VOL. XCIV, NO. 247

★ WIDE MOAT STOCKS COMPARISON ★

NO ADVICE

Friday, January 2, 2026

Stock Comparison

Spirax Group plc vs Vulcan Materials Company

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

Spirax Group plc

SPX · London Stock Exchange

Market cap (USD)$5B
Gross margin (TTM)19.6%
Operating margin (TTM)17.2%
Net margin (TTM)10.7%
SectorIndustrials
IndustryIndustrial - Machinery
CountryGB
Data as of2025-12-28
Moat score
71/ 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 Spirax Group plc's moat claims, evidence, and risks.

View SPX analysis

Vulcan Materials Company

VMC · New York Stock Exchange

Market cap (USD)$38.3B
Gross margin (TTM)
Operating margin (TTM)
Net margin (TTM)
SectorMaterials
IndustryConstruction Materials
CountryUS
Data as of2026-01-01
Moat score
73/ 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 Vulcan Materials Company's moat claims, evidence, and risks.

View VMC analysis

Comparison highlights

  • Moat score gap: Vulcan Materials Company leads (73 / 100 vs 71 / 100 for Spirax Group plc).
  • Segment focus: Spirax Group plc has 3 segments (52.1% in Steam Thermal Solutions); Vulcan Materials Company has 3 segments (74.4% in Aggregates).
  • Primary market structure: Oligopoly vs Oligopoly. Pricing power: Moderate vs Strong.
  • Moat breadth: Spirax Group plc has 6 moat types across 2 domains; Vulcan Materials Company has 5 across 2.

Primary market context

Spirax Group plc

Steam Thermal Solutions

Market

Industrial and commercial steam systems (condensate management, controls, thermal energy management products and solutions)

Geography

Global

Customer

Industrial process operators and commercial facility operators

Role

OEM / solutions provider

Revenue share

52.1%

Vulcan Materials Company

Aggregates

Market

Construction aggregates (crushed stone, sand & gravel)

Geography

United States (local/regional markets)

Customer

Construction contractors and public infrastructure agencies

Role

Upstream raw materials producer

Revenue share

74.4%

Side-by-side metrics

Spirax Group plc
Vulcan Materials Company
Ticker / Exchange
SPX - London Stock Exchange
VMC - New York Stock Exchange
Market cap (USD)
$5B
$38.3B
Gross margin (TTM)
19.6%
n/a
Operating margin (TTM)
17.2%
n/a
Net margin (TTM)
10.7%
n/a
Sector
Industrials
Materials
Industry
Industrial - Machinery
Construction Materials
HQ country
GB
US
Primary segment
Steam Thermal Solutions
Aggregates
Market structure
Oligopoly
Oligopoly
Market share
n/a
8%-11% (implied)
HHI estimate
n/a
n/a
Pricing power
Moderate
Strong
Moat score
71 / 100
73 / 100
Moat domains
Supply, Demand
Legal, Supply
Last update
2025-12-28
2026-01-01

Moat coverage

Shared moat types

No overlap yet.

Spirax Group plc strengths

Service Field NetworkInstalled Base ConsumablesBrand TrustCapex Knowhow ScaleDesign In QualificationSuite Bundling

Vulcan Materials Company strengths

Permits Rights Of WayGeographic NaturalPhysical Network DensityScale Economies Unit CostSupply Chain Control

Segment mix

Spirax Group plc segments

Full profile >

Steam Thermal Solutions

Oligopoly

52.1%

Electric Thermal Solutions

Competitive

24.3%

Watson-Marlow Fluid Technology Solutions

Oligopoly

23.6%

Vulcan Materials Company segments

Full profile >

Aggregates

Oligopoly

74.4%

Asphalt

Competitive

16.8%

Concrete

Competitive

8.8%

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.