VOL. XCIV, NO. 247

★ WIDE MOAT STOCKS COMPARISON ★

NO ADVICE

Saturday, January 3, 2026

Stock Comparison

Booking Holdings Inc. vs Xero Limited

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)$170.2B
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

Xero Limited

XRO · Australian Securities Exchange

Market cap (USD)
Gross margin (TTM)
Operating margin (TTM)
Net margin (TTM)
SectorTechnology
Industry
CountryNZ
Data as of2026-01-02
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 Xero Limited's moat claims, evidence, and risks.

View XRO analysis

Comparison highlights

  • Moat score gap: Booking Holdings Inc. leads (77 / 100 vs 71 / 100 for Xero Limited).
  • Segment focus: Booking Holdings Inc. has 2 segments (95.5% in OTC online travel reservations (Booking.com, Priceline, Agoda)); Xero Limited has 2 segments.
  • Moat breadth: Booking Holdings Inc. has 5 moat types across 4 domains; Xero Limited has 7 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%

Xero Limited

Core Accounting Subscription Platform

Market

Cloud accounting software for small businesses and their advisors

Geography

Global

Customer

SMB; accountants & bookkeepers

Role

Software platform (SaaS)

Side-by-side metrics

Booking Holdings Inc.
Xero Limited
Ticker / Exchange
BKNG - NASDAQ Global Select Market
XRO - Australian Securities Exchange
Market cap (USD)
$170.2B
n/a
Gross margin (TTM)
100%
n/a
Operating margin (TTM)
32.7%
n/a
Net margin (TTM)
19.4%
n/a
Sector
Consumer
Technology
Industry
Travel Services
n/a
HQ country
US
NZ
Primary segment
OTC online travel reservations (Booking.com, Priceline, Agoda)
Core Accounting Subscription Platform
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
71 / 100
Moat domains
Network, Demand, Supply, Financial
Demand, Network, Financial
Last update
2025-12-25
2026-01-02

Moat coverage

Shared moat types

Two Sided Network

Booking Holdings Inc. strengths

Brand TrustHabit DefaultScope EconomiesFloat Prepayment

Xero Limited strengths

Data Workflow LockinSwitching Costs GeneralBenchmark Pricing PowerInteroperability HubEcosystem ComplementsSuite Bundling

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%

Xero Limited segments

Full profile >

Core Accounting Subscription Platform

Oligopoly

n/a

Platform Services (Payments, Payroll, App Ecosystem)

Competitive

n/a

Want the full wide moat stocks list?

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

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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.