VOL. XCIV, NO. 247

★ WIDE MOAT STOCKS COMPARISON ★

NO ADVICE

Thursday, January 8, 2026

Stock Comparison

HCA Healthcare, Inc. vs The Progressive Corporation

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

HCA Healthcare, Inc.

HCA · New York Stock Exchange

Market cap (USD)$116B
Gross margin (TTM)15.6%
Operating margin (TTM)15.6%
Net margin (TTM)8.6%
SectorHealthcare
IndustryMedical - Care Facilities
CountryUS
Data as of2026-01-01
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 HCA Healthcare, Inc.'s moat claims, evidence, and risks.

View HCA analysis

The Progressive Corporation

PGR · New York Stock Exchange

Market cap (USD)$124.8B
Gross margin (TTM)26.3%
Operating margin (TTM)15.9%
Net margin (TTM)12.6%
SectorFinancials
IndustryInsurance - Property & Casualty
CountryUS
Data as of2026-01-04
Moat score
75/ 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 The Progressive Corporation's moat claims, evidence, and risks.

View PGR analysis

Comparison highlights

  • Moat score gap: The Progressive Corporation leads (75 / 100 vs 67 / 100 for HCA Healthcare, Inc.).
  • Segment focus: HCA Healthcare, Inc. has 1 segment (100% in Hospitals and related healthcare entities); The Progressive Corporation has 2 segments (85% in Personal Lines).
  • Moat breadth: HCA Healthcare, Inc. has 4 moat types across 3 domains; The Progressive Corporation has 5 across 2.

Primary market context

HCA Healthcare, Inc.

Hospitals and related healthcare entities

Market

Acute care hospitals and outpatient healthcare services

Geography

United States (multi-state) and England (United Kingdom)

Customer

Patients and third-party payers

Role

Provider operator

Revenue share

100%

The Progressive Corporation

Personal Lines

Market

U.S. private passenger auto insurance (dominant) plus specialty personal lines and homeowners/renters (small portion)

Geography

United States

Customer

Individuals/households

Role

Primary insurer (P&C)

Revenue share

85%

Side-by-side metrics

HCA Healthcare, Inc.
The Progressive Corporation
Ticker / Exchange
HCA - New York Stock Exchange
PGR - New York Stock Exchange
Market cap (USD)
$116B
$124.8B
Gross margin (TTM)
15.6%
26.3%
Operating margin (TTM)
15.6%
15.9%
Net margin (TTM)
8.6%
12.6%
Sector
Healthcare
Financials
Industry
Medical - Care Facilities
Insurance - Property & Casualty
HQ country
US
US
Primary segment
Hospitals and related healthcare entities
Personal Lines
Market structure
Oligopoly
Oligopoly
Market share
n/a
16.7% (reported)
HHI estimate
n/a
n/a
Pricing power
Moderate
Moderate
Moat score
67 / 100
75 / 100
Moat domains
Legal, Supply, Demand
Supply, Demand
Last update
2026-01-01
2026-01-04

Moat coverage

Shared moat types

No overlap yet.

HCA Healthcare, Inc. strengths

Permits Rights Of WayScope EconomiesPhysical Network DensitySwitching Costs General

The Progressive Corporation strengths

Learning Curve YieldBrand TrustService Field NetworkSuite BundlingOperational Excellence

Segment mix

HCA Healthcare, Inc. segments

Full profile >

Hospitals and related healthcare entities

Oligopoly

100%

The Progressive Corporation segments

Full profile >

Personal Lines

Oligopoly

85%

Commercial Lines

Competitive

15%

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.

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.