VOL. XCIV, NO. 247

★ WIDE MOAT STOCKS COMPARISON ★

NO ADVICE

Saturday, January 10, 2026

Stock Comparison

Canadian Pacific Kansas City Limited vs Waters Corporation

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

Canadian Pacific Kansas City Limited

CP · New York Stock Exchange

Market cap (USD)$66.2B
Gross margin (TTM)56.7%
Operating margin (TTM)37%
Net margin (TTM)28.4%
SectorIndustrials
IndustryRailroads
CountryCA
Data as of2025-12-30
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 Canadian Pacific Kansas City Limited's moat claims, evidence, and risks.

View CP analysis

Waters Corporation

WAT · New York Stock Exchange

Market cap (USD)$23.7B
Gross margin (TTM)
Operating margin (TTM)
Net margin (TTM)
SectorHealthcare
Industry
CountryUS
Data as of2026-01-09
Moat score
66/ 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 Waters Corporation's moat claims, evidence, and risks.

View WAT analysis

Comparison highlights

  • Moat score gap: Canadian Pacific Kansas City Limited leads (70 / 100 vs 66 / 100 for Waters Corporation).
  • Segment focus: Canadian Pacific Kansas City Limited has 4 segments (46% in Merchandise Freight); Waters Corporation has 4 segments (34.9% in Waters instrument systems).
  • Moat breadth: Canadian Pacific Kansas City Limited has 4 moat types across 2 domains; Waters Corporation has 7 across 2.

Primary market context

Canadian Pacific Kansas City Limited

Merchandise Freight

Market

North American carload rail freight (industrial and consumer commodities)

Geography

Canada, United States, Mexico

Customer

Industrial shippers and manufacturers across multiple commodity groups

Role

Rail carrier + logistics/transload provider

Revenue share

46%

Waters Corporation

Waters instrument systems

Market

Liquid chromatography (LC/UPLC) and mass spectrometry (MS) analytical instrument systems (including LC-MS workflows and instrument control/data system software)

Geography

Global

Customer

Pharma/biotech, industrial, academic and government laboratories

Role

OEM + software/platform provider

Revenue share

34.9%

Side-by-side metrics

Canadian Pacific Kansas City Limited
Waters Corporation
Ticker / Exchange
CP - New York Stock Exchange
WAT - New York Stock Exchange
Market cap (USD)
$66.2B
$23.7B
Gross margin (TTM)
56.7%
n/a
Operating margin (TTM)
37%
n/a
Net margin (TTM)
28.4%
n/a
Sector
Industrials
Healthcare
Industry
Railroads
n/a
HQ country
CA
US
Primary segment
Merchandise Freight
Waters instrument systems
Market structure
Oligopoly
Oligopoly
Market share
n/a
n/a
HHI estimate
n/a
n/a
Pricing power
Moderate
Moderate
Moat score
70 / 100
66 / 100
Moat domains
Legal, Supply
Demand, Supply
Last update
2025-12-30
2026-01-09

Moat coverage

Shared moat types

No overlap yet.

Canadian Pacific Kansas City Limited strengths

Permits Rights Of WayPhysical Network DensityOperational ExcellenceDistribution Control

Waters Corporation strengths

Data Workflow LockinDesign In QualificationBrand TrustInstalled Base ConsumablesSupply Chain ControlLong Term ContractsService Field Network

Segment mix

Canadian Pacific Kansas City Limited segments

Full profile >

Bulk Freight

Oligopoly

34.2%

Merchandise Freight

Oligopoly

46%

Intermodal Freight

Competitive

17.6%

Non-freight and Other

Competitive

2.2%

Waters Corporation segments

Full profile >

Waters instrument systems

Oligopoly

34.9%

Chemistry consumables

Competitive

19.1%

Waters service & software maintenance

Competitive

34%

TA instrument systems & service

Oligopoly

12%

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.