VOL. XCIV, NO. 247

★ WIDE MOAT STOCKS COMPARISON ★

NO ADVICE

Wednesday, January 7, 2026

Stock Comparison

Vulcan Materials Company vs Watsco, Inc.

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

Vulcan Materials Company

VMC · New York Stock Exchange

Market cap (USD)$39.2B
Gross margin (TTM)28.2%
Operating margin (TTM)20.9%
Net margin (TTM)14.3%
SectorMaterials
IndustryConstruction Materials
CountryUS
Data as of2026-01-01
Moat score
73/ 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 Vulcan Materials Company's moat claims, evidence, and risks.

View VMC 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: Vulcan Materials Company leads (73 / 100 vs 72 / 100 for Watsco, Inc.).
  • Segment focus: Vulcan Materials Company has 3 segments (74.4% in Aggregates); Watsco, Inc. has 1 segment (100% in HVAC/R Distribution).
  • Primary market structure: Oligopoly vs Competitive. Pricing power: Strong vs Moderate.
  • Moat breadth: Vulcan Materials Company has 5 moat types across 2 domains; Watsco, Inc. has 4 across 3.

Primary market context

Vulcan Materials Company

Aggregates

Market

Construction aggregates (crushed stone, sand & gravel)

Geography

United States (local/regional markets)

Customer

Construction contractors and public infrastructure agencies

Role

Upstream raw materials producer

Revenue share

74.4%

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

Vulcan Materials Company
Watsco, Inc.
Ticker / Exchange
VMC - New York Stock Exchange
WSO - New York Stock Exchange
Market cap (USD)
$39.2B
$14.4B
Gross margin (TTM)
28.2%
28.3%
Operating margin (TTM)
20.9%
10.2%
Net margin (TTM)
14.3%
7.4%
Sector
Materials
Industrials
Industry
Construction Materials
Industrial - Distribution
HQ country
US
US
Primary segment
Aggregates
HVAC/R Distribution
Market structure
Oligopoly
Competitive
Market share
8%-11% (implied)
9%-12% (implied)
HHI estimate
n/a
n/a
Pricing power
Strong
Moderate
Moat score
73 / 100
72 / 100
Moat domains
Legal, Supply
Supply, Legal, Demand
Last update
2026-01-01
2026-01-05

Moat coverage

Shared moat types

Physical Network DensityScale Economies Unit Cost

Vulcan Materials Company strengths

Permits Rights Of WayGeographic NaturalSupply Chain Control

Watsco, Inc. strengths

Contractual ExclusivityData Workflow Lockin

Segment mix

Vulcan Materials Company segments

Full profile >

Aggregates

Oligopoly

74.4%

Asphalt

Competitive

16.8%

Concrete

Competitive

8.8%

Watsco, Inc. segments

Full profile >

HVAC/R Distribution

Competitive

100%

Want the full wide moat stocks list?

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Looking for expansion-stage stocks?

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.