VOL. XCIV, NO. 247

★ WIDE MOAT STOCKS COMPARISON ★

NO ADVICE

Saturday, January 10, 2026

Stock Comparison

Booking Holdings Inc. vs Brown & Brown, Inc.

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

Booking Holdings Inc.

BKNG · NASDAQ Global Select Market

Market cap (USD)$177B
Gross margin (TTM)100%
Operating margin (TTM)32.7%
Net margin (TTM)19.4%
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

Brown & Brown, Inc.

BRO · New York Stock Exchange

Market cap (USD)$27.5B
Gross margin (TTM)
Operating margin (TTM)
Net margin (TTM)
SectorFinancials
IndustryInsurance - Brokers
CountryUS
Data as of2026-01-09
Moat score
61/ 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 & Brown, Inc.'s moat claims, evidence, and risks.

View BRO analysis

Comparison highlights

  • Moat score gap: Booking Holdings Inc. leads (77 / 100 vs 61 / 100 for Brown & Brown, Inc.).
  • Segment focus: Booking Holdings Inc. has 2 segments (95.5% in OTC online travel reservations (Booking.com, Priceline, Agoda)); Brown & Brown, Inc. has 2 segments (59% in Retail).
  • Primary market structure: Oligopoly vs Competitive. Pricing power: Moderate vs Moderate.
  • Moat breadth: Booking Holdings Inc. has 5 moat types across 4 domains; Brown & Brown, Inc. has 5 across 3.

Primary market context

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%

Brown & Brown, Inc.

Retail

Market

Retail insurance brokerage and agency services (commercial P&C, employee benefits, personal lines) plus dealer F&I risk-mitigating products

Geography

Primarily United States; also selected international operations

Customer

Commercial (SMB to mid-market), public/quasi-public entities, professional and individual insured customers; auto/RV dealers for F&I

Role

Insurance intermediary (agent/broker) and risk solutions advisor

Revenue share

59%

Side-by-side metrics

Booking Holdings Inc.
Brown & Brown, Inc.
Ticker / Exchange
BKNG - NASDAQ Global Select Market
BRO - New York Stock Exchange
Market cap (USD)
$177B
$27.5B
Gross margin (TTM)
100%
n/a
Operating margin (TTM)
32.7%
n/a
Net margin (TTM)
19.4%
n/a
Sector
Consumer
Financials
Industry
Travel Services
Insurance - Brokers
HQ country
US
US
Primary segment
OTC online travel reservations (Booking.com, Priceline, Agoda)
Retail
Market structure
Oligopoly
Competitive
Market share
23%-31% (implied)
n/a
HHI estimate
n/a
n/a
Pricing power
Moderate
Moderate
Moat score
77 / 100
61 / 100
Moat domains
Network, Demand, Supply, Financial
Demand, Supply, Legal
Last update
2025-12-25
2026-01-09

Moat coverage

Shared moat types

Brand Trust

Booking Holdings Inc. strengths

Two Sided NetworkHabit DefaultScope EconomiesFloat Prepayment

Brown & Brown, Inc. strengths

Procurement InertiaScale Economies Unit CostContractual ExclusivityPreferential Input Access

Segment mix

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%

Brown & Brown, Inc. segments

Full profile >

Retail

Competitive

59%

Specialty Distribution

Oligopoly

41%

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.

View expansion-stage stocks

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.