VOL. XCIV, NO. 247

★ WIDE MOAT STOCKS COMPARISON ★

NO ADVICE

Stock Comparison

EssilorLuxottica vs Waters Corporation

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

EssilorLuxottica

EL · Euronext Paris

Market cap (USD)$110.3B
Gross margin (TTM)61.5%
Operating margin (TTM)12.4%
Net margin (TTM)8.5%
SectorHealthcare
IndustryMedical - Instruments & Supplies
CountryFR
Data as of2026-01-11
Moat score
69/ 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 EssilorLuxottica's moat claims, evidence, and risks.

View EL analysis

Waters Corporation

WAT · New York Stock Exchange

Market cap (USD)$19.8B
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: EssilorLuxottica leads (69 / 100 vs 66 / 100 for Waters Corporation).
  • Segment focus: EssilorLuxottica has 2 segments (52.7% in Direct to Consumer); Waters Corporation has 4 segments (34.9% in Waters instrument systems).
  • Primary market structure: Competitive vs Oligopoly. Pricing power: Moderate vs Moderate.
  • Moat breadth: EssilorLuxottica has 5 moat types across 3 domains; Waters Corporation has 7 across 2.

Primary market context

EssilorLuxottica

Direct to Consumer

Market

Optical retail and e-commerce (prescription eyewear and sunglasses)

Geography

Global

Customer

Consumers (end-users)

Role

Omnichannel retailer + vertically integrated manufacturer/brand owner

Revenue share

52.7%

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

EssilorLuxottica
Waters Corporation
Ticker / Exchange
EL - Euronext Paris
WAT - New York Stock Exchange
Market cap (USD)
$110.3B
$19.8B
Gross margin (TTM)
61.5%
58.9%
Operating margin (TTM)
12.4%
26.6%
Net margin (TTM)
8.5%
20.3%
Sector
Healthcare
Healthcare
Industry
Medical - Instruments & Supplies
Medical - Diagnostics & Research
HQ country
FR
US
Primary segment
Direct to Consumer
Waters instrument systems
Market structure
Competitive
Oligopoly
Market share
n/a
n/a
HHI estimate
n/a
n/a
Pricing power
Moderate
Moderate
Moat score
69 / 100
66 / 100
Moat domains
Legal, Supply, Demand
Demand, Supply
Last update
2026-01-11
2026-01-09

Moat coverage

Shared moat types

Brand Trust

EssilorLuxottica strengths

IP Choke PointDistribution ControlScale Economies Unit CostContractual Exclusivity

Waters Corporation strengths

Data Workflow LockinDesign In QualificationInstalled Base ConsumablesSupply Chain ControlLong Term ContractsService Field Network

Segment mix

EssilorLuxottica segments

Full profile >

Professional Solutions

Oligopoly

47.3%

Direct to Consumer

Competitive

52.7%

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.