VOL. XCIV, NO. 247

★ WIDE MOAT STOCKS COMPARISON ★

NO ADVICE

Saturday, January 10, 2026

Stock Comparison

Booking Holdings Inc. vs Elevance Health, 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

Elevance Health, Inc.

ELV · New York Stock Exchange

Market cap (USD)$82.8B
Gross margin (TTM)
Operating margin (TTM)
Net margin (TTM)
SectorHealthcare
IndustryMedical - Healthcare Plans
CountryUS
Data as of2026-01-09
Moat score
74/ 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 Elevance Health, Inc.'s moat claims, evidence, and risks.

View ELV analysis

Comparison highlights

  • Moat score gap: Booking Holdings Inc. leads (77 / 100 vs 74 / 100 for Elevance Health, Inc.).
  • Segment focus: Booking Holdings Inc. has 2 segments (95.5% in OTC online travel reservations (Booking.com, Priceline, Agoda)); Elevance Health, Inc. has 3 segments (85.2% in Health Benefits).
  • Moat breadth: Booking Holdings Inc. has 5 moat types across 4 domains; Elevance Health, Inc. has 8 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%

Elevance Health, Inc.

Health Benefits

Market

U.S. health insurance and managed care

Geography

United States

Customer

Employers, individuals, and government programs

Role

Payer / managed care organization

Revenue share

85.2%

Side-by-side metrics

Booking Holdings Inc.
Elevance Health, Inc.
Ticker / Exchange
BKNG - NASDAQ Global Select Market
ELV - New York Stock Exchange
Market cap (USD)
$177B
$82.8B
Gross margin (TTM)
100%
n/a
Operating margin (TTM)
32.7%
n/a
Net margin (TTM)
19.4%
n/a
Sector
Consumer
Healthcare
Industry
Travel Services
Medical - Healthcare Plans
HQ country
US
US
Primary segment
OTC online travel reservations (Booking.com, Priceline, Agoda)
Health Benefits
Market structure
Oligopoly
Oligopoly
Market share
23%-31% (implied)
n/a
HHI estimate
n/a
n/a
Pricing power
Moderate
Moderate
Moat score
77 / 100
74 / 100
Moat domains
Network, Demand, Supply, Financial
Legal, Demand, Supply
Last update
2025-12-25
2026-01-09

Moat coverage

Shared moat types

Brand TrustScope Economies

Booking Holdings Inc. strengths

Two Sided NetworkHabit DefaultFloat Prepayment

Elevance Health, Inc. strengths

Concession LicenseScale Economies Unit CostGovernment Contracting RelationshipsData Workflow LockinSuite BundlingSwitching Costs General

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%

Elevance Health, Inc. segments

Full profile >

Health Benefits

Oligopoly

85.2%

CarelonRx

Oligopoly

12.8%

Carelon Services

Competitive

1.9%

Want the full wide moat stocks list?

Browse the full ranking of wide moat stocks, updated with moat scores and segment context.

View the moat stocks list

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.