VOL. XCIV, NO. 247

★ WIDE MOAT STOCKS COMPARISON ★

NO ADVICE

Saturday, January 10, 2026

Stock Comparison

Prologis, Inc. vs Waters Corporation

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

Prologis, Inc.

PLD · New York Stock Exchange

Market cap (USD)$120.1B
Gross margin (TTM)67.7%
Operating margin (TTM)47%
Net margin (TTM)36.7%
SectorReal Estate
IndustryREIT - Industrial
CountryUS
Data as of2025-12-31
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 Prologis, Inc.'s moat claims, evidence, and risks.

View PLD 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: Prologis, Inc. leads (67 / 100 vs 66 / 100 for Waters Corporation).
  • Segment focus: Prologis, Inc. has 2 segments (91.8% in Real Estate (Rental Operations and Development)); Waters Corporation has 4 segments (34.9% in Waters instrument systems).
  • Primary market structure: Competitive vs Oligopoly. Pricing power: Strong vs Moderate.
  • Moat breadth: Prologis, Inc. has 7 moat types across 4 domains; Waters Corporation has 7 across 2.

Primary market context

Prologis, Inc.

Real Estate (Rental Operations and Development)

Market

Logistics/industrial real estate leasing & development

Geography

Global

Customer

Logistics users (retail, e-commerce, 3PL, manufacturing)

Role

Owner/operator/developer (landlord)

Revenue share

91.8%

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

Prologis, Inc.
Waters Corporation
Ticker / Exchange
PLD - New York Stock Exchange
WAT - New York Stock Exchange
Market cap (USD)
$120.1B
$23.7B
Gross margin (TTM)
67.7%
n/a
Operating margin (TTM)
47%
n/a
Net margin (TTM)
36.7%
n/a
Sector
Real Estate
Healthcare
Industry
REIT - Industrial
n/a
HQ country
US
US
Primary segment
Real Estate (Rental Operations and Development)
Waters instrument systems
Market structure
Competitive
Oligopoly
Market share
n/a
n/a
HHI estimate
n/a
n/a
Pricing power
Strong
Moderate
Moat score
67 / 100
66 / 100
Moat domains
Supply, Legal, Financial, Demand
Demand, Supply
Last update
2025-12-31
2026-01-09

Moat coverage

Shared moat types

Long Term Contracts

Prologis, Inc. strengths

Geographic NaturalPermits Rights Of WayScale Economies Unit CostCost Of Capital AdvantageProcurement InertiaReputation Reviews

Waters Corporation strengths

Data Workflow LockinDesign In QualificationBrand TrustInstalled Base ConsumablesSupply Chain ControlService Field Network

Segment mix

Prologis, Inc. segments

Full profile >

Real Estate (Rental Operations and Development)

Competitive

91.8%

Strategic Capital (co-investment ventures / investment management)

Competitive

8.2%

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.