VOL. XCIV, NO. 247

★ WIDE MOAT STOCKS COMPARISON ★

NO ADVICE

Saturday, January 10, 2026

Stock Comparison

HCA Healthcare, Inc. vs Ulta Beauty, Inc.

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)$107.7B
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

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: HCA Healthcare, Inc. leads (67 / 100 vs 58 / 100 for Ulta Beauty, Inc.).
  • Segment focus: HCA Healthcare, Inc. has 1 segment (100% in Hospitals and related healthcare entities); Ulta Beauty, Inc. has 3 segments (94% in Beauty Products Retail).
  • Primary market structure: Oligopoly vs Competitive. Pricing power: Moderate vs Moderate.
  • Moat breadth: HCA Healthcare, Inc. has 4 moat types across 3 domains; Ulta Beauty, Inc. has 8 across 5.

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%

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

HCA Healthcare, Inc.
Ulta Beauty, Inc.
Ticker / Exchange
HCA - New York Stock Exchange
ULTA - NASDAQ
Market cap (USD)
$107.7B
$29.9B
Gross margin (TTM)
15.6%
39.2%
Operating margin (TTM)
15.6%
13.2%
Net margin (TTM)
8.6%
9.9%
Sector
Healthcare
Consumer
Industry
Medical - Care Facilities
Specialty Retail
HQ country
US
US
Primary segment
Hospitals and related healthcare entities
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
67 / 100
58 / 100
Moat domains
Legal, Supply, Demand
Demand, Supply, Legal, Network, Financial
Last update
2026-01-01
2026-01-06

Moat coverage

Shared moat types

Physical Network DensitySwitching Costs General

HCA Healthcare, Inc. strengths

Permits Rights Of WayScope Economies

Ulta Beauty, Inc. strengths

Contractual ExclusivityPreferential Input AccessSuite BundlingData Network EffectsTwo Sided NetworkFloat Prepayment

Segment mix

HCA Healthcare, Inc. segments

Full profile >

Hospitals and related healthcare entities

Oligopoly

100%

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?

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.