VOL. XCIV, NO. 247

★ WIDE MOAT STOCKS COMPARISON ★

NO ADVICE

Thursday, January 8, 2026

Stock Comparison

ZOZO, Inc. vs Celsius Holdings, Inc.

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

ZOZO, Inc.

3092 · Tokyo Stock Exchange

Market cap (USD)$1.1T
Gross margin (TTM)91.8%
Operating margin (TTM)29.8%
Net margin (TTM)20.6%
SectorConsumer
IndustrySpecialty Retail
CountryJP
Data as of2025-12-30
Moat score
63/ 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 ZOZO, Inc.'s moat claims, evidence, and risks.

View 3092 analysis

Celsius Holdings, Inc.

CELH · NASDAQ

Market cap (USD)$12.4B
Gross margin (TTM)51.4%
Operating margin (TTM)4.5%
Net margin (TTM)3%
SectorConsumer
IndustryBeverages - Non-Alcoholic
CountryUS
Data as of2026-01-05
Moat score
57/ 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 Celsius Holdings, Inc.'s moat claims, evidence, and risks.

View CELH analysis

Comparison highlights

  • Moat score gap: ZOZO, Inc. leads (63 / 100 vs 57 / 100 for Celsius Holdings, Inc.).
  • Segment focus: ZOZO, Inc. has 5 segments (71.3% in ZOZOTOWN Business); Celsius Holdings, Inc. has 1 segment (100% in Functional Energy Beverages (CELSIUS, Alani Nu, Rockstar)).
  • Moat breadth: ZOZO, Inc. has 5 moat types across 3 domains; Celsius Holdings, Inc. has 3 across 2.

Primary market context

ZOZO, Inc.

ZOZOTOWN Business

Market

Japan online fashion marketplace and resale (ZOZOTOWN)

Geography

Japan

Customer

Consumers (buyers) and fashion brands/retailers (sellers/tenants)

Role

Marketplace operator + retailer (mix of consignment, inventory retail, and used sales)

Revenue share

71.3%

Celsius Holdings, Inc.

Functional Energy Beverages (CELSIUS, Alani Nu, Rockstar)

Market

Energy drinks (functional/better-for-you positioning) and adjacent wellness products

Geography

Primarily North America; growing international presence

Customer

Consumers via retail and e-commerce channels; sold through distributor/retail channels

Role

Brand owner / product developer; uses third-party manufacturing and third-party distribution

Revenue share

100%

Side-by-side metrics

ZOZO, Inc.
Celsius Holdings, Inc.
Ticker / Exchange
3092 - Tokyo Stock Exchange
CELH - NASDAQ
Market cap (USD)
$1.1T
$12.4B
Gross margin (TTM)
91.8%
51.4%
Operating margin (TTM)
29.8%
4.5%
Net margin (TTM)
20.6%
3%
Sector
Consumer
Consumer
Industry
Specialty Retail
Beverages - Non-Alcoholic
HQ country
JP
US
Primary segment
ZOZOTOWN Business
Functional Energy Beverages (CELSIUS, Alani Nu, Rockstar)
Market structure
Oligopoly
Oligopoly
Market share
18%-22% (reported)
16%-16.4% (reported)
HHI estimate
n/a
n/a
Pricing power
Moderate
Moderate
Moat score
63 / 100
57 / 100
Moat domains
Network, Supply, Demand
Supply, Demand
Last update
2025-12-30
2026-01-05

Moat coverage

Shared moat types

Distribution Control

ZOZO, Inc. strengths

Two Sided NetworkOperational ExcellenceSwitching Costs GeneralInstalled Base Consumables

Celsius Holdings, Inc. strengths

Brand TrustScope Economies

Segment mix

ZOZO, Inc. segments

Full profile >

ZOZOTOWN Business

Oligopoly

71.3%

LY Corporation Commerce

Competitive

10%

BtoB business

Competitive

1%

Advertising business (ZOZOAD / WEAR reach monetization)

Monopoly

5.3%

Others (platform services, shipping/settlement fees, and options)

Monopoly

12.4%

Celsius Holdings, Inc. segments

Full profile >

Functional Energy Beverages (CELSIUS, Alani Nu, Rockstar)

Oligopoly

100%

Want the full wide moat stocks list?

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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.