VOL. XCIV, NO. 247

★ WIDE MOAT STOCKS COMPARISON ★

NO ADVICE

Saturday, January 10, 2026

Stock Comparison

Luzhou Laojiao Co., Ltd. vs Ulta Beauty, 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)$171.8B
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

Ulta Beauty, Inc.

ULTA · NASDAQ

Market cap (USD)$29.9B
Gross margin (TTM)39.2%
Operating margin (TTM)13.2%
Net margin (TTM)9.9%
SectorConsumer
IndustrySpecialty Retail
CountryUS
Data as of2026-01-06
Moat score
58/ 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 Ulta Beauty, Inc.'s moat claims, evidence, and risks.

View ULTA analysis

Comparison highlights

  • Moat score gap: Luzhou Laojiao Co., Ltd. leads (73 / 100 vs 58 / 100 for Ulta Beauty, Inc.).
  • Segment focus: Luzhou Laojiao Co., Ltd. has 2 segments (91.5% in Mid- and high-end baijiu); Ulta Beauty, Inc. has 3 segments (94% in Beauty Products Retail).
  • Primary market structure: Oligopoly vs Competitive. Pricing power: Strong vs Moderate.
  • Moat breadth: Luzhou Laojiao Co., Ltd. has 5 moat types across 3 domains; Ulta Beauty, Inc. has 8 across 5.

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%

Ulta Beauty, Inc.

Beauty Products Retail

Market

U.S. beauty products retail (specialty omnichannel beauty retailer)

Geography

United States

Customer

Consumers (end-users) shopping in-store and online

Role

Specialty retailer / distributor

Revenue share

94%

Side-by-side metrics

Luzhou Laojiao Co., Ltd.
Ulta Beauty, Inc.
Ticker / Exchange
000568.SZ - Shenzhen Stock Exchange
ULTA - NASDAQ
Market cap (USD)
$171.8B
$29.9B
Gross margin (TTM)
86.5%
39.2%
Operating margin (TTM)
56.5%
13.2%
Net margin (TTM)
42.1%
9.9%
Sector
Consumer
Consumer
Industry
Beverages - Wineries & Distilleries
Specialty Retail
HQ country
CN
US
Primary segment
Mid- and high-end baijiu
Beauty Products Retail
Market structure
Oligopoly
Competitive
Market share
n/a
8%-10% (reported)
HHI estimate
n/a
n/a
Pricing power
Strong
Moderate
Moat score
73 / 100
58 / 100
Moat domains
Demand, Supply, Financial
Demand, Supply, Legal, Network, Financial
Last update
2025-12-30
2026-01-06

Moat coverage

Shared moat types

Float Prepayment

Luzhou Laojiao Co., Ltd. strengths

Brand TrustLearning Curve YieldDistribution ControlCapex Knowhow Scale

Ulta Beauty, Inc. strengths

Switching Costs GeneralPhysical Network DensityContractual ExclusivityPreferential Input AccessSuite BundlingData Network EffectsTwo Sided Network

Segment mix

Luzhou Laojiao Co., Ltd. segments

Full profile >

Mid- and high-end baijiu

Oligopoly

91.5%

Other baijiu (mainstream/value)

Competitive

8.2%

Ulta Beauty, Inc. segments

Full profile >

Beauty Products Retail

Competitive

94%

Beauty Services

Competitive

4%

Platform Monetization (Retail Media, Credit Cards, Partner Royalties, Deferred Revenue)

Competitive

2%

Want the full wide moat stocks list?

Browse the full ranking of wide moat stocks, updated with moat scores and segment context.

View the moat stocks list

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.