VOL. XCIV, NO. 247

★ WIDE MOAT STOCKS COMPARISON ★

NO ADVICE

Saturday, January 10, 2026

Stock Comparison

Apple Inc. vs Ulta Beauty, Inc.

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

Apple Inc.

AAPL · NASDAQ

Market cap (USD)$3.8T
Gross margin (TTM)46.9%
Operating margin (TTM)32%
Net margin (TTM)26.9%
SectorTechnology
IndustryConsumer Electronics
CountryUS
Data as of2025-12-20
Moat score
87/ 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 Apple Inc.'s moat claims, evidence, and risks.

View AAPL 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: Apple Inc. leads (87 / 100 vs 58 / 100 for Ulta Beauty, Inc.).
  • Segment focus: Apple Inc. has 5 segments (50.4% in iPhone); Ulta Beauty, Inc. has 3 segments (94% in Beauty Products Retail).
  • Primary market structure: Oligopoly vs Competitive. Pricing power: Strong vs Moderate.
  • Moat breadth: Apple Inc. has 7 moat types across 3 domains; Ulta Beauty, Inc. has 8 across 5.

Primary market context

Apple Inc.

iPhone

Market

Smartphones (with focus on premium smartphones and iOS ecosystem devices)

Geography

Global

Customer

Consumers and enterprises (end-users), plus carrier/retail channels

Role

OEM / platform owner

Revenue share

50.4%

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

Apple Inc.
Ulta Beauty, Inc.
Ticker / Exchange
AAPL - NASDAQ
ULTA - NASDAQ
Market cap (USD)
$3.8T
$29.9B
Gross margin (TTM)
46.9%
39.2%
Operating margin (TTM)
32%
13.2%
Net margin (TTM)
26.9%
9.9%
Sector
Technology
Consumer
Industry
Consumer Electronics
Specialty Retail
HQ country
US
US
Primary segment
iPhone
Beauty Products Retail
Market structure
Oligopoly
Competitive
Market share
14%-17% (reported)
8%-10% (reported)
HHI estimate
n/a
n/a
Pricing power
Strong
Moderate
Moat score
87 / 100
58 / 100
Moat domains
Demand, Network, Supply
Demand, Supply, Legal, Network, Financial
Last update
2025-12-20
2026-01-06

Moat coverage

Shared moat types

Switching Costs GeneralTwo Sided Network

Apple Inc. strengths

Brand TrustEcosystem ComplementsScale Economies Unit CostDefault OS GatewayInstalled Base Consumables

Ulta Beauty, Inc. strengths

Physical Network DensityContractual ExclusivityPreferential Input AccessSuite BundlingData Network EffectsFloat Prepayment

Segment mix

Apple Inc. segments

Full profile >

iPhone

Oligopoly

50.4%

Mac

Oligopoly

8.1%

iPad

Oligopoly

6.7%

Wearables, Home and Accessories

Competitive

8.6%

Services

Quasi-Monopoly

26.2%

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.

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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.