VOL. XCIV, NO. 247

★ WIDE MOAT STOCKS COMPARISON ★

NO ADVICE

Stock Comparison

Etsy, Inc. vs PDD Holdings Inc.

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

Etsy, Inc.

ETSY · New York Stock Exchange

Market cap (USD)$5.2B
Gross margin (TTM)71.6%
Operating margin (TTM)9.3%
Net margin (TTM)5.7%
SectorConsumer
IndustrySpecialty Retail
CountryUS
Data as of2025-12-28
Moat score
66/ 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 Etsy, Inc.'s moat claims, evidence, and risks.

View ETSY analysis

PDD Holdings Inc.

PDD · NASDAQ

Market cap (USD)$146.8B
Gross margin (TTM)56.7%
Operating margin (TTM)22.1%
Net margin (TTM)24.4%
SectorConsumer
IndustrySpecialty Retail
CountryKY
Data as of2025-12-29
Moat score
44/ 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 PDD Holdings Inc.'s moat claims, evidence, and risks.

View PDD analysis

Comparison highlights

  • Moat score gap: Etsy, Inc. leads (66 / 100 vs 44 / 100 for PDD Holdings Inc.).
  • Segment focus: Etsy, Inc. has 2 segments (72% in Marketplace Platform (transaction fees + payments processing + listing fees)); PDD Holdings Inc. has 2 segments.
  • Primary market structure: Competitive vs Oligopoly. Pricing power: Moderate vs Moderate.
  • Moat breadth: Etsy, Inc. has 6 moat types across 3 domains; PDD Holdings Inc. has 4 across 4.

Primary market context

Etsy, Inc.

Marketplace Platform (transaction fees + payments processing + listing fees)

Market

Specialty e-commerce marketplaces (handmade/unique goods and resale fashion)

Geography

Global

Customer

Consumers and independent sellers

Role

Two-sided marketplace operator and payments facilitator

Revenue share

72%

PDD Holdings Inc.

Pinduoduo China marketplace

Market

China online retail marketplace (value-for-money focus)

Geography

China

Customer

Consumers & third-party merchants

Role

Online marketplace platform

Side-by-side metrics

Etsy, Inc.
PDD Holdings Inc.
Ticker / Exchange
ETSY - New York Stock Exchange
PDD - NASDAQ
Market cap (USD)
$5.2B
$146.8B
Gross margin (TTM)
71.6%
56.7%
Operating margin (TTM)
9.3%
22.1%
Net margin (TTM)
5.7%
24.4%
Sector
Consumer
Consumer
Industry
Specialty Retail
Specialty Retail
HQ country
US
KY
Primary segment
Marketplace Platform (transaction fees + payments processing + listing fees)
Pinduoduo China marketplace
Market structure
Competitive
Oligopoly
Market share
n/a
n/a
HHI estimate
n/a
n/a
Pricing power
Moderate
Moderate
Moat score
66 / 100
44 / 100
Moat domains
Network, Demand, Supply
Network, Supply, Financial, Legal
Last update
2025-12-28
2025-12-29

Moat coverage

Shared moat types

Two Sided NetworkScale Economies Unit Cost

Etsy, Inc. strengths

Brand TrustOperational ExcellenceSuite BundlingData Workflow Lockin

PDD Holdings Inc. strengths

Float PrepaymentCompliance Advantage

Segment mix

Etsy, Inc. segments

Full profile >

Marketplace Platform (transaction fees + payments processing + listing fees)

Competitive

72%

Seller Services (on-site advertising + shipping labels + other)

Quasi-Monopoly

28%

PDD Holdings Inc. segments

Full profile >

Pinduoduo China marketplace

Oligopoly

n/a

Temu international marketplace

Competitive

n/a

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.

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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.