VOL. XCIV, NO. 247

★ WIDE MOAT STOCKS COMPARISON ★

NO ADVICE

Saturday, January 10, 2026

Stock Comparison

AutoZone, Inc. vs Ulta Beauty, Inc.

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

AutoZone, Inc.

AZO · New York Stock Exchange

Market cap (USD)$57.2B
Gross margin (TTM)52.2%
Operating margin (TTM)18.4%
Net margin (TTM)12.8%
SectorConsumer
IndustryAuto - Parts
CountryUS
Data as of2025-12-31
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 AutoZone, Inc.'s moat claims, evidence, and risks.

View AZO 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: AutoZone, Inc. leads (59 / 100 vs 58 / 100 for Ulta Beauty, Inc.).
  • Segment focus: AutoZone, Inc. has 2 segments (88% in U.S. Auto Parts Retail & Commercial Distribution); Ulta Beauty, Inc. has 3 segments (94% in Beauty Products Retail).
  • Moat breadth: AutoZone, Inc. has 6 moat types across 3 domains; Ulta Beauty, Inc. has 8 across 5.

Primary market context

AutoZone, Inc.

U.S. Auto Parts Retail & Commercial Distribution

Market

U.S. automotive aftermarket replacement parts & accessories retail and commercial distribution

Geography

United States

Customer

DIY consumers; professional repair shops (DIFM)

Role

Retailer and distributor

Revenue share

88%

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

AutoZone, Inc.
Ulta Beauty, Inc.
Ticker / Exchange
AZO - New York Stock Exchange
ULTA - NASDAQ
Market cap (USD)
$57.2B
$29.9B
Gross margin (TTM)
52.2%
39.2%
Operating margin (TTM)
18.4%
13.2%
Net margin (TTM)
12.8%
9.9%
Sector
Consumer
Consumer
Industry
Auto - Parts
Specialty Retail
HQ country
US
US
Primary segment
U.S. Auto Parts Retail & Commercial Distribution
Beauty Products Retail
Market structure
Competitive
Competitive
Market share
n/a
8%-10% (reported)
HHI estimate
n/a
n/a
Pricing power
Moderate
Moderate
Moat score
59 / 100
58 / 100
Moat domains
Supply, Demand, Financial
Demand, Supply, Legal, Network, Financial
Last update
2025-12-31
2026-01-06

Moat coverage

Shared moat types

Physical Network Density

AutoZone, Inc. strengths

Distribution ControlService Field NetworkOperational ExcellenceBrand TrustNegative Working Capital

Ulta Beauty, Inc. strengths

Switching Costs GeneralContractual ExclusivityPreferential Input AccessSuite BundlingData Network EffectsTwo Sided NetworkFloat Prepayment

Segment mix

AutoZone, Inc. segments

Full profile >

U.S. Auto Parts Retail & Commercial Distribution

Competitive

88%

International Auto Parts Retail & Commercial Distribution (Mexico & Brazil)

Competitive

12%

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.