VOL. XCIV, NO. 247

★ WIDE MOAT STOCKS COMPARISON ★

NO ADVICE

Stock Comparison

Booking Holdings Inc. vs Costco Wholesale Corporation

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)$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

Costco Wholesale Corporation

COST · Nasdaq Global Select Market

Market cap (USD)$437.3B
Gross margin (TTM)12.9%
Operating margin (TTM)3.8%
Net margin (TTM)3%
SectorConsumer
IndustryDiscount Stores
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 77 / 100 for Booking Holdings Inc.).
  • Segment focus: Booking Holdings Inc. has 2 segments (95.5% in OTC online travel reservations (Booking.com, Priceline, Agoda)); Costco Wholesale Corporation has 2 segments (98.1% in Warehouse club retail).
  • Primary market structure: Oligopoly vs Oligopoly. Pricing power: Moderate vs Weak.
  • Moat breadth: Booking Holdings Inc. has 5 moat types across 4 domains; Costco Wholesale Corporation has 6 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%

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

Booking Holdings Inc.
Costco Wholesale Corporation
Ticker / Exchange
BKNG - NASDAQ Global Select Market
COST - Nasdaq Global Select Market
Market cap (USD)
$131.4B
$437.3B
Gross margin (TTM)
99.3%
12.9%
Operating margin (TTM)
32.9%
3.8%
Net margin (TTM)
20.1%
3%
Sector
Consumer
Consumer
Industry
Travel Services
Discount Stores
HQ country
US
US
Primary segment
OTC online travel reservations (Booking.com, Priceline, Agoda)
Warehouse club retail
Market structure
Oligopoly
Oligopoly
Market share
23%-31% (implied)
n/a
HHI estimate
n/a
n/a
Pricing power
Moderate
Weak
Moat score
77 / 100
80 / 100
Moat domains
Network, Demand, Supply, Financial
Supply, Financial, Demand
Last update
2025-12-25
2025-12-21

Moat coverage

Shared moat types

Brand TrustHabit DefaultFloat Prepayment

Booking Holdings Inc. strengths

Two Sided NetworkScope Economies

Costco Wholesale Corporation strengths

Scale Economies Unit CostOperational ExcellenceNegative Working Capital

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%

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.