VOL. XCIV, NO. 247

★ WIDE MOAT STOCKS COMPARISON ★

NO ADVICE

Saturday, January 10, 2026

Stock Comparison

Anheuser-Busch InBev SA/NV vs Ulta Beauty, Inc.

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

Anheuser-Busch InBev SA/NV

ABI · Euronext Brussels

Market cap (USD)$110.5B
Gross margin (TTM)55.9%
Operating margin (TTM)25.9%
Net margin (TTM)11.5%
SectorConsumer
IndustryBeverages - Alcoholic
CountryBE
Data as of2025-12-28
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 Anheuser-Busch InBev SA/NV's moat claims, evidence, and risks.

View ABI 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: Anheuser-Busch InBev SA/NV leads (75 / 100 vs 58 / 100 for Ulta Beauty, Inc.).
  • Segment focus: Anheuser-Busch InBev SA/NV has 6 segments (28.6% in Middle Americas); Ulta Beauty, Inc. has 3 segments (94% in Beauty Products Retail).
  • Primary market structure: Duopoly vs Competitive. Pricing power: Moderate vs Moderate.
  • Moat breadth: Anheuser-Busch InBev SA/NV has 5 moat types across 3 domains; Ulta Beauty, Inc. has 8 across 5.

Primary market context

Anheuser-Busch InBev SA/NV

Middle Americas

Market

Beer and malt-based beverages (plus growing no-alcohol and Beyond Beer)

Geography

Mexico, Central America, and Caribbean (AB InBev reporting segment)

Customer

Retailers and on-premise outlets

Role

Brewer / brand owner + route-to-market operator

Revenue share

28.6%

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

Anheuser-Busch InBev SA/NV
Ulta Beauty, Inc.
Ticker / Exchange
ABI - Euronext Brussels
ULTA - NASDAQ
Market cap (USD)
$110.5B
$29.9B
Gross margin (TTM)
55.9%
39.2%
Operating margin (TTM)
25.9%
13.2%
Net margin (TTM)
11.5%
9.9%
Sector
Consumer
Consumer
Industry
Beverages - Alcoholic
Specialty Retail
HQ country
BE
US
Primary segment
Middle Americas
Beauty Products Retail
Market structure
Duopoly
Competitive
Market share
n/a
8%-10% (reported)
HHI estimate
n/a
n/a
Pricing power
Moderate
Moderate
Moat score
75 / 100
58 / 100
Moat domains
Demand, Supply, Network
Demand, Supply, Legal, Network, Financial
Last update
2025-12-28
2026-01-06

Moat coverage

Shared moat types

Two Sided Network

Anheuser-Busch InBev SA/NV strengths

Brand TrustScale Economies Unit CostDistribution ControlData Workflow Lockin

Ulta Beauty, Inc. strengths

Switching Costs GeneralPhysical Network DensityContractual ExclusivityPreferential Input AccessSuite BundlingData Network EffectsFloat Prepayment

Segment mix

Anheuser-Busch InBev SA/NV segments

Full profile >

North America

Oligopoly

24.5%

Middle Americas

Duopoly

28.6%

South America

Oligopoly

20.8%

EMEA

Oligopoly

15.1%

Asia Pacific

Competitive

10.4%

Global Export & Holding Companies

Competitive

0.7%

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?

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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.