VOL. XCIV, NO. 247

★ WIDE MOAT STOCKS COMPARISON ★

NO ADVICE

Wednesday, January 7, 2026

Stock Comparison

Edenred SE vs Spotify Technology S.A.

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

Edenred SE

EDEN · Euronext Paris

Market cap (USD)$4.4B
Gross margin (TTM)47%
Operating margin (TTM)31.7%
Net margin (TTM)15.6%
SectorFinancials
IndustryFinancial - Credit Services
CountryFR
Data as of2025-12-28
Moat score
67/ 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 Edenred SE's moat claims, evidence, and risks.

View EDEN analysis

Spotify Technology S.A.

SPOT · New York Stock Exchange

Market cap (USD)$121.5B
Gross margin (TTM)31.8%
Operating margin (TTM)11.7%
Net margin (TTM)8.3%
SectorCommunication Services
IndustryInternet Content & Information
CountryLU
Data as of2026-01-06
Moat score
65/ 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 Spotify Technology S.A.'s moat claims, evidence, and risks.

View SPOT analysis

Comparison highlights

  • Moat score gap: Edenred SE leads (67 / 100 vs 65 / 100 for Spotify Technology S.A.).
  • Segment focus: Edenred SE has 3 segments (65.2% in Benefits & Engagement); Spotify Technology S.A. has 2 segments (88.2% in Premium (subscription)).
  • Moat breadth: Edenred SE has 7 moat types across 5 domains; Spotify Technology S.A. has 6 across 4.

Primary market context

Edenred SE

Benefits & Engagement

Market

Employee benefits and engagement solutions (meal vouchers, gift/incentives, engagement platforms)

Geography

Global

Customer

Employers / HR departments

Role

Issuer + payment network orchestrator (specific-purpose payments)

Revenue share

65.2%

Spotify Technology S.A.

Premium (subscription)

Market

Paid music and audio streaming subscriptions

Geography

Global

Customer

Consumers (end-users) and distribution partners (e.g., telcos)

Role

Streaming platform operator

Revenue share

88.2%

Side-by-side metrics

Edenred SE
Spotify Technology S.A.
Ticker / Exchange
EDEN - Euronext Paris
SPOT - New York Stock Exchange
Market cap (USD)
$4.4B
$121.5B
Gross margin (TTM)
47%
31.8%
Operating margin (TTM)
31.7%
11.7%
Net margin (TTM)
15.6%
8.3%
Sector
Financials
Communication Services
Industry
Financial - Credit Services
Internet Content & Information
HQ country
FR
LU
Primary segment
Benefits & Engagement
Premium (subscription)
Market structure
Oligopoly
Oligopoly
Market share
n/a
31%-33% (reported)
HHI estimate
n/a
n/a
Pricing power
Moderate
Moderate
Moat score
67 / 100
65 / 100
Moat domains
Legal, Network, Financial, Demand, Supply
Network, Demand, Legal, Supply
Last update
2025-12-28
2026-01-06

Moat coverage

Shared moat types

Two Sided NetworkBrand Trust

Edenred SE strengths

Regulated Standards PipeFloat PrepaymentSwitching Costs GeneralCapex Knowhow ScaleSuite Bundling

Spotify Technology S.A. strengths

Data Network EffectsInteroperability HubContent Rights CurrencyScale Economies Unit Cost

Segment mix

Edenred SE segments

Full profile >

Benefits & Engagement

Oligopoly

65.2%

Mobility

Oligopoly

23.9%

Complementary Solutions

Competitive

10.8%

Spotify Technology S.A. segments

Full profile >

Premium (subscription)

Oligopoly

88.2%

Ad-Supported (advertising)

Competitive

11.8%

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.