VOL. XCIV, NO. 247

★ WIDE MOAT STOCKS COMPARISON ★

NO ADVICE

Saturday, January 10, 2026

Stock Comparison

MTU Aero Engines AG vs Waters Corporation

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

MTU Aero Engines AG

MTX · Deutsche Boerse XETRA

Market cap (USD)$20.6B
Gross margin (TTM)12.7%
Operating margin (TTM)3%
Net margin (TTM)6.1%
SectorIndustrials
IndustryAerospace & Defense
CountryDE
Data as of2025-12-28
Moat score
61/ 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 MTU Aero Engines AG's moat claims, evidence, and risks.

View MTX 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 61 / 100 for MTU Aero Engines AG).
  • Segment focus: MTU Aero Engines AG has 2 segments (67.4% in MRO business (commercial maintenance)); Waters Corporation has 4 segments (34.9% in Waters instrument systems).
  • Primary market structure: Competitive vs Oligopoly. Pricing power: Moderate vs Moderate.
  • Moat breadth: MTU Aero Engines AG has 8 moat types across 3 domains; Waters Corporation has 7 across 2.

Primary market context

MTU Aero Engines AG

MRO business (commercial maintenance)

Market

Commercial aircraft engine maintenance, repair and overhaul (engine MRO) and associated services

Geography

Global

Customer

Airlines, lessors and engine owners/operators

Role

Aftermarket service provider (engine shop visits, repairs, on-wing services, leasing/asset management)

Revenue share

67.4%

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

MTU Aero Engines AG
Waters Corporation
Ticker / Exchange
MTX - Deutsche Boerse XETRA
WAT - New York Stock Exchange
Market cap (USD)
$20.6B
$23.7B
Gross margin (TTM)
12.7%
n/a
Operating margin (TTM)
3%
n/a
Net margin (TTM)
6.1%
n/a
Sector
Industrials
Healthcare
Industry
Aerospace & Defense
n/a
HQ country
DE
US
Primary segment
MRO business (commercial maintenance)
Waters instrument systems
Market structure
Competitive
Oligopoly
Market share
10% (reported)
n/a
HHI estimate
n/a
n/a
Pricing power
Moderate
Moderate
Moat score
61 / 100
66 / 100
Moat domains
Demand, Supply, Legal
Demand, Supply
Last update
2025-12-28
2026-01-09

Moat coverage

Shared moat types

Design In QualificationService Field NetworkLong Term Contracts

MTU Aero Engines AG strengths

Scope EconomiesCapex Knowhow ScaleGovernment Contracting RelationshipsOperational ExcellencePreferential Input Access

Waters Corporation strengths

Data Workflow LockinBrand TrustInstalled Base ConsumablesSupply Chain Control

Segment mix

MTU Aero Engines AG segments

Full profile >

OEM business (commercial and military engine business)

Oligopoly

32.6%

MRO business (commercial maintenance)

Competitive

67.4%

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?

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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.