VOL. XCIV, NO. 247

★ WIDE MOAT STOCKS COMPARISON ★

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Saturday, January 3, 2026

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Stock Comparison

Heineken N.V. vs Xero Limited

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

Heineken N.V.

HEIA · Euronext Amsterdam

Market cap (USD)$38.6B

Gross margin (TTM)21%

Operating margin (TTM)10.8%

Net margin (TTM)4.7%

SectorConsumer

IndustryBeverages - Alcoholic

CountryNL

Data as of2025-12-28

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 Heineken N.V.'s moat claims, evidence, and risks.

View HEIA analysis

Xero Limited

XRO · Australian Securities Exchange

Market cap (USD)—

Gross margin (TTM)—

Operating margin (TTM)—

Net margin (TTM)—

SectorTechnology

Industry—

CountryNZ

Data as of2026-01-02

Moat score

71/ 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 Xero Limited's moat claims, evidence, and risks.

View XRO analysis

Comparison highlights

Moat score gap: Xero Limited leads (71 / 100 vs 65 / 100 for Heineken N.V.).
Segment focus: Heineken N.V. has 4 segments (38.7% in Europe); Xero Limited has 2 segments.
Moat breadth: Heineken N.V. has 5 moat types across 2 domains; Xero Limited has 7 across 3.

Primary market context

Heineken N.V.

Europe

Market

Beer, cider and beyond-beer alcoholic beverages

Geography

Europe

Customer

Consumers via on-trade (bars/restaurants) and off-trade (retail/wholesale)

Role

Brewer / brand owner / route-to-market operator

Revenue share

38.7%

Xero Limited

Core Accounting Subscription Platform

Market

Cloud accounting software for small businesses and their advisors

Geography

Global

Customer

SMB; accountants & bookkeepers

Role

Software platform (SaaS)

Side-by-side metrics

Heineken N.V.

Xero Limited

Ticker / Exchange

HEIA - Euronext Amsterdam

XRO - Australian Securities Exchange

Market cap (USD)

$38.6B

n/a

Gross margin (TTM)

21%

n/a

Operating margin (TTM)

10.8%

n/a

Net margin (TTM)

4.7%

n/a

Sector

Consumer

Technology

Industry

Beverages - Alcoholic

n/a

HQ country

Primary segment

Europe

Core Accounting Subscription Platform

Market structure

Oligopoly

Market share

n/a

HHI estimate

n/a

Pricing power

Moderate

Moat score

65 / 100

71 / 100

Moat domains

Demand, Supply

Demand, Network, Financial

Last update

2025-12-28

2026-01-02

Moat coverage

Shared moat types

Data Workflow Lockin

Heineken N.V. strengths

Brand TrustDistribution ControlScale Economies Unit CostOperational Excellence

Xero Limited strengths

Switching Costs GeneralTwo Sided NetworkBenchmark Pricing PowerInteroperability HubEcosystem ComplementsSuite Bundling

Segment mix

Heineken N.V. segments

Full profile >

Europe

Oligopoly

38.7%

Americas

Oligopoly

34%

Africa & Middle East

Oligopoly

13.5%

Asia Pacific

Oligopoly

13.8%

Xero Limited segments

Full profile >

Core Accounting Subscription Platform

Oligopoly

n/a

Platform Services (Payments, Payroll, App Ecosystem)

Competitive

n/a

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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.