VOL. XCIV, NO. 247

★ WIDE MOAT STOCKS COMPARISON ★

NO ADVICE

Wednesday, January 7, 2026

Stock Comparison

Veeva Systems Inc. vs Watsco, Inc.

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

Veeva Systems Inc.

VEEV · New York Stock Exchange

Market cap (USD)$36.4B
Gross margin (TTM)75.7%
Operating margin (TTM)27.9%
Net margin (TTM)27.9%
SectorTechnology
IndustryMedical - Healthcare Information Services
CountryUS
Data as of2025-12-29
Moat score
82/ 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 Veeva Systems Inc.'s moat claims, evidence, and risks.

View VEEV 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: Veeva Systems Inc. leads (82 / 100 vs 72 / 100 for Watsco, Inc.).
  • Segment focus: Veeva Systems Inc. has 2 segments (53% in R&D Solutions); Watsco, Inc. has 1 segment (100% in HVAC/R Distribution).
  • Primary market structure: Competitive vs Competitive. Pricing power: Strong vs Moderate.
  • Moat breadth: Veeva Systems Inc. has 4 moat types across 3 domains; Watsco, Inc. has 4 across 3.

Primary market context

Veeva Systems Inc.

R&D Solutions

Market

Life sciences R&D, clinical, regulatory, safety, and quality cloud applications (Vault platform-based suites)

Geography

Global

Customer

Life sciences companies plus CROs and related regulated organizations

Role

Vertical SaaS platform owner

Revenue share

53%

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

Veeva Systems Inc.
Watsco, Inc.
Ticker / Exchange
VEEV - New York Stock Exchange
WSO - New York Stock Exchange
Market cap (USD)
$36.4B
$14.4B
Gross margin (TTM)
75.7%
28.3%
Operating margin (TTM)
27.9%
10.2%
Net margin (TTM)
27.9%
7.4%
Sector
Technology
Industrials
Industry
Medical - Healthcare Information Services
Industrial - Distribution
HQ country
US
US
Primary segment
R&D Solutions
HVAC/R Distribution
Market structure
Competitive
Competitive
Market share
n/a
9%-12% (implied)
HHI estimate
n/a
n/a
Pricing power
Strong
Moderate
Moat score
82 / 100
72 / 100
Moat domains
Demand, Legal, Network
Supply, Legal, Demand
Last update
2025-12-29
2026-01-05

Moat coverage

Shared moat types

Data Workflow Lockin

Veeva Systems Inc. strengths

Compliance AdvantageEcosystem ComplementsSuite Bundling

Watsco, Inc. strengths

Physical Network DensityContractual ExclusivityScale Economies Unit Cost

Segment mix

Veeva Systems Inc. segments

Full profile >

Commercial Solutions

Oligopoly

47%

R&D Solutions

Competitive

53%

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.

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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.