VOL. XCIV, NO. 247

★ WIDE MOAT STOCKS COMPARISON ★

NO ADVICE

Stock Comparison

DexCom, Inc. vs Waters Corporation

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

DexCom, Inc.

DXCM · Nasdaq Global Select Market

Market cap (USD)$23.6B
Gross margin (TTM)60.1%
Operating margin (TTM)19.6%
Net margin (TTM)17.9%
SectorHealthcare
IndustryMedical - Devices
CountryUS
Data as of2026-04-24
Moat score
82/ 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 DexCom, Inc.'s moat claims, evidence, and risks.

View DXCM 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: DexCom, Inc. leads (82 / 100 vs 66 / 100 for Waters Corporation).
  • Segment focus: DexCom, Inc. has 1 segment (100% in Continuous glucose monitoring systems); Waters Corporation has 4 segments (34.9% in Waters instrument systems).
  • Moat breadth: DexCom, Inc. has 5 moat types across 3 domains; Waters Corporation has 7 across 2.

Primary market context

DexCom, Inc.

Continuous glucose monitoring systems

Market

Global continuous glucose monitoring systems and glucose biosensing devices

Geography

Global, with FY2025 revenue 71.5% United States and 28.5% international

Customer

People with diabetes, metabolic-health users, caregivers, clinicians, payors, distributors and pharmacy channels

Role

CGM device manufacturer, disposable sensor supplier, software/data platform and distribution partner

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

DexCom, Inc.
Waters Corporation
Ticker / Exchange
DXCM - Nasdaq Global Select Market
WAT - New York Stock Exchange
Market cap (USD)
$23.6B
$18.5B
Gross margin (TTM)
60.1%
58.9%
Operating margin (TTM)
19.6%
26.6%
Net margin (TTM)
17.9%
20.3%
Sector
Healthcare
Healthcare
Industry
Medical - Devices
Medical - Diagnostics & Research
HQ country
US
US
Primary segment
Continuous glucose monitoring systems
Waters instrument systems
Market structure
Oligopoly
Oligopoly
Market share
35.1% (estimated)
n/a
HHI estimate
4,452
n/a
Pricing power
Moderate
Moderate
Moat score
82 / 100
66 / 100
Moat domains
Demand, Network, Legal
Demand, Supply
Last update
2026-04-24
2026-01-09

Moat coverage

Shared moat types

Installed Base ConsumablesData Workflow LockinBrand Trust

DexCom, Inc. strengths

Ecosystem ComplementsRegulated Standards Pipe

Waters Corporation strengths

Design In QualificationSupply Chain ControlLong Term ContractsService Field Network

Segment mix

DexCom, Inc. segments

Full profile >

Continuous glucose monitoring systems

Oligopoly

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.