VOL. XCIV, NO. 247

★ WIDE MOAT STOCKS COMPARISON ★

NO ADVICE

Sunday, January 11, 2026

Stock Comparison

Nordson Corporation vs Waters Corporation

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

Nordson Corporation

NDSN · NASDAQ

Market cap (USD)$14.6B
Gross margin (TTM)55.2%
Operating margin (TTM)25.5%
Net margin (TTM)17.4%
SectorIndustrials
IndustryIndustrial - Machinery
CountryUS
Data as of2025-12-29
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 Nordson Corporation's moat claims, evidence, and risks.

View NDSN 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: Nordson Corporation leads (67 / 100 vs 66 / 100 for Waters Corporation).
  • Segment focus: Nordson Corporation has 3 segments (47.7% in Industrial Precision Solutions); Waters Corporation has 4 segments (34.9% in Waters instrument systems).
  • Moat breadth: Nordson Corporation has 6 moat types across 2 domains; Waters Corporation has 7 across 2.

Primary market context

Nordson Corporation

Industrial Precision Solutions

Market

Industrial precision dispensing, coating, and material-processing equipment (adhesives, coatings, sealants, polymers)

Geography

Global

Customer

Manufacturers and converters (packaging, nonwovens/hygiene, automotive, industrial, agriculture)

Role

Capital equipment OEM / process-solution provider

Revenue share

47.7%

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

Nordson Corporation
Waters Corporation
Ticker / Exchange
NDSN - NASDAQ
WAT - New York Stock Exchange
Market cap (USD)
$14.6B
$23.7B
Gross margin (TTM)
55.2%
n/a
Operating margin (TTM)
25.5%
n/a
Net margin (TTM)
17.4%
n/a
Sector
Industrials
Healthcare
Industry
Industrial - Machinery
n/a
HQ country
US
US
Primary segment
Industrial Precision Solutions
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
Supply, Demand
Demand, Supply
Last update
2025-12-29
2026-01-09

Moat coverage

Shared moat types

Service Field NetworkInstalled Base ConsumablesDesign In QualificationData Workflow Lockin

Nordson Corporation strengths

Capex Knowhow ScaleSwitching Costs General

Waters Corporation strengths

Brand TrustSupply Chain ControlLong Term Contracts

Segment mix

Nordson Corporation segments

Full profile >

Industrial Precision Solutions

Oligopoly

47.7%

Medical and Fluid Solutions

Competitive

29.9%

Advanced Technology Solutions

Oligopoly

22.4%

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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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.