VOL. XCIV, NO. 247

★ WIDE MOAT STOCKS COMPARISON ★

NO ADVICE

Saturday, January 10, 2026

Stock Comparison

Edenred SE vs Ulta Beauty, Inc.

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

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: Edenred SE leads (67 / 100 vs 58 / 100 for Ulta Beauty, Inc.).
  • Segment focus: Edenred SE has 3 segments (65.2% in Benefits & Engagement); Ulta Beauty, Inc. has 3 segments (94% in Beauty Products Retail).
  • Primary market structure: Oligopoly vs Competitive. Pricing power: Moderate vs Moderate.
  • Moat breadth: Edenred SE has 7 moat types across 5 domains; Ulta Beauty, Inc. has 8 across 5.

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%

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

Edenred SE
Ulta Beauty, Inc.
Ticker / Exchange
EDEN - Euronext Paris
ULTA - NASDAQ
Market cap (USD)
$4.4B
$29.9B
Gross margin (TTM)
47%
39.2%
Operating margin (TTM)
31.7%
13.2%
Net margin (TTM)
15.6%
9.9%
Sector
Financials
Consumer
Industry
Financial - Credit Services
Specialty Retail
HQ country
FR
US
Primary segment
Benefits & Engagement
Beauty Products Retail
Market structure
Oligopoly
Competitive
Market share
n/a
8%-10% (reported)
HHI estimate
n/a
n/a
Pricing power
Moderate
Moderate
Moat score
67 / 100
58 / 100
Moat domains
Legal, Network, Financial, Demand, Supply
Demand, Supply, Legal, Network, Financial
Last update
2025-12-28
2026-01-06

Moat coverage

Shared moat types

Two Sided NetworkFloat PrepaymentSwitching Costs GeneralSuite Bundling

Edenred SE strengths

Regulated Standards PipeBrand TrustCapex Knowhow Scale

Ulta Beauty, Inc. strengths

Physical Network DensityContractual ExclusivityPreferential Input AccessData Network Effects

Segment mix

Edenred SE segments

Full profile >

Benefits & Engagement

Oligopoly

65.2%

Mobility

Oligopoly

23.9%

Complementary Solutions

Competitive

10.8%

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?

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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.