VOL. XCIV, NO. 247

★ WIDE MOAT STOCKS COMPARISON ★

NO ADVICE

Thursday, January 8, 2026

Stock Comparison

Cochlear Limited vs Watsco, Inc.

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

Cochlear Limited

COH · ASX

Market cap (USD)$17B
Gross margin (TTM)74.5%
Operating margin (TTM)22.7%
Net margin (TTM)16.2%
SectorHealthcare
IndustryMedical - Devices
CountryAU
Data as of2026-01-04
Moat score
81/ 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 Cochlear Limited's moat claims, evidence, and risks.

View COH 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: Cochlear Limited leads (81 / 100 vs 72 / 100 for Watsco, Inc.).
  • Segment focus: Cochlear Limited has 3 segments (62.4% in Cochlear Implants); Watsco, Inc. has 1 segment (100% in HVAC/R Distribution).
  • Primary market structure: Oligopoly vs Competitive. Pricing power: Moderate vs Moderate.
  • Moat breadth: Cochlear Limited has 8 moat types across 3 domains; Watsco, Inc. has 4 across 3.

Primary market context

Cochlear Limited

Cochlear Implants

Market

Cochlear implant systems (internal implant + external sound processors) for severe-to-profound hearing loss

Geography

Global

Customer

Hospitals/ENT clinics and audiology programs (providers) serving implant candidates/recipients; reimbursed by public/private payers

Role

Medical device OEM / platform owner (implant + processor + fitting software + clinical support)

Revenue share

62.4%

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

Cochlear Limited
Watsco, Inc.
Ticker / Exchange
COH - ASX
WSO - New York Stock Exchange
Market cap (USD)
$17B
$14.4B
Gross margin (TTM)
74.5%
28.3%
Operating margin (TTM)
22.7%
10.2%
Net margin (TTM)
16.2%
7.4%
Sector
Healthcare
Industrials
Industry
Medical - Devices
Industrial - Distribution
HQ country
AU
US
Primary segment
Cochlear Implants
HVAC/R Distribution
Market structure
Oligopoly
Competitive
Market share
60%-65% (reported)
9%-12% (implied)
HHI estimate
n/a
n/a
Pricing power
Moderate
Moderate
Moat score
81 / 100
72 / 100
Moat domains
Demand, Legal, Supply
Supply, Legal, Demand
Last update
2026-01-04
2026-01-05

Moat coverage

Shared moat types

Data Workflow Lockin

Cochlear Limited strengths

Brand TrustCompliance AdvantageCapex Knowhow ScaleIP Choke PointService Field NetworkInstalled Base ConsumablesFormat Lock In

Watsco, Inc. strengths

Physical Network DensityContractual ExclusivityScale Economies Unit Cost

Segment mix

Cochlear Limited segments

Full profile >

Cochlear Implants

Oligopoly

62.4%

Services

Monopoly

25.9%

Acoustics

Oligopoly

11.7%

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.