VOL. XCIV, NO. 247

★ WIDE MOAT STOCKS COMPARISON ★

NO ADVICE

Sunday, January 11, 2026

Stock Comparison

Hoshizaki Corporation vs Ulta Beauty, Inc.

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

Hoshizaki Corporation

6465 · Tokyo Stock Exchange

Market cap (USD)$761.4B
Gross margin (TTM)37.3%
Operating margin (TTM)11.4%
Net margin (TTM)8.4%
SectorIndustrials
IndustryIndustrial - Machinery
CountryJP
Data as of2025-12-30
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 Hoshizaki Corporation's moat claims, evidence, and risks.

View 6465 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: Hoshizaki Corporation leads (60 / 100 vs 58 / 100 for Ulta Beauty, Inc.).
  • Segment focus: Hoshizaki Corporation has 7 segments (26.4% in Refrigerators & freezers); Ulta Beauty, Inc. has 3 segments (94% in Beauty Products Retail).
  • Moat breadth: Hoshizaki Corporation has 7 moat types across 3 domains; Ulta Beauty, Inc. has 8 across 5.

Primary market context

Hoshizaki Corporation

Refrigerators & freezers

Market

Commercial refrigerators & freezers for professional kitchens and food retail

Geography

Global

Customer

Restaurants, supermarkets/convenience stores, institutional kitchens, food distribution and preparation facilities

Role

OEM/manufacturer with after-sales support; increasingly connected monitoring/services

Revenue share

26.4%

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

Hoshizaki Corporation
Ulta Beauty, Inc.
Ticker / Exchange
6465 - Tokyo Stock Exchange
ULTA - NASDAQ
Market cap (USD)
$761.4B
$29.9B
Gross margin (TTM)
37.3%
39.2%
Operating margin (TTM)
11.4%
13.2%
Net margin (TTM)
8.4%
9.9%
Sector
Industrials
Consumer
Industry
Industrial - Machinery
Specialty Retail
HQ country
JP
US
Primary segment
Refrigerators & freezers
Beauty Products Retail
Market structure
Competitive
Competitive
Market share
n/a
8%-10% (reported)
HHI estimate
n/a
n/a
Pricing power
Moderate
Moderate
Moat score
60 / 100
58 / 100
Moat domains
Demand, Supply, Legal
Demand, Supply, Legal, Network, Financial
Last update
2025-12-30
2026-01-06

Moat coverage

Shared moat types

Suite Bundling

Hoshizaki Corporation strengths

Brand TrustService Field NetworkDistribution ControlCompliance AdvantageInstalled Base ConsumablesData Workflow Lockin

Ulta Beauty, Inc. strengths

Switching Costs GeneralPhysical Network DensityContractual ExclusivityPreferential Input AccessData Network EffectsTwo Sided NetworkFloat Prepayment

Segment mix

Hoshizaki Corporation segments

Full profile >

Ice makers

Oligopoly

19.5%

Refrigerators & freezers

Competitive

26.4%

Commercial dishwashers (warewashing)

Oligopoly

13.3%

Dispensers (beverage systems)

Oligopoly

15%

Other Hoshizaki products

Competitive

8.7%

Maintenance / repair (service, parts, and connected monitoring)

Quasi-Monopoly

6.8%

Other companies' products (resale/complementary kitchen equipment)

Competitive

10.3%

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?

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.