VOL. XCIV, NO. 247

★ WIDE MOAT STOCKS COMPARISON ★

NO ADVICE

Stock Comparison

Doximity, Inc. vs Waters Corporation

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

Doximity, Inc.

DOCS · New York Stock Exchange

Market cap (USD)$4.5B
Gross margin (TTM)89.8%
Operating margin (TTM)37.4%
Net margin (TTM)37.5%
SectorHealthcare
IndustryMedical - Healthcare Information Services
CountryUS
Data as of2026-04-25
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 Doximity, Inc.'s moat claims, evidence, and risks.

View DOCS analysis

Waters Corporation

WAT · New York Stock Exchange

Market cap (USD)$18.5B
Gross margin (TTM)58.9%
Operating margin (TTM)26.6%
Net margin (TTM)20.3%
SectorHealthcare
IndustryMedical - Diagnostics & Research
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: Doximity, Inc. leads (70 / 100 vs 66 / 100 for Waters Corporation).
  • Segment focus: Doximity, Inc. has 1 segment (100% in Medical professional platform and healthcare customer solutions); Waters Corporation has 4 segments (34.9% in Waters instrument systems).
  • Primary market structure: Competitive vs Oligopoly. Pricing power: Moderate vs Moderate.
  • Moat breadth: Doximity, Inc. has 5 moat types across 2 domains; Waters Corporation has 7 across 2.

Primary market context

Doximity, Inc.

Medical professional platform and healthcare customer solutions

Market

U.S. digital medical professional network, HCP marketing, hiring, workflow and telehealth solutions

Geography

United States

Customer

Physicians, nurse practitioners, physician assistants, medical students, pharmaceutical manufacturers, health systems and medical recruiters

Role

Verified clinician network, engagement platform, workflow software and subscription-based commercial solutions provider

Revenue share

100%

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

Doximity, Inc.
Waters Corporation
Ticker / Exchange
DOCS - New York Stock Exchange
WAT - New York Stock Exchange
Market cap (USD)
$4.5B
$18.5B
Gross margin (TTM)
89.8%
58.9%
Operating margin (TTM)
37.4%
26.6%
Net margin (TTM)
37.5%
20.3%
Sector
Healthcare
Healthcare
Industry
Medical - Healthcare Information Services
Medical - Diagnostics & Research
HQ country
US
US
Primary segment
Medical professional platform and healthcare customer solutions
Waters instrument systems
Market structure
Competitive
Oligopoly
Market share
3%-4% (implied)
n/a
HHI estimate
n/a
n/a
Pricing power
Moderate
Moderate
Moat score
70 / 100
66 / 100
Moat domains
Network, Demand
Demand, Supply
Last update
2026-04-25
2026-01-09

Moat coverage

Shared moat types

Data Workflow LockinBrand Trust

Doximity, Inc. strengths

Direct Network EffectsData Network EffectsProcurement Inertia

Waters Corporation strengths

Design In QualificationInstalled Base ConsumablesSupply Chain ControlLong Term ContractsService Field Network

Segment mix

Doximity, Inc. segments

Full profile >

Medical professional platform and healthcare customer solutions

Competitive

100%

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.