VOL. XCIV, NO. 247

★ WIDE MOAT STOCKS COMPARISON ★

NO ADVICE

Stock Comparison

Duolingo, Inc. vs Shopify Inc.

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

Duolingo, Inc.

DUOL · NASDAQ

Market cap (USD)$4.7B
Gross margin (TTM)72.2%
Operating margin (TTM)13.1%
Net margin (TTM)39.9%
SectorTechnology
IndustrySoftware - Application
CountryUS
Data as of2026-01-06
Moat score
68/ 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 Duolingo, Inc.'s moat claims, evidence, and risks.

View DUOL analysis

Shopify Inc.

SHOP · Nasdaq Global Select Market

Market cap (USD)$163.7B
Gross margin (TTM)48.1%
Operating margin (TTM)12.7%
Net margin (TTM)10.7%
SectorTechnology
IndustrySoftware - Application
CountryCA
Data as of2026-04-25
Moat score
73/ 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 Shopify Inc.'s moat claims, evidence, and risks.

View SHOP analysis

Comparison highlights

  • Moat score gap: Shopify Inc. leads (73 / 100 vs 68 / 100 for Duolingo, Inc.).
  • Segment focus: Duolingo, Inc. has 2 segments (93.9% in Duolingo App); Shopify Inc. has 2 segments (76.2% in Merchant Solutions).
  • Moat breadth: Duolingo, Inc. has 6 moat types across 3 domains; Shopify Inc. has 7 across 3.

Primary market context

Duolingo, Inc.

Duolingo App

Market

Mobile-first, freemium language learning and adjacent subjects (math, music)

Geography

Global

Customer

Consumers (end-users); advertisers

Role

Digital learning platform / content & software publisher

Revenue share

93.9%

Shopify Inc.

Merchant Solutions

Market

Integrated merchant payments, checkout, lending, shipping, POS hardware, partner referrals, ads and buyer-acquisition services for Shopify merchants

Geography

Global, with Shopify Payments and related solutions available across selected countries

Customer

Shopify merchants, Shopify Plus merchants, retail operators and buyers using Shop Pay or Shop App

Role

Embedded payments, checkout, fintech, fulfillment-adjacent and commerce-services layer attached to Shopify storefronts

Revenue share

76.2%

Side-by-side metrics

Duolingo, Inc.
Shopify Inc.
Ticker / Exchange
DUOL - NASDAQ
SHOP - Nasdaq Global Select Market
Market cap (USD)
$4.7B
$163.7B
Gross margin (TTM)
72.2%
48.1%
Operating margin (TTM)
13.1%
12.7%
Net margin (TTM)
39.9%
10.7%
Sector
Technology
Technology
Industry
Software - Application
Software - Application
HQ country
US
CA
Primary segment
Duolingo App
Merchant Solutions
Market structure
Competitive
Competitive
Market share
n/a
65.6% (reported)
HHI estimate
n/a
n/a
Pricing power
Moderate
Moderate
Moat score
68 / 100
73 / 100
Moat domains
Network, Demand, Supply
Network, Demand, Supply
Last update
2026-01-06
2026-04-25

Moat coverage

Shared moat types

Habit DefaultBrand Trust

Duolingo, Inc. strengths

Data Network EffectsScope EconomiesDesign In QualificationOperational Excellence

Shopify Inc. strengths

Ecosystem ComplementsData Workflow LockinSuite BundlingKeystone ComponentScale Economies Unit Cost

Segment mix

Duolingo, Inc. segments

Full profile >

Duolingo App

Competitive

93.9%

Duolingo English Test

Oligopoly

6.1%

Shopify Inc. segments

Full profile >

Subscription Solutions

Competitive

23.8%

Merchant Solutions

Competitive

76.2%

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.

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.