VOL. XCIV, NO. 247

★ WIDE MOAT STOCKS COMPARISON ★

NO ADVICE

Sunday, January 11, 2026

Stock Comparison

Sika AG vs Waters Corporation

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

Sika AG

SIKA · SIX Swiss Exchange

Market cap (USD)$33B
Gross margin (TTM)
Operating margin (TTM)
Net margin (TTM)
SectorMaterials
Industry
CountryCH
Data as of2026-01-11
Moat score
69/ 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 Sika AG's moat claims, evidence, and risks.

View SIKA 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: Sika AG leads (69 / 100 vs 66 / 100 for Waters Corporation).
  • Segment focus: Sika AG has 2 segments (85.5% in Construction); Waters Corporation has 4 segments (34.9% in Waters instrument systems).
  • Primary market structure: Competitive vs Oligopoly. Pricing power: Moderate vs Moderate.
  • Moat breadth: Sika AG has 6 moat types across 3 domains; Waters Corporation has 7 across 2.

Primary market context

Sika AG

Construction

Market

Construction chemicals and building finishing systems (concrete admixtures, waterproofing, roofing, flooring, repair, sealants/adhesives)

Geography

Global

Customer

B2B: contractors, installers, distributors/building-material channels, ready-mix and concrete producers, asset owners

Role

Specialty chemicals manufacturer + system provider (specification + application support)

Revenue share

85.5%

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

Sika AG
Waters Corporation
Ticker / Exchange
SIKA - SIX Swiss Exchange
WAT - New York Stock Exchange
Market cap (USD)
$33B
$23.7B
Gross margin (TTM)
n/a
n/a
Operating margin (TTM)
n/a
n/a
Net margin (TTM)
n/a
n/a
Sector
Materials
Healthcare
Industry
n/a
n/a
HQ country
CH
US
Primary segment
Construction
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
69 / 100
66 / 100
Moat domains
Supply, Demand, Legal
Demand, Supply
Last update
2026-01-11
2026-01-09

Moat coverage

Shared moat types

Brand TrustService Field NetworkDesign In Qualification

Sika AG strengths

Physical Network DensityCompliance AdvantageCapex Knowhow Scale

Waters Corporation strengths

Data Workflow LockinInstalled Base ConsumablesSupply Chain ControlLong Term Contracts

Segment mix

Sika AG segments

Full profile >

Construction

Competitive

85.5%

Automotive & Industry

Oligopoly

14.5%

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.