VOL. XCIV, NO. 247

★ WIDE MOAT STOCKS COMPARISON ★

NO ADVICE

Saturday, January 3, 2026

Stock Comparison

IDEX Corporation vs SBA Communications Corporation

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

IDEX Corporation

IEX · New York Stock Exchange

Market cap (USD)$13.5B
Gross margin (TTM)43.5%
Operating margin (TTM)20.7%
Net margin (TTM)14%
SectorIndustrials
IndustryIndustrial - Machinery
CountryUS
Data as of2025-12-23
Moat score
58/ 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 IDEX Corporation's moat claims, evidence, and risks.

View IEX analysis

SBA Communications Corporation

SBAC · NASDAQ

Market cap (USD)
Gross margin (TTM)
Operating margin (TTM)
Net margin (TTM)
SectorReal Estate
IndustryREIT - Specialty
CountryUS
Data as of2026-01-02
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 SBA Communications Corporation's moat claims, evidence, and risks.

View SBAC analysis

Comparison highlights

  • Moat score gap: SBA Communications Corporation leads (71 / 100 vs 58 / 100 for IDEX Corporation).
  • Segment focus: IDEX Corporation has 3 segments (39.6% in Health & Science Technologies (HST)); SBA Communications Corporation has 3 segments (69.5% in Domestic Site Leasing).
  • Primary market structure: Competitive vs Oligopoly. Pricing power: Moderate vs Moderate.
  • Moat breadth: IDEX Corporation has 7 moat types across 3 domains; SBA Communications Corporation has 4 across 2.

Primary market context

IDEX Corporation

Health & Science Technologies (HST)

Market

Precision fluidics, optics/photonics, microfluidics, sealing solutions, pneumatic components, and process technologies for life science/diagnostics, semiconductor, aerospace/defense, and industrial markets

Geography

Global

Customer

Life science & diagnostic instrument OEMs, semiconductor/industrial OEMs, specialty industrial customers

Role

Component/subsystem supplier and specialty equipment provider

Revenue share

39.6%

SBA Communications Corporation

Domestic Site Leasing

Market

U.S. wireless macro tower leasing (multi-tenant co-location on communications towers)

Geography

United States and territories

Customer

Wireless service providers and other wireless network operators/tenants

Role

Independent tower owner/operator (REIT)

Revenue share

69.5%

Side-by-side metrics

IDEX Corporation
SBA Communications Corporation
Ticker / Exchange
IEX - New York Stock Exchange
SBAC - NASDAQ
Market cap (USD)
$13.5B
n/a
Gross margin (TTM)
43.5%
n/a
Operating margin (TTM)
20.7%
n/a
Net margin (TTM)
14%
n/a
Sector
Industrials
Real Estate
Industry
Industrial - Machinery
REIT - Specialty
HQ country
US
US
Primary segment
Health & Science Technologies (HST)
Domestic Site Leasing
Market structure
Competitive
Oligopoly
Market share
n/a
16%-19% (implied)
HHI estimate
n/a
3,710
Pricing power
Moderate
Moderate
Moat score
58 / 100
71 / 100
Moat domains
Demand, Supply, Legal
Supply, Demand
Last update
2025-12-23
2026-01-02

Moat coverage

Shared moat types

No overlap yet.

IDEX Corporation strengths

Design In QualificationData Workflow LockinInstalled Base ConsumablesLearning Curve YieldIP Choke PointBrand TrustProcurement Inertia

SBA Communications Corporation strengths

Physical Network DensityLong Term ContractsScale Economies Unit CostOperational Excellence

Segment mix

IDEX Corporation segments

Full profile >

Fluid & Metering Technologies (FMT)

Competitive

37.7%

Health & Science Technologies (HST)

Competitive

39.6%

Fire & Safety/Diversified Products (FSDP)

Competitive

22.7%

SBA Communications Corporation segments

Full profile >

Domestic Site Leasing

Oligopoly

69.5%

International Site Leasing

Oligopoly

24.8%

Site Development

Competitive

5.7%

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.