VOL. XCIV, NO. 247

★ WIDE MOAT STOCKS COMPARISON ★

NO ADVICE

Thursday, January 8, 2026

Stock Comparison

U.S. Bancorp vs Watsco, Inc.

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)$86.3B
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

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: Watsco, Inc. leads (72 / 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); Watsco, Inc. has 1 segment (100% in HVAC/R Distribution).
  • Moat breadth: U.S. Bancorp has 8 moat types across 4 domains; Watsco, Inc. has 4 across 3.

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%

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

U.S. Bancorp
Watsco, Inc.
Ticker / Exchange
USB - New York Stock Exchange
WSO - New York Stock Exchange
Market cap (USD)
$86.3B
$14.4B
Gross margin (TTM)
61.1%
28.3%
Operating margin (TTM)
21.4%
10.2%
Net margin (TTM)
16.9%
7.4%
Sector
Financials
Industrials
Industry
Banks - Regional
Industrial - Distribution
HQ country
US
US
Primary segment
Wealth, Corporate, Commercial and Institutional Banking
HVAC/R Distribution
Market structure
Competitive
Competitive
Market share
n/a
9%-12% (implied)
HHI estimate
n/a
n/a
Pricing power
Moderate
Moderate
Moat score
62 / 100
72 / 100
Moat domains
Demand, Supply, Legal, Financial
Supply, Legal, Demand
Last update
2025-12-23
2026-01-05

Moat coverage

Shared moat types

Data Workflow LockinPhysical Network DensityScale Economies Unit Cost

U.S. Bancorp strengths

Scope EconomiesCompliance AdvantageHabit DefaultCost Of Capital AdvantageSuite Bundling

Watsco, Inc. strengths

Contractual Exclusivity

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%

Watsco, Inc. segments

Full profile >

HVAC/R Distribution

Competitive

100%

Want the full wide moat stocks list?

Browse the full ranking of wide moat stocks, updated with moat scores and segment context.

View the moat stocks list

Looking for expansion-stage stocks?

Proven models entering the expansion stage with unit economics that work.

View expansion-stage stocks

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.