VOL. XCIV, NO. 247

★ WIDE MOAT STOCKS COMPARISON ★

NO ADVICE

Thursday, January 8, 2026

Stock Comparison

Constellation Brands, Inc. vs Watsco, Inc.

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

Constellation Brands, Inc.

STZ · New York Stock Exchange

Market cap (USD)$25B
Gross margin (TTM)51.4%
Operating margin (TTM)34.6%
Net margin (TTM)12.7%
SectorConsumer
IndustryBeverages - Wineries & Distilleries
CountryUS
Data as of2025-12-23
Moat score
76/ 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 Constellation Brands, Inc.'s moat claims, evidence, and risks.

View STZ analysis

Watsco, Inc.

WSO · New York Stock Exchange

Market cap (USD)$14.4B
Gross margin (TTM)28.3%
Operating margin (TTM)10.2%
Net margin (TTM)7.4%
SectorIndustrials
IndustryIndustrial - Distribution
CountryUS
Data as of2026-01-05
Moat score
72/ 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 Watsco, Inc.'s moat claims, evidence, and risks.

View WSO analysis

Comparison highlights

  • Moat score gap: Constellation Brands, Inc. leads (76 / 100 vs 72 / 100 for Watsco, Inc.).
  • Segment focus: Constellation Brands, Inc. has 2 segments (83.7% in Beer); Watsco, Inc. has 1 segment (100% in HVAC/R Distribution).
  • Primary market structure: Oligopoly vs Competitive. Pricing power: Strong vs Moderate.
  • Moat breadth: Constellation Brands, Inc. has 4 moat types across 3 domains; Watsco, Inc. has 4 across 3.

Primary market context

Constellation Brands, Inc.

Beer

Market

U.S. high-end beer (imported beer + above-premium American beer)

Geography

United States

Customer

Beer wholesalers/distributors; retailers; on-premise

Role

Importer/producer; marketer; supplier to distributors

Revenue share

83.7%

Watsco, Inc.

HVAC/R Distribution

Market

HVAC/R equipment, parts and supplies distribution

Geography

North America (U.S., Canada, Mexico, Puerto Rico; export to Latin America/Caribbean)

Customer

Licensed HVAC and refrigeration contractors (residential & commercial)

Role

Wholesale distributor

Revenue share

100%

Side-by-side metrics

Constellation Brands, Inc.
Watsco, Inc.
Ticker / Exchange
STZ - New York Stock Exchange
WSO - New York Stock Exchange
Market cap (USD)
$25B
$14.4B
Gross margin (TTM)
51.4%
28.3%
Operating margin (TTM)
34.6%
10.2%
Net margin (TTM)
12.7%
7.4%
Sector
Consumer
Industrials
Industry
Beverages - Wineries & Distilleries
Industrial - Distribution
HQ country
US
US
Primary segment
Beer
HVAC/R Distribution
Market structure
Oligopoly
Competitive
Market share
n/a
9%-12% (implied)
HHI estimate
n/a
n/a
Pricing power
Strong
Moderate
Moat score
76 / 100
72 / 100
Moat domains
Legal, Demand, Supply
Supply, Legal, Demand
Last update
2025-12-23
2026-01-05

Moat coverage

Shared moat types

Contractual Exclusivity

Constellation Brands, Inc. strengths

Brand TrustDistribution ControlCapacity Moat

Watsco, Inc. strengths

Physical Network DensityScale Economies Unit CostData Workflow Lockin

Segment mix

Constellation Brands, Inc. segments

Full profile >

Beer

Oligopoly

83.7%

Wine and Spirits

Competitive

16.4%

Watsco, Inc. segments

Full profile >

HVAC/R Distribution

Competitive

100%

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.