VOL. XCIV, NO. 247

★ WIDE MOAT STOCKS COMPARISON ★

NO ADVICE

Stock Comparison

Ambev S.A. vs Booking Holdings Inc.

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

Ambev S.A.

ABEV3 · B3 - Brasil Bolsa Balcao

Market cap (USD)$250.3B
Gross margin (TTM)50.5%
Operating margin (TTM)25.7%
Net margin (TTM)17.6%
SectorConsumer
IndustryBeverages - Alcoholic
CountryBR
Data as of2025-12-28
Moat score
82/ 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 Ambev S.A.'s moat claims, evidence, and risks.

View ABEV3 analysis

Booking Holdings Inc.

BKNG · NASDAQ Global Select Market

Market cap (USD)$131.4B
Gross margin (TTM)99.3%
Operating margin (TTM)32.9%
Net margin (TTM)20.1%
SectorConsumer
IndustryTravel Services
CountryUS
Data as of2025-12-25
Moat score
77/ 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 Booking Holdings Inc.'s moat claims, evidence, and risks.

View BKNG analysis

Comparison highlights

  • Moat score gap: Ambev S.A. leads (82 / 100 vs 77 / 100 for Booking Holdings Inc.).
  • Segment focus: Ambev S.A. has 5 segments (45% in Brazil - Beer); Booking Holdings Inc. has 2 segments (95.5% in OTC online travel reservations (Booking.com, Priceline, Agoda)).
  • Moat breadth: Ambev S.A. has 3 moat types across 3 domains; Booking Holdings Inc. has 5 across 4.

Primary market context

Ambev S.A.

Brazil - Beer

Market

Beer production and distribution

Geography

Brazil

Customer

On-trade and off-trade retailers; distributors

Role

Producer & distributor

Revenue share

45%

Booking Holdings Inc.

OTC online travel reservations (Booking.com, Priceline, Agoda)

Market

Online travel agency (OTA) reservation platforms

Geography

Global

Customer

Two-sided: travelers (B2C) and travel service providers (B2B)

Role

Intermediary / marketplace

Revenue share

95.5%

Side-by-side metrics

Ambev S.A.
Booking Holdings Inc.
Ticker / Exchange
ABEV3 - B3 - Brasil Bolsa Balcao
BKNG - NASDAQ Global Select Market
Market cap (USD)
$250.3B
$131.4B
Gross margin (TTM)
50.5%
99.3%
Operating margin (TTM)
25.7%
32.9%
Net margin (TTM)
17.6%
20.1%
Sector
Consumer
Consumer
Industry
Beverages - Alcoholic
Travel Services
HQ country
BR
US
Primary segment
Brazil - Beer
OTC online travel reservations (Booking.com, Priceline, Agoda)
Market structure
Oligopoly
Oligopoly
Market share
55%-65% (estimated)
23%-31% (implied)
HHI estimate
n/a
n/a
Pricing power
Moderate
Moderate
Moat score
82 / 100
77 / 100
Moat domains
Demand, Supply, Legal
Network, Demand, Supply, Financial
Last update
2025-12-28
2025-12-25

Moat coverage

Shared moat types

Brand Trust

Ambev S.A. strengths

Distribution ControlContractual Exclusivity

Booking Holdings Inc. strengths

Two Sided NetworkHabit DefaultScope EconomiesFloat Prepayment

Segment mix

Ambev S.A. segments

Full profile >

Brazil - Beer

Oligopoly

45%

Brazil - Non-alcoholic beverages

Oligopoly

9.4%

Central America and the Caribbean

Oligopoly

12.3%

Latin America South

Oligopoly

22.2%

Canada

Oligopoly

11.2%

Booking Holdings Inc. segments

Full profile >

OTC online travel reservations (Booking.com, Priceline, Agoda)

Oligopoly

95.5%

Metasearch & restaurant reservations (KAYAK, OpenTable)

Competitive

4.5%

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.