VOL. XCIV, NO. 247

★ WIDE MOAT STOCKS COMPARISON ★

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Wednesday, January 7, 2026

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Stock Comparison

Murata Manufacturing Co., Ltd. vs Spotify Technology S.A.

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

Murata Manufacturing Co., Ltd.

6981 · Tokyo Stock Exchange

Market cap (USD)$6.2T
Gross margin (TTM)41.4%
Operating margin (TTM)16.8%
Net margin (TTM)13.4%
SectorTechnology
IndustryHardware, Equipment & Parts
CountryJP
Data as of2025-12-30
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 Murata Manufacturing Co., Ltd.'s moat claims, evidence, and risks.

View 6981 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: Murata Manufacturing Co., Ltd. leads (75 / 100 vs 65 / 100 for Spotify Technology S.A.).
  • Segment focus: Murata Manufacturing Co., Ltd. has 6 segments (47.7% in Capacitors (primarily MLCC)); Spotify Technology S.A. has 2 segments (88.2% in Premium (subscription)).
  • Moat breadth: Murata Manufacturing Co., Ltd. has 8 moat types across 4 domains; Spotify Technology S.A. has 6 across 4.

Primary market context

Murata Manufacturing Co., Ltd.

Capacitors (primarily MLCC)

Market

Multilayer ceramic capacitors (MLCC) and related capacitors

Geography

Global

Customer

Electronics OEMs and tier-1 suppliers (smartphone, PC/server, automotive, industrial)

Role

Component manufacturer / supplier

Revenue share

47.7%

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

Murata Manufacturing Co., Ltd.
Spotify Technology S.A.
Ticker / Exchange
6981 - Tokyo Stock Exchange
SPOT - New York Stock Exchange
Market cap (USD)
$6.2T
$121.5B
Gross margin (TTM)
41.4%
31.8%
Operating margin (TTM)
16.8%
11.7%
Net margin (TTM)
13.4%
8.3%
Sector
Technology
Communication Services
Industry
Hardware, Equipment & Parts
Internet Content & Information
HQ country
JP
LU
Primary segment
Capacitors (primarily MLCC)
Premium (subscription)
Market structure
Oligopoly
Oligopoly
Market share
38%-42% (reported)
31%-33% (reported)
HHI estimate
n/a
n/a
Pricing power
Moderate
Moderate
Moat score
75 / 100
65 / 100
Moat domains
Supply, Demand, Financial, Legal
Network, Demand, Legal, Supply
Last update
2025-12-30
2026-01-06

Moat coverage

Shared moat types

Brand Trust

Murata Manufacturing Co., Ltd. strengths

Capex Knowhow ScaleLearning Curve YieldDesign In QualificationBenchmark Pricing PowerIP Choke PointCompliance AdvantageResidual segment

Spotify Technology S.A. strengths

Data Network EffectsInteroperability HubTwo Sided NetworkContent Rights CurrencyScale Economies Unit Cost

Segment mix

Murata Manufacturing Co., Ltd. segments

Full profile >

Capacitors (primarily MLCC)

Oligopoly

47.7%

Inductors and EMI Filters

Oligopoly

11.5%

High-Frequency Devices and Communications Modules

Oligopoly

25.4%

Batteries and Power Supply

Competitive

8.9%

Functional Devices (including sensors)

Competitive

5.6%

Other

Competitive

0.9%

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?

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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.