VOL. XCIV, NO. 247

★ WIDE MOAT STOCKS COMPARISON ★

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Saturday, January 10, 2026

Stock Comparison

Analog Devices, Inc. vs Ulta Beauty, Inc.

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

Analog Devices, Inc.

ADI · Nasdaq Global Select Market

Market cap (USD)$148.8B
Gross margin (TTM)59.8%
Operating margin (TTM)26.6%
Net margin (TTM)20.6%
SectorTechnology
IndustrySemiconductors
CountryUS
Data as of2026-01-02
Moat score
59/ 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 Analog Devices, Inc.'s moat claims, evidence, and risks.

View ADI 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: Analog Devices, Inc. leads (59 / 100 vs 58 / 100 for Ulta Beauty, Inc.).
  • Segment focus: Analog Devices, Inc. has 4 segments (44.7% in Industrial); Ulta Beauty, Inc. has 3 segments (94% in Beauty Products Retail).
  • Primary market structure: Oligopoly vs Competitive. Pricing power: Strong vs Moderate.
  • Moat breadth: Analog Devices, Inc. has 5 moat types across 2 domains; Ulta Beauty, Inc. has 8 across 5.

Primary market context

Analog Devices, Inc.

Industrial

Market

Industrial analog, mixed-signal, RF and power management semiconductors

Geography

Global

Customer

B2B (OEMs/ODMs, industrial equipment, test & measurement, aerospace/defense)

Role

Semiconductor IC supplier

Revenue share

44.7%

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

Analog Devices, Inc.
Ulta Beauty, Inc.
Ticker / Exchange
ADI - Nasdaq Global Select Market
ULTA - NASDAQ
Market cap (USD)
$148.8B
$29.9B
Gross margin (TTM)
59.8%
39.2%
Operating margin (TTM)
26.6%
13.2%
Net margin (TTM)
20.6%
9.9%
Sector
Technology
Consumer
Industry
Semiconductors
Specialty Retail
HQ country
US
US
Primary segment
Industrial
Beauty Products Retail
Market structure
Oligopoly
Competitive
Market share
n/a
8%-10% (reported)
HHI estimate
n/a
n/a
Pricing power
Strong
Moderate
Moat score
59 / 100
58 / 100
Moat domains
Demand, Supply
Demand, Supply, Legal, Network, Financial
Last update
2026-01-02
2026-01-06

Moat coverage

Shared moat types

No overlap yet.

Analog Devices, Inc. strengths

Design In QualificationScope EconomiesCapex Knowhow ScaleData Workflow LockinBrand Trust

Ulta Beauty, Inc. strengths

Switching Costs GeneralPhysical Network DensityContractual ExclusivityPreferential Input AccessSuite BundlingData Network EffectsTwo Sided NetworkFloat Prepayment

Segment mix

Analog Devices, Inc. segments

Full profile >

Industrial

Oligopoly

44.7%

Automotive

Oligopoly

29.8%

Communications

Oligopoly

12.5%

Consumer

Competitive

13%

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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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.