Waters Corporation

Intangible assets and brand (weighted 25%, score 85): Waters’ reputation in LC‑MS and thermal analysis plus a long history of audited compliance in pharma QC confers trust and preference in regulated labs. Empower CDS and waters_connect are designed for 21 CFR Part 11/Annex 11 environments, reinforcing brand credibility.

Switching costs (weighted 35%, score 90): Validated analytical methods, data integrity requirements, and embedded informatics make migrations costly and time consuming; Empower is one of the most widely used CDS platforms in pharma, and method portability across CDS remains nontrivial, preserving lock‑in.

Recurring revenue (weighted 20%, score 80): 2024 chemistry consumables plus service totaled about 1.68 billion, ~57% of sales, with service contracts recognized over time. This recurring base dampens instrument cyclicality.

Cost advantages and efficient scale (weighted 10%, score 75): Scale in columns, parts, field service, and global sales coverage supports attractive margins, though peers like Thermo Fisher and Agilent also enjoy scale.

Network effects (weighted 10%, score 65): Limited classical network effects, but a large installed base and method libraries create quasi‑network benefits via standardization.

Durability risks: method transfer standards and vendor‑agnostic data initiatives may gradually ease switching; China’s push for local instrumentation can pressure share regionally. Overall, multiple moats appear resilient if Waters continues to innovate and defend software and chemistry ecosystems.