VOL. XCIV, NO. 247

★ WIDE MOAT STOCKS COMPARISON ★

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Sunday, January 11, 2026

Stock Comparison

S.F. Holding Co., Ltd. vs Ulta Beauty, 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)$187B
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

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: S.F. Holding Co., Ltd. leads (75 / 100 vs 58 / 100 for Ulta Beauty, Inc.).
  • Segment focus: S.F. Holding Co., Ltd. has 7 segments (43% in Time-definite Express); Ulta Beauty, Inc. has 3 segments (94% in Beauty Products Retail).
  • Primary market structure: Quasi-Monopoly vs Competitive. Pricing power: Strong vs Moderate.
  • Moat breadth: S.F. Holding Co., Ltd. has 9 moat types across 3 domains; Ulta Beauty, Inc. has 8 across 5.

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%

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

S.F. Holding Co., Ltd.
Ulta Beauty, Inc.
Ticker / Exchange
002352 - Shenzhen Stock Exchange
ULTA - NASDAQ
Market cap (USD)
$187B
$29.9B
Gross margin (TTM)
13.2%
39.2%
Operating margin (TTM)
4.7%
13.2%
Net margin (TTM)
3.6%
9.9%
Sector
Industrials
Consumer
Industry
Integrated Freight & Logistics
Specialty Retail
HQ country
CN
US
Primary segment
Time-definite Express
Beauty Products Retail
Market structure
Quasi-Monopoly
Competitive
Market share
64.1% (reported)
8%-10% (reported)
HHI estimate
n/a
n/a
Pricing power
Strong
Moderate
Moat score
75 / 100
58 / 100
Moat domains
Supply, Demand, Network
Demand, Supply, Legal, Network, Financial
Last update
2025-12-28
2026-01-06

Moat coverage

Shared moat types

Physical Network DensityTwo Sided NetworkSwitching Costs General

S.F. Holding Co., Ltd. strengths

Brand TrustScale Economies Unit CostOperational ExcellenceService Field NetworkScope EconomiesNon-core ancillary activities

Ulta Beauty, Inc. strengths

Contractual ExclusivityPreferential Input AccessSuite BundlingData Network EffectsFloat 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%

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?

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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.