VOL. XCIV, NO. 247

★ WIDE MOAT STOCKS COMPARISON ★

NO ADVICE

Saturday, January 10, 2026

Stock Comparison

Sartorius Stedim Biotech S.A. vs Waters Corporation

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

Sartorius Stedim Biotech S.A.

DIM · Euronext Paris

Market cap (USD)$20.8B
Gross margin (TTM)45.6%
Operating margin (TTM)17.6%
Net margin (TTM)9%
SectorHealthcare
IndustryMedical - Instruments & Supplies
CountryFR
Data as of2025-12-28
Moat score
80/ 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 Sartorius Stedim Biotech S.A.'s moat claims, evidence, and risks.

View DIM 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: Sartorius Stedim Biotech S.A. leads (80 / 100 vs 66 / 100 for Waters Corporation).
  • Segment focus: Sartorius Stedim Biotech S.A. has 2 segments (75% in Sterile single-use bioprocessing consumables); Waters Corporation has 4 segments (34.9% in Waters instrument systems).
  • Primary market structure: Oligopoly vs Oligopoly. Pricing power: Strong vs Moderate.
  • Moat breadth: Sartorius Stedim Biotech S.A. has 6 moat types across 3 domains; Waters Corporation has 7 across 2.

Primary market context

Sartorius Stedim Biotech S.A.

Sterile single-use bioprocessing consumables

Market

Sterile single-use bioprocessing consumables (bags, filters, fluid management components)

Geography

Global

Customer

Biopharmaceutical manufacturers and CDMOs

Role

Consumables supplier (single-use)

Revenue share

75%

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

Sartorius Stedim Biotech S.A.
Waters Corporation
Ticker / Exchange
DIM - Euronext Paris
WAT - New York Stock Exchange
Market cap (USD)
$20.8B
$23.7B
Gross margin (TTM)
45.6%
n/a
Operating margin (TTM)
17.6%
n/a
Net margin (TTM)
9%
n/a
Sector
Healthcare
Healthcare
Industry
Medical - Instruments & Supplies
n/a
HQ country
FR
US
Primary segment
Sterile single-use bioprocessing consumables
Waters instrument systems
Market structure
Oligopoly
Oligopoly
Market share
10%-25% (implied)
n/a
HHI estimate
n/a
n/a
Pricing power
Strong
Moderate
Moat score
80 / 100
66 / 100
Moat domains
Demand, Supply, Legal
Demand, Supply
Last update
2025-12-28
2026-01-09

Moat coverage

Shared moat types

Installed Base ConsumablesDesign In Qualification

Sartorius Stedim Biotech S.A. strengths

Learning Curve YieldCompliance AdvantageSuite BundlingCapex Knowhow Scale

Waters Corporation strengths

Data Workflow LockinBrand TrustSupply Chain ControlLong Term ContractsService Field Network

Segment mix

Sartorius Stedim Biotech S.A. segments

Full profile >

Sterile single-use bioprocessing consumables

Oligopoly

75%

Bioprocessing equipment, systems, and software/services

Oligopoly

25%

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.