VOL. XCIV, NO. 247

★ WIDE MOAT STOCKS COMPARISON ★

NO ADVICE

Thursday, January 8, 2026

Stock Comparison

Amazon.com, Inc. vs Spotify Technology S.A.

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

Amazon.com, Inc.

AMZN · NASDAQ

Market cap (USD)$2.5T
Gross margin (TTM)50.1%
Operating margin (TTM)11%
Net margin (TTM)11.1%
SectorConsumer
IndustrySpecialty Retail
CountryUS
Data as of2025-12-29
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 Amazon.com, Inc.'s moat claims, evidence, and risks.

View AMZN 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: Amazon.com, Inc. leads (87 / 100 vs 65 / 100 for Spotify Technology S.A.).
  • Segment focus: Amazon.com, Inc. has 4 segments (73.5% in Amazon Stores (Retail, Marketplace, Prime Subscriptions)); Spotify Technology S.A. has 2 segments (88.2% in Premium (subscription)).
  • Moat breadth: Amazon.com, Inc. has 10 moat types across 4 domains; Spotify Technology S.A. has 6 across 4.

Primary market context

Amazon.com, Inc.

Amazon Stores (Retail, Marketplace, Prime Subscriptions)

Market

US retail ecommerce marketplace and online retail (integrated fulfillment + membership shipping)

Geography

United States

Customer

Consumers and third-party merchants

Role

Marketplace operator, retailer, and fulfillment provider

Revenue share

73.5%

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

Amazon.com, Inc.
Spotify Technology S.A.
Ticker / Exchange
AMZN - NASDAQ
SPOT - New York Stock Exchange
Market cap (USD)
$2.5T
$121.5B
Gross margin (TTM)
50.1%
31.8%
Operating margin (TTM)
11%
11.7%
Net margin (TTM)
11.1%
8.3%
Sector
Consumer
Communication Services
Industry
Specialty Retail
Internet Content & Information
HQ country
US
LU
Primary segment
Amazon Stores (Retail, Marketplace, Prime Subscriptions)
Premium (subscription)
Market structure
Oligopoly
Oligopoly
Market share
39%-42% (estimated)
31%-33% (reported)
HHI estimate
n/a
n/a
Pricing power
Moderate
Moderate
Moat score
87 / 100
65 / 100
Moat domains
Supply, Demand, Network, Financial
Network, Demand, Legal, Supply
Last update
2025-12-29
2026-01-06

Moat coverage

Shared moat types

Two Sided NetworkData Network Effects

Amazon.com, Inc. strengths

Capex Knowhow ScaleScope EconomiesLong Term ContractsPhysical Network DensitySuite BundlingHabit DefaultNegative Working CapitalDistribution Control

Spotify Technology S.A. strengths

Interoperability HubBrand TrustContent Rights CurrencyScale Economies Unit Cost

Segment mix

Amazon.com, Inc. segments

Full profile >

Amazon Web Services (AWS)

Oligopoly

16.9%

Amazon Stores (Retail, Marketplace, Prime Subscriptions)

Oligopoly

73.5%

Advertising Services (Amazon Ads / Retail Media)

Oligopoly

8.8%

Other (healthcare, content licensing/distribution, shipping services, co-branded credit card agreements, etc.)

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?

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.

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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.