VOL. XCIV, NO. 247

★ WIDE MOAT STOCKS COMPARISON ★

NO ADVICE

Saturday, January 10, 2026

Stock Comparison

CDW Corporation vs Ulta Beauty, Inc.

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

CDW Corporation

CDW · NASDAQ

Market cap (USD)$17.4B
Gross margin (TTM)21.6%
Operating margin (TTM)7.4%
Net margin (TTM)4.8%
SectorTechnology
IndustryInformation Technology Services
CountryUS
Data as of2026-01-06
Moat score
52/ 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 CDW Corporation's moat claims, evidence, and risks.

View CDW analysis

Ulta Beauty, Inc.

ULTA · NASDAQ

Market cap (USD)$29.9B
Gross margin (TTM)39.2%
Operating margin (TTM)13.2%
Net margin (TTM)9.9%
SectorConsumer
IndustrySpecialty Retail
CountryUS
Data as of2026-01-06
Moat score
58/ 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 Ulta Beauty, Inc.'s moat claims, evidence, and risks.

View ULTA analysis

Comparison highlights

  • Moat score gap: Ulta Beauty, Inc. leads (58 / 100 vs 52 / 100 for CDW Corporation).
  • Segment focus: CDW Corporation has 4 segments (42.1% in Corporate); Ulta Beauty, Inc. has 3 segments (94% in Beauty Products Retail).
  • Primary market structure: Competitive vs Competitive. Pricing power: Weak vs Moderate.
  • Moat breadth: CDW Corporation has 6 moat types across 3 domains; Ulta Beauty, Inc. has 8 across 5.

Primary market context

CDW Corporation

Corporate

Market

IT solutions provider / value-added reseller (VAR) + services for U.S. private-sector businesses (250+ employees)

Geography

United States

Customer

Private-sector enterprises (mid-market and large)

Role

Value-added reseller / systems integrator

Revenue share

42.1%

Ulta Beauty, Inc.

Beauty Products Retail

Market

U.S. beauty products retail (specialty omnichannel beauty retailer)

Geography

United States

Customer

Consumers (end-users) shopping in-store and online

Role

Specialty retailer / distributor

Revenue share

94%

Side-by-side metrics

CDW Corporation
Ulta Beauty, Inc.
Ticker / Exchange
CDW - NASDAQ
ULTA - NASDAQ
Market cap (USD)
$17.4B
$29.9B
Gross margin (TTM)
21.6%
39.2%
Operating margin (TTM)
7.4%
13.2%
Net margin (TTM)
4.8%
9.9%
Sector
Technology
Consumer
Industry
Information Technology Services
Specialty Retail
HQ country
US
US
Primary segment
Corporate
Beauty Products Retail
Market structure
Competitive
Competitive
Market share
n/a
8%-10% (reported)
HHI estimate
n/a
n/a
Pricing power
Weak
Moderate
Moat score
52 / 100
58 / 100
Moat domains
Supply, Demand, Legal
Demand, Supply, Legal, Network, Financial
Last update
2026-01-06
2026-01-06

Moat coverage

Shared moat types

Preferential Input Access

CDW Corporation strengths

Service Field NetworkScope EconomiesProcurement InertiaOperational ExcellenceGovernment Contracting Relationships

Ulta Beauty, Inc. strengths

Switching Costs GeneralPhysical Network DensityContractual ExclusivitySuite BundlingData Network EffectsTwo Sided NetworkFloat Prepayment

Segment mix

CDW Corporation segments

Full profile >

Corporate

Competitive

42.1%

Small Business

Competitive

7.3%

Public

Competitive

38.8%

Other (UK & Canada)

Competitive

11.8%

Ulta Beauty, Inc. segments

Full profile >

Beauty Products Retail

Competitive

94%

Beauty Services

Competitive

4%

Platform Monetization (Retail Media, Credit Cards, Partner Royalties, Deferred Revenue)

Competitive

2%

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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Looking for expansion-stage stocks?

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.