VOL. XCIV, NO. 247

★ WIDE MOAT STOCKS COMPARISON ★

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Saturday, January 3, 2026

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Stock Comparison

Luzhou Laojiao Co., Ltd. vs Constellation Software Inc.

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

Luzhou Laojiao Co., Ltd.

000568.SZ · Shenzhen Stock Exchange

Market cap (USD)$170.8B

Gross margin (TTM)86.5%

Operating margin (TTM)56.5%

Net margin (TTM)42.1%

SectorConsumer

IndustryBeverages - Wineries & Distilleries

CountryCN

Data as of2025-12-30

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 Luzhou Laojiao Co., Ltd.'s moat claims, evidence, and risks.

View 000568.SZ analysis

Constellation Software Inc.

CSU · Toronto Stock Exchange

Market cap (USD)—

Gross margin (TTM)—

Operating margin (TTM)—

Net margin (TTM)—

SectorTechnology

Industry—

CountryCA

Data as of2026-01-02

Moat score

74/ 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 Constellation Software Inc.'s moat claims, evidence, and risks.

View CSU analysis

Comparison highlights

Moat score gap: Constellation Software Inc. leads (74 / 100 vs 73 / 100 for Luzhou Laojiao Co., Ltd.).
Segment focus: Luzhou Laojiao Co., Ltd. has 2 segments (91.5% in Mid- and high-end baijiu); Constellation Software Inc. has 6 segments.
Primary market structure: Oligopoly vs Competitive. Pricing power: Strong vs Moderate.
Moat breadth: Luzhou Laojiao Co., Ltd. has 5 moat types across 3 domains; Constellation Software Inc. has 3 across 2.

Primary market context

Luzhou Laojiao Co., Ltd.

Mid- and high-end baijiu

Market

Premium baijiu (strong-aroma) in China

Geography

China (primarily); limited exports

Customer

Consumers (personal consumption) and gifting/banquet channels via distributors/retail

Role

Distiller / brand owner

Revenue share

91.5%

Constellation Software Inc.

Volaris Operating Group

Market

Vertical market software (VMS) portfolios across diverse industries (Volaris)

Geography

Global (North America, Continental Europe, UK, Australia, South America, Africa)

Customer

Organizations in specific verticals (mix of public and private sector)

Role

Vertical market software vendor (application provider + long-term maintainer)

Side-by-side metrics

Luzhou Laojiao Co., Ltd.

Constellation Software Inc.

Ticker / Exchange

000568.SZ - Shenzhen Stock Exchange

CSU - Toronto Stock Exchange

Market cap (USD)

$170.8B

n/a

Gross margin (TTM)

86.5%

n/a

Operating margin (TTM)

56.5%

n/a

Net margin (TTM)

42.1%

n/a

Sector

Consumer

Technology

Industry

Beverages - Wineries & Distilleries

n/a

HQ country

Primary segment

Mid- and high-end baijiu

Volaris Operating Group

Market structure

Oligopoly

Competitive

Market share

n/a

HHI estimate

n/a

Pricing power

Strong

Moderate

Moat score

73 / 100

74 / 100

Moat domains

Demand, Supply, Financial

Demand, Supply

Last update

2025-12-30

2026-01-02

Moat coverage

Shared moat types

No overlap yet.

Luzhou Laojiao Co., Ltd. strengths

Brand TrustLearning Curve YieldDistribution ControlFloat PrepaymentCapex Knowhow Scale

Constellation Software Inc. strengths

Switching Costs GeneralInstalled Base ConsumablesOperational Excellence

Segment mix

Luzhou Laojiao Co., Ltd. segments

Full profile >

Mid- and high-end baijiu

Oligopoly

91.5%

Other baijiu (mainstream/value)

Competitive

8.2%

Constellation Software Inc. segments

Full profile >

Volaris Operating Group

Competitive

n/a

Harris Operating Group

Competitive

n/a

Topicus.com Operating Group

Competitive

n/a

Jonas Operating Group

Competitive

n/a

Perseus Operating Group

Competitive

n/a

Vela Operating Group

Competitive

n/a

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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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.