VOL. XCIV, NO. 247

★ WIDE MOAT STOCKS COMPARISON ★

NO ADVICE

Stock Comparison

Brown-Forman Corporation vs Booking Holdings Inc.

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

Brown-Forman Corporation

BF.B · New York Stock Exchange

Market cap (USD)$14.2B
Gross margin (TTM)59.2%
Operating margin (TTM)27%
Net margin (TTM)20.8%
SectorConsumer
IndustryBeverages - Wineries & Distilleries
CountryUS
Data as of2025-12-25
Moat score
72/ 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 Brown-Forman Corporation's moat claims, evidence, and risks.

View BF.B analysis

Booking Holdings Inc.

BKNG · NASDAQ Global Select Market

Market cap (USD)$131.4B
Gross margin (TTM)99.3%
Operating margin (TTM)32.9%
Net margin (TTM)20.1%
SectorConsumer
IndustryTravel Services
CountryUS
Data as of2025-12-25
Moat score
77/ 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 Booking Holdings Inc.'s moat claims, evidence, and risks.

View BKNG analysis

Comparison highlights

  • Moat score gap: Booking Holdings Inc. leads (77 / 100 vs 72 / 100 for Brown-Forman Corporation).
  • Segment focus: Brown-Forman Corporation has 5 segments (71.1% in Whiskey); Booking Holdings Inc. has 2 segments (95.5% in OTC online travel reservations (Booking.com, Priceline, Agoda)).
  • Primary market structure: Oligopoly vs Oligopoly. Pricing power: Strong vs Moderate.
  • Moat breadth: Brown-Forman Corporation has 4 moat types across 2 domains; Booking Holdings Inc. has 5 across 4.

Primary market context

Brown-Forman Corporation

Whiskey

Market

Premium-and-above whiskey spirits (American whiskey and import whiskies)

Geography

Global

Customer

Consumer (off-premise and on-premise via distributors/retailers)

Role

Brand owner / distiller / marketer

Revenue share

71.1%

Booking Holdings Inc.

OTC online travel reservations (Booking.com, Priceline, Agoda)

Market

Online travel agency (OTA) reservation platforms

Geography

Global

Customer

Two-sided: travelers (B2C) and travel service providers (B2B)

Role

Intermediary / marketplace

Revenue share

95.5%

Side-by-side metrics

Brown-Forman Corporation
Booking Holdings Inc.
Ticker / Exchange
BF.B - New York Stock Exchange
BKNG - NASDAQ Global Select Market
Market cap (USD)
$14.2B
$131.4B
Gross margin (TTM)
59.2%
99.3%
Operating margin (TTM)
27%
32.9%
Net margin (TTM)
20.8%
20.1%
Sector
Consumer
Consumer
Industry
Beverages - Wineries & Distilleries
Travel Services
HQ country
US
US
Primary segment
Whiskey
OTC online travel reservations (Booking.com, Priceline, Agoda)
Market structure
Oligopoly
Oligopoly
Market share
n/a
23%-31% (implied)
HHI estimate
n/a
n/a
Pricing power
Strong
Moderate
Moat score
72 / 100
77 / 100
Moat domains
Demand, Supply
Network, Demand, Supply, Financial
Last update
2025-12-25
2025-12-25

Moat coverage

Shared moat types

Brand TrustScope Economies

Brown-Forman Corporation strengths

Distribution ControlCapacity Moat

Booking Holdings Inc. strengths

Two Sided NetworkHabit DefaultFloat Prepayment

Segment mix

Brown-Forman Corporation segments

Full profile >

Whiskey

Oligopoly

71.1%

Ready-to-Drink (RTD/RTP)

Competitive

12.4%

Tequila

Oligopoly

6.6%

Rest of Portfolio (Other Branded Spirits)

Competitive

7.4%

Non-branded and Bulk

Competitive

2.6%

Booking Holdings Inc. segments

Full profile >

OTC online travel reservations (Booking.com, Priceline, Agoda)

Oligopoly

95.5%

Metasearch & restaurant reservations (KAYAK, OpenTable)

Competitive

4.5%

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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.