VOL. XCIV, NO. 247

★ WIDE MOAT STOCKS COMPARISON ★

NO ADVICE

Saturday, January 10, 2026

Stock Comparison

Brown & Brown, Inc. vs West Pharmaceutical Services, Inc.

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

Brown & Brown, Inc.

BRO · New York Stock Exchange

Market cap (USD)$27.5B
Gross margin (TTM)
Operating margin (TTM)
Net margin (TTM)
SectorFinancials
IndustryInsurance - Brokers
CountryUS
Data as of2026-01-09
Moat score
61/ 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 Brown & Brown, Inc.'s moat claims, evidence, and risks.

View BRO analysis

West Pharmaceutical Services, Inc.

WST · New York Stock Exchange

Market cap (USD)$19.8B
Gross margin (TTM)35.6%
Operating margin (TTM)20.9%
Net margin (TTM)16.3%
SectorHealthcare
IndustryMedical - Instruments & Supplies
CountryUS
Data as of2025-12-22
Moat score
85/ 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 West Pharmaceutical Services, Inc.'s moat claims, evidence, and risks.

View WST analysis

Comparison highlights

  • Moat score gap: West Pharmaceutical Services, Inc. leads (85 / 100 vs 61 / 100 for Brown & Brown, Inc.).
  • Segment focus: Brown & Brown, Inc. has 2 segments (59% in Retail); West Pharmaceutical Services, Inc. has 2 segments (80.7% in Proprietary Products).
  • Primary market structure: Competitive vs Quasi-Monopoly. Pricing power: Moderate vs Moderate.
  • Moat breadth: Brown & Brown, Inc. has 5 moat types across 3 domains; West Pharmaceutical Services, Inc. has 5 across 3.

Primary market context

Brown & Brown, Inc.

Retail

Market

Retail insurance brokerage and agency services (commercial P&C, employee benefits, personal lines) plus dealer F&I risk-mitigating products

Geography

Primarily United States; also selected international operations

Customer

Commercial (SMB to mid-market), public/quasi-public entities, professional and individual insured customers; auto/RV dealers for F&I

Role

Insurance intermediary (agent/broker) and risk solutions advisor

Revenue share

59%

West Pharmaceutical Services, Inc.

Proprietary Products

Market

Injectable primary packaging components and containment/delivery systems (elastomeric stoppers, seals, plungers, syringe/cartridge components; related services)

Geography

Global

Customer

Biologic, generic, and pharmaceutical drug manufacturers

Role

Primary packaging and delivery component supplier

Revenue share

80.7%

Side-by-side metrics

Brown & Brown, Inc.
West Pharmaceutical Services, Inc.
Ticker / Exchange
BRO - New York Stock Exchange
WST - New York Stock Exchange
Market cap (USD)
$27.5B
$19.8B
Gross margin (TTM)
n/a
35.6%
Operating margin (TTM)
n/a
20.9%
Net margin (TTM)
n/a
16.3%
Sector
Financials
Healthcare
Industry
Insurance - Brokers
Medical - Instruments & Supplies
HQ country
US
US
Primary segment
Retail
Proprietary Products
Market structure
Competitive
Quasi-Monopoly
Market share
n/a
70%-75% (reported)
HHI estimate
n/a
n/a
Pricing power
Moderate
Moderate
Moat score
61 / 100
85 / 100
Moat domains
Demand, Supply, Legal
Demand, Legal, Supply
Last update
2026-01-09
2025-12-22

Moat coverage

Shared moat types

Brand Trust

Brown & Brown, Inc. strengths

Procurement InertiaScale Economies Unit CostContractual ExclusivityPreferential Input Access

West Pharmaceutical Services, Inc. strengths

Design In QualificationCompliance AdvantageCapex Knowhow ScaleOperational Excellence

Segment mix

Brown & Brown, Inc. segments

Full profile >

Retail

Competitive

59%

Specialty Distribution

Oligopoly

41%

West Pharmaceutical Services, Inc. segments

Full profile >

Proprietary Products

Quasi-Monopoly

80.7%

Contract-Manufactured Products

Competitive

19.3%

Want the full wide moat stocks list?

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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.