VOL. XCIV, NO. 247

★ WIDE MOAT STOCKS COMPARISON ★

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Friday, January 2, 2026

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Stock Comparison

Ecolab Inc. vs Spirax Group plc

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

Ecolab Inc.

ECL · New York Stock Exchange

Market cap (USD)—
Gross margin (TTM)44.3%
Operating margin (TTM)17.3%
Net margin (TTM)12.5%
SectorMaterials
CountryUS
Data as of2026-01-01
Moat score
63/ 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 Ecolab Inc.'s moat claims, evidence, and risks.

View ECL analysis

Spirax Group plc

SPX · London Stock Exchange

Market cap (USD)$6.7B
Gross margin (TTM)19.6%
Operating margin (TTM)17.2%
Net margin (TTM)10.7%
SectorIndustrials
CountryGB
Data as of2025-12-28
Moat score
71/ 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 Spirax Group plc's moat claims, evidence, and risks.

View SPX analysis

Comparison highlights

  • Moat score gap: Spirax Group plc leads (71 / 100 vs 63 / 100 for Ecolab Inc.).
  • Segment focus: Ecolab Inc. has 4 segments (49.5% in Global Industrial); Spirax Group plc has 3 segments (52.1% in Steam Thermal Solutions).
  • Moat breadth: Ecolab Inc. has 7 moat types across 3 domains; Spirax Group plc has 6 across 2.

Primary market context

Ecolab Inc.

Global Industrial

Market

Industrial water treatment & process chemistry (incl. food & beverage processing and pulp & paper process aids)

Geography

Global

Customer

B2B

Role

formulator + on-site service/optimization provider

Revenue share

49.5%

Spirax Group plc

Steam Thermal Solutions

Market

Industrial and commercial steam systems (condensate management, controls, thermal energy management products and solutions)

Geography

Global

Customer

Industrial process operators and commercial facility operators

Role

OEM / solutions provider

Revenue share

52.1%

Side-by-side metrics

Ecolab Inc.
Spirax Group plc
Ticker / Exchange
ECL - New York Stock Exchange
SPX - London Stock Exchange
Market cap (USD)
n/a
$6.7B
Gross margin (TTM)
44.3%
19.6%
Operating margin (TTM)
17.3%
17.2%
Net margin (TTM)
12.5%
10.7%
Sector
Materials
Industrials
HQ country
US
GB
Primary segment
Global Industrial
Steam Thermal Solutions
Market structure
Oligopoly
Oligopoly
Market share
n/a
n/a
HHI estimate
n/a
n/a
Pricing power
Moderate
Moderate
Moat score
63 / 100
71 / 100
Moat domains
Supply, Demand, Legal
Supply, Demand
Last update
2026-01-01
2025-12-28

Moat coverage

Shared moat types

Service Field NetworkInstalled Base ConsumablesBrand Trust

Ecolab Inc. strengths

Data Workflow LockinCompliance AdvantageLong Term ContractsTraining Org Change Costs

Spirax Group plc strengths

Capex Knowhow ScaleDesign In QualificationSuite Bundling

Segment mix

Ecolab Inc. segments

Full profile >

Global Industrial

Oligopoly

49.5%

Global Institutional & Specialty

Oligopoly

34.1%

Global Healthcare & Life Sciences

Oligopoly

9%

Global Pest Elimination

Oligopoly

7.4%

Spirax Group plc segments

Full profile >

Steam Thermal Solutions

Oligopoly

52.1%

Electric Thermal Solutions

Competitive

24.3%

Watson-Marlow Fluid Technology Solutions

Oligopoly

23.6%

Want the full wide moat stocks list?

Browse the full ranking of wide moat stocks, updated with moat scores and segment context.

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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.