VOL. XCIV, NO. 247

★ WIDE MOAT STOCKS COMPARISON ★

NO ADVICE

Saturday, January 10, 2026

Stock Comparison

Stevanato Group S.p.A. vs Waters Corporation

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

Stevanato Group S.p.A.

STVN · New York Stock Exchange

Market cap (USD)$5.7B
Gross margin (TTM)28.6%
Operating margin (TTM)16.7%
Net margin (TTM)12%
SectorHealthcare
IndustryMedical - Instruments & Supplies
CountryIT
Data as of2026-01-05
Moat score
59/ 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 Stevanato Group S.p.A.'s moat claims, evidence, and risks.

View STVN 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: Waters Corporation leads (66 / 100 vs 59 / 100 for Stevanato Group S.p.A.).
  • Segment focus: Stevanato Group S.p.A. has 3 segments (46.3% in Other Containment and Delivery Solutions); Waters Corporation has 4 segments (34.9% in Waters instrument systems).
  • Primary market structure: Competitive vs Oligopoly. Pricing power: Weak vs Moderate.
  • Moat breadth: Stevanato Group S.p.A. has 8 moat types across 3 domains; Waters Corporation has 7 across 2.

Primary market context

Stevanato Group S.p.A.

Other Containment and Delivery Solutions

Market

Standard primary packaging and related services for injectable drugs and diagnostics

Geography

Global

Customer

Pharmaceutical, biotechnology, diagnostics and life sciences companies; fill-finish CMOs

Role

Primary packaging/component manufacturer and contract manufacturing partner

Revenue share

46.3%

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

Stevanato Group S.p.A.
Waters Corporation
Ticker / Exchange
STVN - New York Stock Exchange
WAT - New York Stock Exchange
Market cap (USD)
$5.7B
$23.7B
Gross margin (TTM)
28.6%
n/a
Operating margin (TTM)
16.7%
n/a
Net margin (TTM)
12%
n/a
Sector
Healthcare
Healthcare
Industry
Medical - Instruments & Supplies
n/a
HQ country
IT
US
Primary segment
Other Containment and Delivery Solutions
Waters instrument systems
Market structure
Competitive
Oligopoly
Market share
n/a
n/a
HHI estimate
n/a
n/a
Pricing power
Weak
Moderate
Moat score
59 / 100
66 / 100
Moat domains
Demand, Supply, Network
Demand, Supply
Last update
2026-01-05
2026-01-09

Moat coverage

Shared moat types

Design In QualificationBrand TrustLong Term ContractsService Field Network

Stevanato Group S.p.A. strengths

Capex Knowhow ScaleDe Facto StandardOperational ExcellenceScope Economies

Waters Corporation strengths

Data Workflow LockinInstalled Base ConsumablesSupply Chain Control

Segment mix

Stevanato Group S.p.A. segments

Full profile >

High-Value Solutions

Oligopoly

38.3%

Other Containment and Delivery Solutions

Competitive

46.3%

Engineering

Competitive

15.4%

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.