VOL. XCIV, NO. 247

★ WIDE MOAT STOCKS COMPARISON ★

NO ADVICE

Saturday, January 10, 2026

Stock Comparison

RELX PLC vs Waters Corporation

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

RELX PLC

REL · London Stock Exchange

Market cap (USD)$57.8B
Gross margin (TTM)64%
Operating margin (TTM)30.7%
Net margin (TTM)20.3%
SectorIndustrials
IndustryPublishing
CountryGB
Data as of2025-12-30
Moat score
78/ 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 RELX PLC's moat claims, evidence, and risks.

View REL 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: RELX PLC leads (78 / 100 vs 66 / 100 for Waters Corporation).
  • Segment focus: RELX PLC has 4 segments (34.4% in Risk); Waters Corporation has 4 segments (34.9% in Waters instrument systems).
  • Primary market structure: Oligopoly vs Oligopoly. Pricing power: Strong vs Moderate.
  • Moat breadth: RELX PLC has 8 moat types across 3 domains; Waters Corporation has 7 across 2.

Primary market context

RELX PLC

Risk

Market

Risk analytics & decisioning platforms (fraud/identity, financial crime compliance, insurance underwriting/claims, industry data)

Geography

Global (largest in North America)

Customer

Enterprises (banks, insurers, digital commerce), governments, and other regulated industries

Role

Data/analytics provider and workflow platform

Revenue share

34.4%

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

RELX PLC
Waters Corporation
Ticker / Exchange
REL - London Stock Exchange
WAT - New York Stock Exchange
Market cap (USD)
$57.8B
$23.7B
Gross margin (TTM)
64%
n/a
Operating margin (TTM)
30.7%
n/a
Net margin (TTM)
20.3%
n/a
Sector
Industrials
Healthcare
Industry
Publishing
n/a
HQ country
GB
US
Primary segment
Risk
Waters instrument systems
Market structure
Oligopoly
Oligopoly
Market share
n/a
n/a
HHI estimate
n/a
n/a
Pricing power
Strong
Moderate
Moat score
78 / 100
66 / 100
Moat domains
Network, Demand, Legal
Demand, Supply
Last update
2025-12-30
2026-01-09

Moat coverage

Shared moat types

Data Workflow LockinBrand Trust

RELX PLC strengths

Data Network EffectsCompliance AdvantageContent Rights CurrencySuite BundlingTwo Sided NetworkReputation Reviews

Waters Corporation strengths

Design In QualificationInstalled Base ConsumablesSupply Chain ControlLong Term ContractsService Field Network

Segment mix

RELX PLC segments

Full profile >

Risk

Oligopoly

34.4%

Scientific, Technical & Medical

Oligopoly

32.3%

Legal

Oligopoly

20.1%

Exhibitions

Competitive

13.1%

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.