VOL. XCIV, NO. 247

★ WIDE MOAT STOCKS COMPARISON ★

NO ADVICE

Thursday, January 8, 2026

Stock Comparison

Intuitive Surgical, Inc. vs The Progressive Corporation

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

Intuitive Surgical, Inc.

ISRG · NASDAQ

Market cap (USD)$202.3B
Gross margin (TTM)66.4%
Operating margin (TTM)29.3%
Net margin (TTM)28.6%
SectorHealthcare
IndustryMedical - Instruments & Supplies
CountryUS
Data as of2025-12-30
Moat score
83/ 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 Intuitive Surgical, Inc.'s moat claims, evidence, and risks.

View ISRG analysis

The Progressive Corporation

PGR · New York Stock Exchange

Market cap (USD)$124.8B
Gross margin (TTM)26.3%
Operating margin (TTM)15.9%
Net margin (TTM)12.6%
SectorFinancials
IndustryInsurance - Property & Casualty
CountryUS
Data as of2026-01-04
Moat score
75/ 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 The Progressive Corporation's moat claims, evidence, and risks.

View PGR analysis

Comparison highlights

  • Moat score gap: Intuitive Surgical, Inc. leads (83 / 100 vs 75 / 100 for The Progressive Corporation).
  • Segment focus: Intuitive Surgical, Inc. has 3 segments (60.8% in Instruments and Accessories); The Progressive Corporation has 2 segments (85% in Personal Lines).
  • Primary market structure: Monopoly vs Oligopoly. Pricing power: Strong vs Moderate.
  • Moat breadth: Intuitive Surgical, Inc. has 9 moat types across 4 domains; The Progressive Corporation has 5 across 2.

Primary market context

Intuitive Surgical, Inc.

Instruments and Accessories

Market

Proprietary robotic surgery instruments, accessories, and consumables used per procedure on the da Vinci (and Ion) installed base

Geography

Global

Customer

Hospitals and surgery centers purchasing consumables; surgeons and OR teams as end users

Role

Consumables OEM within proprietary platform

Revenue share

60.8%

The Progressive Corporation

Personal Lines

Market

U.S. private passenger auto insurance (dominant) plus specialty personal lines and homeowners/renters (small portion)

Geography

United States

Customer

Individuals/households

Role

Primary insurer (P&C)

Revenue share

85%

Side-by-side metrics

Intuitive Surgical, Inc.
The Progressive Corporation
Ticker / Exchange
ISRG - NASDAQ
PGR - New York Stock Exchange
Market cap (USD)
$202.3B
$124.8B
Gross margin (TTM)
66.4%
26.3%
Operating margin (TTM)
29.3%
15.9%
Net margin (TTM)
28.6%
12.6%
Sector
Healthcare
Financials
Industry
Medical - Instruments & Supplies
Insurance - Property & Casualty
HQ country
US
US
Primary segment
Instruments and Accessories
Personal Lines
Market structure
Monopoly
Oligopoly
Market share
n/a
16.7% (reported)
HHI estimate
n/a
n/a
Pricing power
Strong
Moderate
Moat score
83 / 100
75 / 100
Moat domains
Supply, Demand, Network, Legal
Supply, Demand
Last update
2025-12-30
2026-01-04

Moat coverage

Shared moat types

Service Field Network

Intuitive Surgical, Inc. strengths

Capex Knowhow ScaleTraining Org Change CostsEcosystem ComplementsProcurement InertiaInstalled Base ConsumablesIP Choke PointData Workflow LockinLong Term Contracts

The Progressive Corporation strengths

Learning Curve YieldBrand TrustSuite BundlingOperational Excellence

Segment mix

Intuitive Surgical, Inc. segments

Full profile >

Systems

Quasi-Monopoly

23.5%

Instruments and Accessories

Monopoly

60.8%

Services

Monopoly

15.6%

The Progressive Corporation segments

Full profile >

Personal Lines

Oligopoly

85%

Commercial Lines

Competitive

15%

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.