VOL. XCIV, NO. 247

★ WIDE MOAT STOCKS COMPARISON ★

NO ADVICE

Tuesday, December 30, 2025

Stock Comparison

British American Tobacco p.l.c. vs Costco Wholesale Corporation

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

British American Tobacco p.l.c.

BATS · London Stock Exchange

Market cap (USD)
SectorConsumer
CountryGB
Data as of2025-12-30
Moat score
71/ 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 British American Tobacco p.l.c.'s moat claims, evidence, and risks.

View BATS analysis

Costco Wholesale Corporation

COST · Nasdaq Global Select Market

Market cap (USD)$379.8B
SectorConsumer
CountryUS
Data as of2025-12-21
Moat score
80/ 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 Costco Wholesale Corporation's moat claims, evidence, and risks.

View COST analysis

Comparison highlights

  • Moat score gap: Costco Wholesale Corporation leads (80 / 100 vs 71 / 100 for British American Tobacco p.l.c.).
  • Segment focus: British American Tobacco p.l.c. has 6 segments (80% in Combustibles); Costco Wholesale Corporation has 2 segments (98.1% in Warehouse club retail).
  • Primary market structure: Oligopoly vs Oligopoly. Pricing power: Strong vs Weak.
  • Moat breadth: British American Tobacco p.l.c. has 6 moat types across 3 domains; Costco Wholesale Corporation has 6 across 3.

Primary market context

British American Tobacco p.l.c.

Combustibles

Market

Combustible tobacco (cigarettes and other combustible products)

Geography

Global

Customer

Adult nicotine consumers via retail/wholesale channels

Role

Manufacturer / brand owner

Revenue share

80%

Costco Wholesale Corporation

Warehouse club retail

Market

Membership warehouse club retail (warehouse clubs, ancillary services, and e-commerce)

Geography

Global

Customer

Households and small businesses

Role

Retailer (membership club)

Revenue share

98.1%

Side-by-side metrics

British American Tobacco p.l.c.
Costco Wholesale Corporation
Ticker / Exchange
BATS - London Stock Exchange
COST - Nasdaq Global Select Market
Market cap (USD)
n/a
$379.8B
Sector
Consumer
Consumer
HQ country
GB
US
Primary segment
Combustibles
Warehouse club retail
Market structure
Oligopoly
Oligopoly
Market share
n/a
n/a
HHI estimate
n/a
n/a
Pricing power
Strong
Weak
Moat score
71 / 100
80 / 100
Moat domains
Demand, Supply, Legal
Supply, Financial, Demand
Last update
2025-12-30
2025-12-21

Moat coverage

Shared moat types

Brand TrustOperational Excellence

British American Tobacco p.l.c. strengths

Distribution ControlCompliance AdvantageInstalled Base ConsumablesCapability adjacency

Costco Wholesale Corporation strengths

Scale Economies Unit CostNegative Working CapitalHabit DefaultFloat Prepayment

Segment mix

British American Tobacco p.l.c. segments

Full profile >

Combustibles

Oligopoly

80%

Vapour

Competitive

6.7%

Heated Products

Oligopoly

3.6%

Modern Oral

Oligopoly

3.1%

Traditional Oral

Oligopoly

4.2%

Other

Competitive

2.5%

Costco Wholesale Corporation segments

Full profile >

Warehouse club retail

Oligopoly

98.1%

Membership fees (subscription)

Oligopoly

1.9%

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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.