VOL. XCIV, NO. 247

★ WIDE MOAT STOCKS COMPARISON ★

NO ADVICE

Stock Comparison

The Hershey Company vs PDD Holdings Inc.

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

The Hershey Company

HSY · New York Stock Exchange

Market cap (USD)$45B
Gross margin (TTM)33.3%
Operating margin (TTM)12.1%
Net margin (TTM)7.6%
SectorConsumer
IndustryFood Confectioners
CountryUS
Data as of2025-12-26
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 Hershey Company's moat claims, evidence, and risks.

View HSY analysis

PDD Holdings Inc.

PDD · NASDAQ

Market cap (USD)$146.8B
Gross margin (TTM)56.7%
Operating margin (TTM)22.1%
Net margin (TTM)24.4%
SectorConsumer
IndustrySpecialty Retail
CountryKY
Data as of2025-12-29
Moat score
44/ 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 PDD Holdings Inc.'s moat claims, evidence, and risks.

View PDD analysis

Comparison highlights

  • Moat score gap: The Hershey Company leads (75 / 100 vs 44 / 100 for PDD Holdings Inc.).
  • Segment focus: The Hershey Company has 3 segments (81.4% in North America Confectionery); PDD Holdings Inc. has 2 segments.
  • Moat breadth: The Hershey Company has 4 moat types across 2 domains; PDD Holdings Inc. has 4 across 4.

Primary market context

The Hershey Company

North America Confectionery

Market

Branded chocolate and non-chocolate confectionery

Geography

United States and Canada

Customer

Retail consumers via grocery, mass, club and convenience

Role

Branded manufacturer and marketer

Revenue share

81.4%

PDD Holdings Inc.

Pinduoduo China marketplace

Market

China online retail marketplace (value-for-money focus)

Geography

China

Customer

Consumers & third-party merchants

Role

Online marketplace platform

Side-by-side metrics

The Hershey Company
PDD Holdings Inc.
Ticker / Exchange
HSY - New York Stock Exchange
PDD - NASDAQ
Market cap (USD)
$45B
$146.8B
Gross margin (TTM)
33.3%
56.7%
Operating margin (TTM)
12.1%
22.1%
Net margin (TTM)
7.6%
24.4%
Sector
Consumer
Consumer
Industry
Food Confectioners
Specialty Retail
HQ country
US
KY
Primary segment
North America Confectionery
Pinduoduo China marketplace
Market structure
Oligopoly
Oligopoly
Market share
34%-38% (reported)
n/a
HHI estimate
n/a
n/a
Pricing power
Moderate
Moderate
Moat score
75 / 100
44 / 100
Moat domains
Demand, Supply
Network, Supply, Financial, Legal
Last update
2025-12-26
2025-12-29

Moat coverage

Shared moat types

No overlap yet.

The Hershey Company strengths

Brand TrustDistribution ControlOperational ExcellenceScope Economies

PDD Holdings Inc. strengths

Two Sided NetworkScale Economies Unit CostFloat PrepaymentCompliance Advantage

Segment mix

The Hershey Company segments

Full profile >

North America Confectionery

Oligopoly

81.4%

North America Salty Snacks

Oligopoly

10.1%

International

Competitive

8.5%

PDD Holdings Inc. segments

Full profile >

Pinduoduo China marketplace

Oligopoly

n/a

Temu international marketplace

Competitive

n/a

Want the full wide moat stocks list?

Browse the full ranking of wide moat stocks, updated with moat scores and segment context.

View the moat stocks list

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.