VOL. XCIV, NO. 247

★ WIDE MOAT STOCKS COMPARISON ★

NO ADVICE

Sunday, January 11, 2026

Stock Comparison

Graco Inc. vs Waters Corporation

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

Graco Inc.

GGG · New York Stock Exchange

Market cap (USD)$14.2B
Gross margin (TTM)52.3%
Operating margin (TTM)26.6%
Net margin (TTM)22.7%
SectorIndustrials
IndustryIndustrial - Machinery
CountryUS
Data as of2026-01-05
Moat score
67/ 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 Graco Inc.'s moat claims, evidence, and risks.

View GGG 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: Graco Inc. leads (67 / 100 vs 66 / 100 for Waters Corporation).
  • Segment focus: Graco Inc. has 3 segments (49.4% in Contractor); Waters Corporation has 4 segments (34.9% in Waters instrument systems).
  • Moat breadth: Graco Inc. has 7 moat types across 2 domains; Waters Corporation has 7 across 2.

Primary market context

Graco Inc.

Contractor

Market

Professional and prosumer paint/coatings application equipment (airless sprayers, texture sprayers, line stripers, plural-component proportioners)

Geography

Global

Customer

Professional contractors and trades; DIY consumers via retail channels

Role

Equipment OEM / brand owner

Revenue share

49.4%

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

Graco Inc.
Waters Corporation
Ticker / Exchange
GGG - New York Stock Exchange
WAT - New York Stock Exchange
Market cap (USD)
$14.2B
$23.7B
Gross margin (TTM)
52.3%
n/a
Operating margin (TTM)
26.6%
n/a
Net margin (TTM)
22.7%
n/a
Sector
Industrials
Healthcare
Industry
Industrial - Machinery
n/a
HQ country
US
US
Primary segment
Contractor
Waters instrument systems
Market structure
Oligopoly
Oligopoly
Market share
n/a
n/a
HHI estimate
n/a
n/a
Pricing power
Moderate
Moderate
Moat score
67 / 100
66 / 100
Moat domains
Demand, Supply
Demand, Supply
Last update
2026-01-05
2026-01-09

Moat coverage

Shared moat types

Brand TrustService Field NetworkDesign In QualificationInstalled Base Consumables

Graco Inc. strengths

Distribution ControlOperational ExcellenceScope Economies

Waters Corporation strengths

Data Workflow LockinSupply Chain ControlLong Term Contracts

Segment mix

Graco Inc. segments

Full profile >

Contractor

Oligopoly

49.4%

Industrial

Oligopoly

43.1%

Expansion Markets

Competitive

7.5%

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.

View the moat stocks list

Looking for expansion-stage stocks?

Proven models entering the expansion stage with unit economics that work.

View expansion-stage stocks

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.