VOL. XCIV, NO. 247

★ WIDE MOAT STOCKS COMPARISON ★

NO ADVICE

Wednesday, January 7, 2026

Stock Comparison

The Hershey Company vs The Progressive Corporation

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)$36.5B
Gross margin (TTM)37.5%
Operating margin (TTM)16.6%
Net margin (TTM)11.8%
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

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: both at 75 / 100.
  • Segment focus: The Hershey Company has 3 segments (81.4% in North America Confectionery); The Progressive Corporation has 2 segments (85% in Personal Lines).
  • Moat breadth: The Hershey Company has 4 moat types across 2 domains; The Progressive Corporation has 5 across 2.

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%

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

The Hershey Company
The Progressive Corporation
Ticker / Exchange
HSY - New York Stock Exchange
PGR - New York Stock Exchange
Market cap (USD)
$36.5B
$124.8B
Gross margin (TTM)
37.5%
26.3%
Operating margin (TTM)
16.6%
15.9%
Net margin (TTM)
11.8%
12.6%
Sector
Consumer
Financials
Industry
Food Confectioners
Insurance - Property & Casualty
HQ country
US
US
Primary segment
North America Confectionery
Personal Lines
Market structure
Oligopoly
Oligopoly
Market share
34%-38% (reported)
16.7% (reported)
HHI estimate
n/a
n/a
Pricing power
Moderate
Moderate
Moat score
75 / 100
75 / 100
Moat domains
Demand, Supply
Supply, Demand
Last update
2025-12-26
2026-01-04

Moat coverage

Shared moat types

Brand TrustOperational Excellence

The Hershey Company strengths

Distribution ControlScope Economies

The Progressive Corporation strengths

Learning Curve YieldService Field NetworkSuite Bundling

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%

The Progressive Corporation segments

Full profile >

Personal Lines

Oligopoly

85%

Commercial Lines

Competitive

15%

Want the full wide moat stocks list?

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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.