VOL. XCIV, NO. 247

★ WIDE MOAT STOCKS COMPARISON ★

NO ADVICE

Saturday, January 10, 2026

Stock Comparison

DLocal Limited vs Ulta Beauty, Inc.

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

DLocal Limited

DLO · Nasdaq Global Select Market

Market cap (USD)$4.1B
Gross margin (TTM)38.6%
Operating margin (TTM)20.8%
Net margin (TTM)17.8%
SectorTechnology
IndustrySoftware - Infrastructure
CountryUY
Data as of2025-12-27
Moat score
53/ 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 DLocal Limited's moat claims, evidence, and risks.

View DLO 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 53 / 100 for DLocal Limited).
  • Segment focus: DLocal Limited has 1 segment; Ulta Beauty, Inc. has 3 segments (94% in Beauty Products Retail).
  • Moat breadth: DLocal Limited has 4 moat types across 3 domains; Ulta Beauty, Inc. has 8 across 5.

Primary market context

DLocal Limited

Payment processing platform (Pay-ins & Pay-outs)

Market

Cross-border payment processing for global merchants in emerging markets

Geography

Global; emerging markets focus (Africa, Asia, Latin America, Middle East)

Customer

Enterprise merchants and platforms

Role

Payment service provider / processor

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

DLocal Limited
Ulta Beauty, Inc.
Ticker / Exchange
DLO - Nasdaq Global Select Market
ULTA - NASDAQ
Market cap (USD)
$4.1B
$29.9B
Gross margin (TTM)
38.6%
39.2%
Operating margin (TTM)
20.8%
13.2%
Net margin (TTM)
17.8%
9.9%
Sector
Technology
Consumer
Industry
Software - Infrastructure
Specialty Retail
HQ country
UY
US
Primary segment
Payment processing platform (Pay-ins & Pay-outs)
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
53 / 100
58 / 100
Moat domains
Supply, Legal, Demand
Demand, Supply, Legal, Network, Financial
Last update
2025-12-27
2026-01-06

Moat coverage

Shared moat types

Switching Costs General

DLocal Limited strengths

Capex Knowhow ScaleCompliance AdvantageOperational Excellence

Ulta Beauty, Inc. strengths

Physical Network DensityContractual ExclusivityPreferential Input AccessSuite BundlingData Network EffectsTwo Sided NetworkFloat Prepayment

Segment mix

DLocal Limited segments

Full profile >

Payment processing platform (Pay-ins & Pay-outs)

Competitive

n/a

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.