VOL. XCIV, NO. 247

★ WIDE MOAT STOCKS COMPARISON ★

NO ADVICE

Wednesday, January 7, 2026

Stock Comparison

Kao Corporation vs Spotify Technology S.A.

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

Kao Corporation

4452 · Tokyo Stock Exchange

Market cap (USD)$2.9T
Gross margin (TTM)39.2%
Operating margin (TTM)9.5%
Net margin (TTM)7.3%
SectorConsumer
IndustryHousehold & Personal Products
CountryJP
Data as of2025-12-28
Moat score
60/ 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 Kao Corporation's moat claims, evidence, and risks.

View 4452 analysis

Spotify Technology S.A.

SPOT · New York Stock Exchange

Market cap (USD)$121.5B
Gross margin (TTM)31.8%
Operating margin (TTM)11.7%
Net margin (TTM)8.3%
SectorCommunication Services
IndustryInternet Content & Information
CountryLU
Data as of2026-01-06
Moat score
65/ 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 Spotify Technology S.A.'s moat claims, evidence, and risks.

View SPOT analysis

Comparison highlights

  • Moat score gap: Spotify Technology S.A. leads (65 / 100 vs 60 / 100 for Kao Corporation).
  • Segment focus: Kao Corporation has 5 segments (33.5% in Hygiene Living Care Business); Spotify Technology S.A. has 2 segments (88.2% in Premium (subscription)).
  • Moat breadth: Kao Corporation has 5 moat types across 2 domains; Spotify Technology S.A. has 6 across 4.

Primary market context

Kao Corporation

Hygiene Living Care Business

Market

Household & fabric care and sanitary consumer packaged goods

Geography

Japan and Asia (with select global brands)

Customer

Consumers (retail)

Role

Branded manufacturer

Revenue share

33.5%

Spotify Technology S.A.

Premium (subscription)

Market

Paid music and audio streaming subscriptions

Geography

Global

Customer

Consumers (end-users) and distribution partners (e.g., telcos)

Role

Streaming platform operator

Revenue share

88.2%

Side-by-side metrics

Kao Corporation
Spotify Technology S.A.
Ticker / Exchange
4452 - Tokyo Stock Exchange
SPOT - New York Stock Exchange
Market cap (USD)
$2.9T
$121.5B
Gross margin (TTM)
39.2%
31.8%
Operating margin (TTM)
9.5%
11.7%
Net margin (TTM)
7.3%
8.3%
Sector
Consumer
Communication Services
Industry
Household & Personal Products
Internet Content & Information
HQ country
JP
LU
Primary segment
Hygiene Living Care Business
Premium (subscription)
Market structure
Oligopoly
Oligopoly
Market share
n/a
31%-33% (reported)
HHI estimate
n/a
n/a
Pricing power
Moderate
Moderate
Moat score
60 / 100
65 / 100
Moat domains
Demand, Supply
Network, Demand, Legal, Supply
Last update
2025-12-28
2026-01-06

Moat coverage

Shared moat types

Brand Trust

Kao Corporation strengths

Training Org Change CostsService Field NetworkCapex Knowhow ScaleDesign In Qualification

Spotify Technology S.A. strengths

Data Network EffectsInteroperability HubTwo Sided NetworkContent Rights CurrencyScale Economies Unit Cost

Segment mix

Kao Corporation segments

Full profile >

Hygiene Living Care Business

Oligopoly

33.5%

Health Beauty Care Business

Competitive

26%

Cosmetics Business

Competitive

15%

Business Connected Business

Competitive

2.4%

Chemical Business

Competitive

23.1%

Spotify Technology S.A. segments

Full profile >

Premium (subscription)

Oligopoly

88.2%

Ad-Supported (advertising)

Competitive

11.8%

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.