VOL. XCIV, NO. 247

★ WIDE MOAT STOCKS COMPARISON ★

NO ADVICE

Saturday, January 10, 2026

Stock Comparison

Roche Holding AG vs Waters Corporation

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

Roche Holding AG

ROG · SIX Swiss Exchange

Market cap (USD)$271.4B
Gross margin (TTM)73.6%
Operating margin (TTM)29.1%
Net margin (TTM)15.4%
SectorHealthcare
IndustryDrug Manufacturers - General
CountryCH
Data as of2025-12-28
Moat score
68/ 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 Roche Holding AG's moat claims, evidence, and risks.

View ROG 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: Roche Holding AG leads (68 / 100 vs 66 / 100 for Waters Corporation).
  • Segment focus: Roche Holding AG has 2 segments (76.3% in Pharmaceuticals); Waters Corporation has 4 segments (34.9% in Waters instrument systems).
  • Primary market structure: Competitive vs Oligopoly. Pricing power: Moderate vs Moderate.
  • Moat breadth: Roche Holding AG has 5 moat types across 3 domains; Waters Corporation has 7 across 2.

Primary market context

Roche Holding AG

Pharmaceuticals

Market

Innovative (branded) prescription pharmaceuticals

Geography

Global

Customer

Healthcare providers and systems (hospitals/clinics), payers/governments, and patients

Role

Innovator pharmaceutical developer, manufacturer and marketer

Revenue share

76.3%

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

Roche Holding AG
Waters Corporation
Ticker / Exchange
ROG - SIX Swiss Exchange
WAT - New York Stock Exchange
Market cap (USD)
$271.4B
$23.7B
Gross margin (TTM)
73.6%
n/a
Operating margin (TTM)
29.1%
n/a
Net margin (TTM)
15.4%
n/a
Sector
Healthcare
Healthcare
Industry
Drug Manufacturers - General
n/a
HQ country
CH
US
Primary segment
Pharmaceuticals
Waters instrument systems
Market structure
Competitive
Oligopoly
Market share
n/a
n/a
HHI estimate
n/a
n/a
Pricing power
Moderate
Moderate
Moat score
68 / 100
66 / 100
Moat domains
Legal, Supply, Demand
Demand, Supply
Last update
2025-12-28
2026-01-09

Moat coverage

Shared moat types

Installed Base ConsumablesData Workflow Lockin

Roche Holding AG strengths

IP Choke PointCapex Knowhow ScaleRegulated Standards Pipe

Waters Corporation strengths

Design In QualificationBrand TrustSupply Chain ControlLong Term ContractsService Field Network

Segment mix

Roche Holding AG segments

Full profile >

Pharmaceuticals

Competitive

76.3%

Diagnostics

Oligopoly

23.7%

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.