VOL. XCIV, NO. 247

★ WIDE MOAT STOCKS COMPARISON ★

NO ADVICE

Saturday, January 10, 2026

Stock Comparison

Ferguson Enterprises Inc. vs Waters Corporation

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

Ferguson Enterprises Inc.

FERG · New York Stock Exchange

Market cap (USD)$46.7B
Gross margin (TTM)30.8%
Operating margin (TTM)8.7%
Net margin (TTM)6.3%
SectorIndustrials
IndustryIndustrial - Distribution
CountryUS
Data as of2026-01-01
Moat score
72/ 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 Ferguson Enterprises Inc.'s moat claims, evidence, and risks.

View FERG 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: Ferguson Enterprises Inc. leads (72 / 100 vs 66 / 100 for Waters Corporation).
  • Segment focus: Ferguson Enterprises Inc. has 2 segments (95.1% in United States); Waters Corporation has 4 segments (34.9% in Waters instrument systems).
  • Primary market structure: Competitive vs Oligopoly. Pricing power: Moderate vs Moderate.
  • Moat breadth: Ferguson Enterprises Inc. has 4 moat types across 2 domains; Waters Corporation has 7 across 2.

Primary market context

Ferguson Enterprises Inc.

United States

Market

Value-added distribution of plumbing, HVAC, PVF, waterworks and related products/services

Geography

United States

Customer

Residential and non-residential professional trade customers (contractors/builders) plus industrial and infrastructure customers

Role

Value-added distributor (B2B)

Revenue share

95.1%

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

Ferguson Enterprises Inc.
Waters Corporation
Ticker / Exchange
FERG - New York Stock Exchange
WAT - New York Stock Exchange
Market cap (USD)
$46.7B
$23.7B
Gross margin (TTM)
30.8%
n/a
Operating margin (TTM)
8.7%
n/a
Net margin (TTM)
6.3%
n/a
Sector
Industrials
Healthcare
Industry
Industrial - Distribution
n/a
HQ country
US
US
Primary segment
United States
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
72 / 100
66 / 100
Moat domains
Supply, Demand
Demand, Supply
Last update
2026-01-01
2026-01-09

Moat coverage

Shared moat types

Data Workflow Lockin

Ferguson Enterprises Inc. strengths

Physical Network DensityScale Economies Unit CostScope Economies

Waters Corporation strengths

Design In QualificationBrand TrustInstalled Base ConsumablesSupply Chain ControlLong Term ContractsService Field Network

Segment mix

Ferguson Enterprises Inc. segments

Full profile >

United States

Competitive

95.1%

Canada

Competitive

4.9%

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?

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

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Looking for expansion-stage stocks?

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.