Does Waters have an economic moat?
Likely
Waters earns 22.0% a year on the money invested in it and keeps 59% of every sale after production costs, the numbers of a business competitors struggle to copy.
The numbers behind it
Return on invested capital, average of recent years22.0%
Return on invested capital, latest year16.5%
Gross margin59.3%Share of each sale left after production costs
Net margin20.3%
How we decide
A moat shows up in the numbers as high returns that last. We call it likely when the average return on invested capital over recent years is at least 15% and the gross margin at least 40%, and possible from 10%. The numbers can't show where a moat comes from (brand, network, patents), only that one seems to exist.
More questions about Waters
Data as of Nov 13, 2026.