VOL. XCIV, NO. 247

★ WIDE MOAT STOCKS COMPARISON ★

NO ADVICE

Saturday, January 10, 2026

Stock Comparison

Texas Instruments Incorporated vs Waters Corporation

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

Texas Instruments Incorporated

TXN · Nasdaq Global Select Market

Market cap (USD)$172.9B
Gross margin (TTM)57.5%
Operating margin (TTM)34.3%
Net margin (TTM)29.2%
SectorTechnology
IndustrySemiconductors
CountryUS
Data as of2025-12-30
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 Texas Instruments Incorporated's moat claims, evidence, and risks.

View TXN 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: both at 66 / 100.
  • Segment focus: Texas Instruments Incorporated has 3 segments (77.8% in Analog); Waters Corporation has 4 segments (34.9% in Waters instrument systems).
  • Primary market structure: Competitive vs Oligopoly. Pricing power: Moderate vs Moderate.
  • Moat breadth: Texas Instruments Incorporated has 7 moat types across 3 domains; Waters Corporation has 7 across 2.

Primary market context

Texas Instruments Incorporated

Analog

Market

Analog semiconductors (power management and signal chain ICs)

Geography

Global

Customer

Electronics OEMs/ODMs and distributors

Role

IDM semiconductor supplier

Revenue share

77.8%

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

Texas Instruments Incorporated
Waters Corporation
Ticker / Exchange
TXN - Nasdaq Global Select Market
WAT - New York Stock Exchange
Market cap (USD)
$172.9B
$23.7B
Gross margin (TTM)
57.5%
n/a
Operating margin (TTM)
34.3%
n/a
Net margin (TTM)
29.2%
n/a
Sector
Technology
Healthcare
Industry
Semiconductors
n/a
HQ country
US
US
Primary segment
Analog
Waters instrument systems
Market structure
Competitive
Oligopoly
Market share
12%-16% (implied)
n/a
HHI estimate
n/a
n/a
Pricing power
Moderate
Moderate
Moat score
66 / 100
66 / 100
Moat domains
Supply, Demand, Legal
Demand, Supply
Last update
2025-12-30
2026-01-09

Moat coverage

Shared moat types

Supply Chain Control

Texas Instruments Incorporated strengths

Scale Economies Unit CostDistribution ControlScope EconomiesTraining Org Change CostsIP Choke PointHabit Default

Waters Corporation strengths

Data Workflow LockinDesign In QualificationBrand TrustInstalled Base ConsumablesLong Term ContractsService Field Network

Segment mix

Texas Instruments Incorporated segments

Full profile >

Analog

Competitive

77.8%

Embedded Processing

Competitive

16.2%

Other

Competitive

6.1%

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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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.