VOL. XCIV, NO. 247

★ WIDE MOAT STOCKS COMPARISON ★

NO ADVICE

Sunday, January 11, 2026

Stock Comparison

Northrop Grumman Corporation vs Waters Corporation

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

Northrop Grumman Corporation

NOC · New York Stock Exchange

Market cap (USD)$88.3B
Gross margin (TTM)19.4%
Operating margin (TTM)10.6%
Net margin (TTM)9.8%
SectorIndustrials
IndustryAerospace & Defense
CountryUS
Data as of2025-12-26
Moat score
72/ 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 Northrop Grumman Corporation's moat claims, evidence, and risks.

View NOC 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: Northrop Grumman Corporation leads (72 / 100 vs 66 / 100 for Waters Corporation).
  • Segment focus: Northrop Grumman Corporation has 4 segments (28.7% in Aeronautics Systems); Waters Corporation has 4 segments (34.9% in Waters instrument systems).
  • Moat breadth: Northrop Grumman Corporation has 6 moat types across 3 domains; Waters Corporation has 7 across 2.

Primary market context

Northrop Grumman Corporation

Aeronautics Systems

Market

Military aircraft systems (manned & unmanned) plus sustainment/modernization

Geography

Global (primarily United States and allies)

Customer

U.S. government and allied governments

Role

Prime contractor and major subsystem supplier

Revenue share

28.7%

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

Northrop Grumman Corporation
Waters Corporation
Ticker / Exchange
NOC - New York Stock Exchange
WAT - New York Stock Exchange
Market cap (USD)
$88.3B
$23.7B
Gross margin (TTM)
19.4%
n/a
Operating margin (TTM)
10.6%
n/a
Net margin (TTM)
9.8%
n/a
Sector
Industrials
Healthcare
Industry
Aerospace & Defense
n/a
HQ country
US
US
Primary segment
Aeronautics Systems
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
72 / 100
66 / 100
Moat domains
Legal, Demand, Supply
Demand, Supply
Last update
2025-12-26
2026-01-09

Moat coverage

Shared moat types

Design In Qualification

Northrop Grumman Corporation strengths

Government Contracting RelationshipsCompliance AdvantageCapacity MoatSwitching Costs GeneralCapex Knowhow Scale

Waters Corporation strengths

Data Workflow LockinBrand TrustInstalled Base ConsumablesSupply Chain ControlLong Term ContractsService Field Network

Segment mix

Northrop Grumman Corporation segments

Full profile >

Aeronautics Systems

Oligopoly

28.7%

Defense Systems

Oligopoly

18.8%

Mission Systems

Oligopoly

24.9%

Space Systems

Oligopoly

27.6%

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.