VOL. XCIV, NO. 247

★ WIDE MOAT STOCKS COMPARISON ★

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Thursday, January 8, 2026

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Stock Comparison

Alphabet Inc. vs Spotify Technology S.A.

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

Alphabet Inc.

GOOGL · The Nasdaq Stock Market

Market cap (USD)$3.8T
Gross margin (TTM)59.2%
Operating margin (TTM)32.2%
Net margin (TTM)32.2%
SectorCommunication Services
IndustryInternet Content & Information
CountryUS
Data as of2025-12-21
Moat score
86/ 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 Alphabet Inc.'s moat claims, evidence, and risks.

View GOOGL 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: Alphabet Inc. leads (86 / 100 vs 65 / 100 for Spotify Technology S.A.).
  • Segment focus: Alphabet Inc. has 6 segments (56.6% in Google Search & other (Advertising)); Spotify Technology S.A. has 2 segments (88.2% in Premium (subscription)).
  • Primary market structure: Quasi-Monopoly vs Oligopoly. Pricing power: Strong vs Moderate.
  • Moat breadth: Alphabet Inc. has 10 moat types across 4 domains; Spotify Technology S.A. has 6 across 4.

Primary market context

Alphabet Inc.

Google Search & other (Advertising)

Market

Search advertising (intent-based digital ads)

Geography

Global

Customer

Advertisers (SMB to enterprise)

Role

Ad platform / publisher

Revenue share

56.6%

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

Alphabet Inc.
Spotify Technology S.A.
Ticker / Exchange
GOOGL - The Nasdaq Stock Market
SPOT - New York Stock Exchange
Market cap (USD)
$3.8T
$121.5B
Gross margin (TTM)
59.2%
31.8%
Operating margin (TTM)
32.2%
11.7%
Net margin (TTM)
32.2%
8.3%
Sector
Communication Services
Communication Services
Industry
Internet Content & Information
Internet Content & Information
HQ country
US
LU
Primary segment
Google Search & other (Advertising)
Premium (subscription)
Market structure
Quasi-Monopoly
Oligopoly
Market share
88%-91% (reported)
31%-33% (reported)
HHI estimate
8,115
n/a
Pricing power
Strong
Moderate
Moat score
86 / 100
65 / 100
Moat domains
Network, Demand, Legal, Supply
Network, Demand, Legal, Supply
Last update
2025-12-21
2026-01-06

Moat coverage

Shared moat types

Data Network EffectsTwo Sided NetworkContent Rights Currency

Alphabet Inc. strengths

Habit DefaultOperational ExcellenceDefault OS GatewaySwitching Costs GeneralCapex Knowhow ScaleEcosystem ComplementsIncubation & patient capital

Spotify Technology S.A. strengths

Interoperability HubBrand TrustScale Economies Unit Cost

Segment mix

Alphabet Inc. segments

Full profile >

Google Search & other (Advertising)

Quasi-Monopoly

56.6%

YouTube (Advertising)

Oligopoly

10.3%

Google Network (Advertising)

Competitive

8.7%

Google Subscriptions, Platforms & Devices

Quasi-Monopoly

11.5%

Google Cloud

Oligopoly

12.4%

Other Bets

Competitive

0.5%

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?

Browse the full ranking of wide moat stocks, updated with moat scores and segment context.

View the moat stocks list

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.