VOL. XCIV, NO. 247

★ WIDE MOAT STOCKS COMPARISON ★

NO ADVICE

Saturday, January 10, 2026

Stock Comparison

VINCI SA vs Waters Corporation

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

VINCI SA

DG · Euronext Paris

Market cap (USD)$67.7B
Gross margin (TTM)16%
Operating margin (TTM)12.1%
Net margin (TTM)6.5%
SectorIndustrials
IndustryEngineering & Construction
CountryFR
Data as of2026-01-03
Moat score
57/ 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 VINCI SA's moat claims, evidence, and risks.

View DG 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: Waters Corporation leads (66 / 100 vs 57 / 100 for VINCI SA).
  • Segment focus: VINCI SA has 7 segments (44.4% in VINCI Construction); Waters Corporation has 4 segments (34.9% in Waters instrument systems).
  • Primary market structure: Competitive vs Oligopoly. Pricing power: Weak vs Moderate.
  • Moat breadth: VINCI SA has 7 moat types across 2 domains; Waters Corporation has 7 across 2.

Primary market context

VINCI SA

VINCI Construction

Market

Construction and civil engineering contracting (buildings, infrastructure and specialty networks)

Geography

Global

Customer

Public-sector project owners and private developers/industrial clients

Role

General contractor / civil engineering contractor

Revenue share

44.4%

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

VINCI SA
Waters Corporation
Ticker / Exchange
DG - Euronext Paris
WAT - New York Stock Exchange
Market cap (USD)
$67.7B
$23.7B
Gross margin (TTM)
16%
n/a
Operating margin (TTM)
12.1%
n/a
Net margin (TTM)
6.5%
n/a
Sector
Industrials
Healthcare
Industry
Engineering & Construction
n/a
HQ country
FR
US
Primary segment
VINCI Construction
Waters instrument systems
Market structure
Competitive
Oligopoly
Market share
n/a
n/a
HHI estimate
n/a
n/a
Pricing power
Weak
Moderate
Moat score
57 / 100
66 / 100
Moat domains
Legal, Supply
Demand, Supply
Last update
2026-01-03
2026-01-09

Moat coverage

Shared moat types

Service Field Network

VINCI SA strengths

Concession LicensePermits Rights Of WayOperational ExcellenceCapex Knowhow ScaleCapacity MoatCompliance Advantage

Waters Corporation strengths

Data Workflow LockinDesign In QualificationBrand TrustInstalled Base ConsumablesSupply Chain ControlLong Term Contracts

Segment mix

VINCI SA segments

Full profile >

VINCI Autoroutes

Monopoly

9.2%

VINCI Airports

Oligopoly

6.3%

Other concessions (incl. VINCI Highways and PPP assets)

Competitive

0.8%

VINCI Energies

Competitive

28.4%

Cobra IS

Competitive

9.9%

VINCI Construction

Competitive

44.4%

VINCI Immobilier

Competitive

1.6%

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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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.