VOL. XCIV, NO. 247

★ WIDE MOAT STOCKS COMPARISON ★

NO ADVICE

Sunday, January 11, 2026

Stock Comparison

Halma plc vs Ulta Beauty, Inc.

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

Halma plc

HLMA · London Stock Exchange

Market cap (USD)$13.8B
Gross margin (TTM)29.3%
Operating margin (TTM)15%
Net margin (TTM)13.9%
SectorTechnology
IndustryConglomerates
CountryGB
Data as of2026-01-02
Moat score
59/ 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 Halma plc's moat claims, evidence, and risks.

View HLMA 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: Halma plc leads (59 / 100 vs 58 / 100 for Ulta Beauty, Inc.).
  • Segment focus: Halma plc has 3 segments (40% in Safety); Ulta Beauty, Inc. has 3 segments (94% in Beauty Products Retail).
  • Moat breadth: Halma plc has 4 moat types across 2 domains; Ulta Beauty, Inc. has 8 across 5.

Primary market context

Halma plc

Safety

Market

Safety technologies (fire safety, public safety, worker safety, and protection of critical assets/infrastructure)

Geography

Global

Customer

Commercial/industrial facility owners and operators; infrastructure operators; installers and OEM channels

Role

Technology OEM / component + systems supplier

Revenue share

40%

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

Halma plc
Ulta Beauty, Inc.
Ticker / Exchange
HLMA - London Stock Exchange
ULTA - NASDAQ
Market cap (USD)
$13.8B
$29.9B
Gross margin (TTM)
29.3%
39.2%
Operating margin (TTM)
15%
13.2%
Net margin (TTM)
13.9%
9.9%
Sector
Technology
Consumer
Industry
Conglomerates
Specialty Retail
HQ country
GB
US
Primary segment
Safety
Beauty Products Retail
Market structure
Competitive
Competitive
Market share
n/a
8%-10% (reported)
HHI estimate
n/a
n/a
Pricing power
Moderate
Moderate
Moat score
59 / 100
58 / 100
Moat domains
Legal, Demand
Demand, Supply, Legal, Network, Financial
Last update
2026-01-02
2026-01-06

Moat coverage

Shared moat types

Switching Costs General

Halma plc strengths

Compliance AdvantageDesign In QualificationProcurement Inertia

Ulta Beauty, Inc. strengths

Physical Network DensityContractual ExclusivityPreferential Input AccessSuite BundlingData Network EffectsTwo Sided NetworkFloat Prepayment

Segment mix

Halma plc segments

Full profile >

Safety

Competitive

40%

Environmental & Analysis

Competitive

35%

Healthcare

Competitive

25%

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.