VOL. XCIV, NO. 247

★ WIDE MOAT STOCKS COMPARISON ★

NO ADVICE

Saturday, January 10, 2026

Stock Comparison

Chipotle Mexican Grill, Inc. vs Ulta Beauty, Inc.

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

Chipotle Mexican Grill, Inc.

CMG · New York Stock Exchange

Market cap (USD)$54.1B
Gross margin (TTM)25.7%
Operating margin (TTM)16.4%
Net margin (TTM)13%
SectorConsumer
IndustryRestaurants
CountryUS
Data as of2025-12-26
Moat score
62/ 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 Chipotle Mexican Grill, Inc.'s moat claims, evidence, and risks.

View CMG 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: Chipotle Mexican Grill, Inc. leads (62 / 100 vs 58 / 100 for Ulta Beauty, Inc.).
  • Segment focus: Chipotle Mexican Grill, Inc. has 1 segment (100% in Restaurant operations (company-owned Chipotle restaurants)); Ulta Beauty, Inc. has 3 segments (94% in Beauty Products Retail).
  • Moat breadth: Chipotle Mexican Grill, Inc. has 4 moat types across 2 domains; Ulta Beauty, Inc. has 8 across 5.

Primary market context

Chipotle Mexican Grill, Inc.

Restaurant operations (company-owned Chipotle restaurants)

Market

Fast-casual restaurants (Mexican-inspired, made-to-order)

Geography

Primarily United States; limited international presence

Customer

Consumers

Role

Company-operated restaurant operator

Revenue share

100%

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

Chipotle Mexican Grill, Inc.
Ulta Beauty, Inc.
Ticker / Exchange
CMG - New York Stock Exchange
ULTA - NASDAQ
Market cap (USD)
$54.1B
$29.9B
Gross margin (TTM)
25.7%
39.2%
Operating margin (TTM)
16.4%
13.2%
Net margin (TTM)
13%
9.9%
Sector
Consumer
Consumer
Industry
Restaurants
Specialty Retail
HQ country
US
US
Primary segment
Restaurant operations (company-owned Chipotle restaurants)
Beauty Products Retail
Market structure
Competitive
Competitive
Market share
n/a
8%-10% (reported)
HHI estimate
n/a
n/a
Pricing power
Moderate
Moderate
Moat score
62 / 100
58 / 100
Moat domains
Demand, Supply
Demand, Supply, Legal, Network, Financial
Last update
2025-12-26
2026-01-06

Moat coverage

Shared moat types

No overlap yet.

Chipotle Mexican Grill, Inc. strengths

Brand TrustSupply Chain ControlOperational ExcellenceHabit Default

Ulta Beauty, Inc. strengths

Switching Costs GeneralPhysical Network DensityContractual ExclusivityPreferential Input AccessSuite BundlingData Network EffectsTwo Sided NetworkFloat Prepayment

Segment mix

Chipotle Mexican Grill, Inc. segments

Full profile >

Restaurant operations (company-owned Chipotle restaurants)

Competitive

100%

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?

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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.