VOL. XCIV, NO. 247

★ WIDE MOAT STOCKS COMPARISON ★

NO ADVICE

Saturday, January 10, 2026

Stock Comparison

HENSOLDT AG vs Ulta Beauty, Inc.

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

HENSOLDT AG

HAG · Xetra

Market cap (USD)$10.5B
Gross margin (TTM)21.5%
Operating margin (TTM)8.9%
Net margin (TTM)5.2%
SectorIndustrials
IndustryAerospace & Defense
CountryDE
Data as of2025-12-28
Moat score
77/ 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 HENSOLDT AG's moat claims, evidence, and risks.

View HAG 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: HENSOLDT AG leads (77 / 100 vs 58 / 100 for Ulta Beauty, Inc.).
  • Segment focus: HENSOLDT AG has 2 segments (84.6% in Sensors); Ulta Beauty, Inc. has 3 segments (94% in Beauty Products Retail).
  • Primary market structure: Oligopoly vs Competitive. Pricing power: Moderate vs Moderate.
  • Moat breadth: HENSOLDT AG has 3 moat types across 2 domains; Ulta Beauty, Inc. has 8 across 5.

Primary market context

HENSOLDT AG

Sensors

Market

Defence and security sensor solutions (radar, electronic warfare, avionics, mission systems integration)

Geography

Global (Europe-centric)

Customer

Government defence ministries/armed forces and defence prime contractors

Role

Defence electronics supplier / system integrator

Revenue share

84.6%

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

HENSOLDT AG
Ulta Beauty, Inc.
Ticker / Exchange
HAG - Xetra
ULTA - NASDAQ
Market cap (USD)
$10.5B
$29.9B
Gross margin (TTM)
21.5%
39.2%
Operating margin (TTM)
8.9%
13.2%
Net margin (TTM)
5.2%
9.9%
Sector
Industrials
Consumer
Industry
Aerospace & Defense
Specialty Retail
HQ country
DE
US
Primary segment
Sensors
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
77 / 100
58 / 100
Moat domains
Demand, Supply
Demand, Supply, Legal, Network, Financial
Last update
2025-12-28
2026-01-06

Moat coverage

Shared moat types

No overlap yet.

HENSOLDT AG strengths

Design In QualificationLong Term ContractsCapex Knowhow Scale

Ulta Beauty, Inc. strengths

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

Segment mix

HENSOLDT AG segments

Full profile >

Sensors

Oligopoly

84.6%

Optronics

Oligopoly

15.4%

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.