VOL. XCIV, NO. 247

★ WIDE MOAT STOCKS COMPARISON ★

NO ADVICE

Saturday, January 10, 2026

Stock Comparison

U.S. Bancorp vs Waters Corporation

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

U.S. Bancorp

USB · New York Stock Exchange

Market cap (USD)$85.9B
Gross margin (TTM)61.1%
Operating margin (TTM)21.4%
Net margin (TTM)16.9%
SectorFinancials
IndustryBanks - Regional
CountryUS
Data as of2025-12-23
Moat score
62/ 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 U.S. Bancorp's moat claims, evidence, and risks.

View USB 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 62 / 100 for U.S. Bancorp).
  • Segment focus: U.S. Bancorp has 3 segments (42.8% in Wealth, Corporate, Commercial and Institutional Banking); Waters Corporation has 4 segments (34.9% in Waters instrument systems).
  • Primary market structure: Competitive vs Oligopoly. Pricing power: Moderate vs Moderate.
  • Moat breadth: U.S. Bancorp has 8 moat types across 4 domains; Waters Corporation has 7 across 2.

Primary market context

U.S. Bancorp

Wealth, Corporate, Commercial and Institutional Banking

Market

U.S. corporate, commercial, institutional and wealth banking & advisory services

Geography

United States

Customer

Commercial, institutional, government and wealth clients

Role

Bank / financial intermediary

Revenue share

42.8%

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

U.S. Bancorp
Waters Corporation
Ticker / Exchange
USB - New York Stock Exchange
WAT - New York Stock Exchange
Market cap (USD)
$85.9B
$23.7B
Gross margin (TTM)
61.1%
n/a
Operating margin (TTM)
21.4%
n/a
Net margin (TTM)
16.9%
n/a
Sector
Financials
Healthcare
Industry
Banks - Regional
n/a
HQ country
US
US
Primary segment
Wealth, Corporate, Commercial and Institutional Banking
Waters instrument systems
Market structure
Competitive
Oligopoly
Market share
n/a
n/a
HHI estimate
n/a
n/a
Pricing power
Moderate
Moderate
Moat score
62 / 100
66 / 100
Moat domains
Demand, Supply, Legal, Financial
Demand, Supply
Last update
2025-12-23
2026-01-09

Moat coverage

Shared moat types

Data Workflow Lockin

U.S. Bancorp strengths

Scope EconomiesCompliance AdvantagePhysical Network DensityHabit DefaultCost Of Capital AdvantageScale Economies Unit CostSuite Bundling

Waters Corporation strengths

Design In QualificationBrand TrustInstalled Base ConsumablesSupply Chain ControlLong Term ContractsService Field Network

Segment mix

U.S. Bancorp segments

Full profile >

Wealth, Corporate, Commercial and Institutional Banking

Competitive

42.8%

Consumer and Business Banking

Oligopoly

32.5%

Payment Services

Oligopoly

24.7%

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.