VOL. XCIV, NO. 247

★ WIDE MOAT STOCKS COMPARISON ★

NO ADVICE

Sunday, January 11, 2026

Stock Comparison

KONE Oyj vs Waters Corporation

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

KONE Oyj

KNEBV · Nasdaq Helsinki

Market cap (USD)$32.1B
Gross margin (TTM)14%
Operating margin (TTM)11.4%
Net margin (TTM)8.5%
SectorIndustrials
IndustryIndustrial - Machinery
CountryFI
Data as of2026-01-02
Moat score
63/ 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 KONE Oyj's moat claims, evidence, and risks.

View KNEBV 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: Waters Corporation leads (66 / 100 vs 63 / 100 for KONE Oyj).
  • Segment focus: KONE Oyj has 3 segments (40.6% in New Building Solutions); Waters Corporation has 4 segments (34.9% in Waters instrument systems).
  • Primary market structure: Oligopoly vs Oligopoly. Pricing power: Weak vs Moderate.
  • Moat breadth: KONE Oyj has 8 moat types across 4 domains; Waters Corporation has 7 across 2.

Primary market context

KONE Oyj

New Building Solutions

Market

Elevator, escalator and automatic building door new equipment (new installations)

Geography

Global

Customer

Property developers and general contractors

Role

OEM + project installation

Revenue share

40.6%

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

KONE Oyj
Waters Corporation
Ticker / Exchange
KNEBV - Nasdaq Helsinki
WAT - New York Stock Exchange
Market cap (USD)
$32.1B
$23.7B
Gross margin (TTM)
14%
n/a
Operating margin (TTM)
11.4%
n/a
Net margin (TTM)
8.5%
n/a
Sector
Industrials
Healthcare
Industry
Industrial - Machinery
n/a
HQ country
FI
US
Primary segment
New Building Solutions
Waters instrument systems
Market structure
Oligopoly
Oligopoly
Market share
n/a
n/a
HHI estimate
n/a
n/a
Pricing power
Weak
Moderate
Moat score
63 / 100
66 / 100
Moat domains
Supply, Financial, Demand, Legal
Demand, Supply
Last update
2026-01-02
2026-01-09

Moat coverage

Shared moat types

Installed Base ConsumablesData Workflow LockinService Field Network

KONE Oyj strengths

Capex Knowhow ScaleNegative Working CapitalSwitching Costs GeneralOperational ExcellenceCompliance Advantage

Waters Corporation strengths

Design In QualificationBrand TrustSupply Chain ControlLong Term Contracts

Segment mix

KONE Oyj segments

Full profile >

New Building Solutions

Oligopoly

40.6%

Service (maintenance & repairs)

Competitive

40.6%

Modernization

Competitive

18.8%

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.