WIDE MOAT STOCKS COMPARISON

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Stock Comparison

Thermo Fisher Scientific Inc. vs Waters Corporation

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

Thermo Fisher Scientific Inc.

TMO · New York Stock Exchange

Market cap (USD)$242.8B
Gross margin (TTM)40.8%
Operating margin (TTM)17.6%
Net margin (TTM)15%
SectorHealthcare
IndustryDiagnostics and life science tools
CountryUS
Data as of2026-08-23
59/100
Moat score

Weighted across the company's segments.

Full stock profile

Dive deeper into Thermo Fisher Scientific Inc.'s moat claims, evidence, and risks.

View TMO analysis

Waters Corporation

WAT · New York Stock Exchange

Market cap (USD)$30.6B
Gross margin (TTM)50.8%
Operating margin (TTM)8%
Net margin (TTM)3.6%
SectorHealthcare
IndustryDiagnostics and life science tools
CountryUS
Data as of2026-08-23
73/100
Moat score

Weighted across the company's segments.

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 (73 / 100 vs 59 / 100 for Thermo Fisher Scientific Inc.).
  • Segment focus: Thermo Fisher Scientific Inc. has 4 segments (53.5% in Laboratory Products and Biopharma Services); Waters Corporation has 4 segments (40.7% in Waters Analytical Sciences).
  • Primary market structure: Competitive vs Oligopoly. Pricing power: Moderate vs Moderate.
  • Moat breadth: Thermo Fisher Scientific Inc. has 3 moat types across 2 domains; Waters Corporation has 2 across 1.

Primary market context

Thermo Fisher Scientific Inc.

Laboratory Products and Biopharma Services

Market

Laboratory supplies distribution/market channel plus outsourced biopharma services (CDMO/CRO)

Geography

Global

Customer

Pharma & biotech; academic/government labs; industrial and clinical laboratories

Role

Distributor/market channel and outsourced services provider

Revenue share

53.5%

Waters Corporation

Waters Analytical Sciences

Market

Liquid chromatography, mass spectrometry, chemistry consumables, compliant informatics and related laboratory service

Geography

Global

Customer

Pharmaceutical, biotech, industrial, academic, government and quality-control laboratories

Role

Analytical instrument, chemistry consumables, informatics and service provider

Revenue share

40.7%

Side-by-side metrics

Thermo Fisher Scientific Inc.
Waters Corporation
Ticker / Exchange
TMO - New York Stock Exchange
WAT - New York Stock Exchange
Market cap (USD)
$242.8B
$30.6B
Gross margin (TTM)
40.8%
50.8%
Operating margin (TTM)
17.6%
8%
Net margin (TTM)
15%
3.6%
Sector
Healthcare
Healthcare
Industry
Diagnostics and life science tools
Diagnostics and life science tools
HQ country
US
US
Primary segment
Laboratory Products and Biopharma Services
Waters Analytical Sciences
Market structure
Competitive
Oligopoly
Market share
n/a
n/a
HHI estimate
n/a
n/a
Pricing power
Moderate
Moderate
Moat score
59 / 100
73 / 100
Moat domains
Demand, Supply
Demand
Last update
2026-09-05
2026-09-05

Moat coverage

Shared moat types

Installed Base Consumables

Thermo Fisher Scientific Inc. strengths

Distribution ControlProcurement Inertia

Waters Corporation strengths

Data Workflow Lockin

Segment mix

Thermo Fisher Scientific Inc. segments

Full profile >

Life Sciences Solutions

Oligopoly

19.7%

Analytical Instruments

Oligopoly

16.5%

Specialty Diagnostics

Oligopoly

10.3%

Laboratory Products and Biopharma Services

Competitive

53.5%

Waters Corporation segments

Full profile >

Waters Analytical Sciences

Oligopoly

40.7%

Waters Biosciences

Oligopoly

22.4%

Waters Advanced Diagnostics

Oligopoly

31.7%

Waters Materials Sciences

Competitive

5.3%

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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.