other)

Duopoly

8.3%

Marsh & McLennan Companies, Inc. segments

Full profile >

Risk and Insurance Services

Oligopoly

62.8%

Consulting

Competitive

37.2%

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.