VOL. XCIV, NO. 247

★ WIDE MOAT STOCKS COMPARISON ★

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Thursday, January 8, 2026

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Stock Comparison

S.F. Holding Co., Ltd. vs Paychex, Inc.

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

S.F. Holding Co., Ltd.

002352 · Shenzhen Stock Exchange

Market cap (USD)$187.6B
Gross margin (TTM)13.2%
Operating margin (TTM)4.7%
Net margin (TTM)3.6%
SectorIndustrials
IndustryIntegrated Freight & Logistics
CountryCN
Data as of2025-12-28
Moat score
75/ 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 S.F. Holding Co., Ltd.'s moat claims, evidence, and risks.

View 002352 analysis

Paychex, Inc.

PAYX · NASDAQ Global Select Market

Market cap (USD)$39.4B
Gross margin (TTM)73.4%
Operating margin (TTM)37.1%
Net margin (TTM)26.5%
SectorIndustrials
IndustryStaffing & Employment Services
CountryUS
Data as of2026-01-04
Moat score
66/ 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 Paychex, Inc.'s moat claims, evidence, and risks.

View PAYX analysis

Comparison highlights

  • Moat score gap: S.F. Holding Co., Ltd. leads (75 / 100 vs 66 / 100 for Paychex, Inc.).
  • Segment focus: S.F. Holding Co., Ltd. has 7 segments (43% in Time-definite Express); Paychex, Inc. has 3 segments (73% in Management Solutions).
  • Primary market structure: Quasi-Monopoly vs Oligopoly. Pricing power: Strong vs Moderate.
  • Moat breadth: S.F. Holding Co., Ltd. has 9 moat types across 3 domains; Paychex, Inc. has 7 across 4.

Primary market context

S.F. Holding Co., Ltd.

Time-definite Express

Market

Premium time-definite parcel express delivery services

Geography

China

Customer

B2B, B2C

Role

Integrated parcel pickup, sorting, line-haul, and last-mile delivery

Revenue share

43%

Paychex, Inc.

Management Solutions

Market

Payroll processing and integrated HCM solutions for SMB and mid-market employers

Geography

United States (primarily)

Customer

Employers (SMB and mid-market)

Role

HCM SaaS + outsourced payroll/HR service provider

Revenue share

73%

Side-by-side metrics

S.F. Holding Co., Ltd.
Paychex, Inc.
Ticker / Exchange
002352 - Shenzhen Stock Exchange
PAYX - NASDAQ Global Select Market
Market cap (USD)
$187.6B
$39.4B
Gross margin (TTM)
13.2%
73.4%
Operating margin (TTM)
4.7%
37.1%
Net margin (TTM)
3.6%
26.5%
Sector
Industrials
Industrials
Industry
Integrated Freight & Logistics
Staffing & Employment Services
HQ country
CN
US
Primary segment
Time-definite Express
Management Solutions
Market structure
Quasi-Monopoly
Oligopoly
Market share
64.1% (reported)
n/a
HHI estimate
n/a
n/a
Pricing power
Strong
Moderate
Moat score
75 / 100
66 / 100
Moat domains
Supply, Demand, Network
Demand, Supply, Legal, Financial
Last update
2025-12-28
2026-01-04

Moat coverage

Shared moat types

Service Field NetworkSwitching Costs General

S.F. Holding Co., Ltd. strengths

Physical Network DensityBrand TrustScale Economies Unit CostOperational ExcellenceTwo Sided NetworkScope EconomiesNon-core ancillary activities

Paychex, Inc. strengths

Data Workflow LockinSuite BundlingCompliance AdvantageUnderwriting Risk PoolingFloat Prepayment

Segment mix

S.F. Holding Co., Ltd. segments

Full profile >

Time-definite Express

Quasi-Monopoly

43%

Economy Express

Oligopoly

10%

LTL Freight

Competitive

13%

Cold Chain & Pharmaceutical

Competitive

3%

Intra-city On-demand

Oligopoly

3%

Supply Chain & International

Competitive

25%

Other (Non-logistics & Undistributed Units)

Competitive

3%

Paychex, Inc. segments

Full profile >

Management Solutions

Oligopoly

73%

PEO and Insurance Solutions

Competitive

24.1%

Client funds float (interest on funds held for clients)

Oligopoly

2.9%

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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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.