VOL. XCIV, NO. 247

★ WIDE MOAT STOCKS COMPARISON ★

NO ADVICE

Saturday, January 10, 2026

Stock Comparison

Fastenal Company vs Ulta Beauty, Inc.

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

Fastenal Company

FAST · NASDAQ

Market cap (USD)$48.2B
Gross margin (TTM)45.2%
Operating margin (TTM)20.2%
Net margin (TTM)15.3%
SectorIndustrials
IndustryIndustrial - Distribution
CountryUS
Data as of2026-01-06
Moat score
57/ 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 Fastenal Company's moat claims, evidence, and risks.

View FAST 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 57 / 100 for Fastenal Company).
  • Segment focus: Fastenal Company has 2 segments (55.7% in Core industrial & construction supplies distribution (branches, Onsite, eBusiness excl. FMI)); Ulta Beauty, Inc. has 3 segments (94% in Beauty Products Retail).
  • Primary market structure: Competitive vs Competitive. Pricing power: Weak vs Moderate.
  • Moat breadth: Fastenal Company has 4 moat types across 2 domains; Ulta Beauty, Inc. has 8 across 5.

Primary market context

Fastenal Company

Core industrial & construction supplies distribution (branches, Onsite, eBusiness excl. FMI)

Market

Wholesale distribution of industrial and construction supplies (fasteners, safety, tools, and other MRO/OEM consumables)

Geography

Primarily North America (with growing international presence)

Customer

Manufacturing (OEM and MRO), non-residential construction, and other commercial customers

Role

Distributor

Revenue share

55.7%

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

Fastenal Company
Ulta Beauty, Inc.
Ticker / Exchange
FAST - NASDAQ
ULTA - NASDAQ
Market cap (USD)
$48.2B
$29.9B
Gross margin (TTM)
45.2%
39.2%
Operating margin (TTM)
20.2%
13.2%
Net margin (TTM)
15.3%
9.9%
Sector
Industrials
Consumer
Industry
Industrial - Distribution
Specialty Retail
HQ country
US
US
Primary segment
Core industrial & construction supplies distribution (branches, Onsite, eBusiness excl. FMI)
Beauty Products Retail
Market structure
Competitive
Competitive
Market share
n/a
8%-10% (reported)
HHI estimate
n/a
n/a
Pricing power
Weak
Moderate
Moat score
57 / 100
58 / 100
Moat domains
Supply, Demand
Demand, Supply, Legal, Network, Financial
Last update
2026-01-06
2026-01-06

Moat coverage

Shared moat types

No overlap yet.

Fastenal Company strengths

Service Field NetworkData Workflow LockinProcurement InertiaOperational Excellence

Ulta Beauty, Inc. strengths

Switching Costs GeneralPhysical Network DensityContractual ExclusivityPreferential Input AccessSuite BundlingData Network EffectsTwo Sided NetworkFloat Prepayment

Segment mix

Fastenal Company segments

Full profile >

Fastenal Managed Inventory (FMI)

Competitive

44.3%

Core industrial & construction supplies distribution (branches, Onsite, eBusiness excl. FMI)

Competitive

55.7%

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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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.