VOL. XCIV, NO. 247

★ WIDE MOAT STOCKS COMPARISON ★

NO ADVICE

Saturday, January 3, 2026

Stock Comparison

The Hershey Company vs SBA Communications 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)$37.2B
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

SBA Communications Corporation

SBAC · NASDAQ

Market cap (USD)
Gross margin (TTM)
Operating margin (TTM)
Net margin (TTM)
SectorReal Estate
IndustryREIT - Specialty
CountryUS
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 SBA Communications Corporation's moat claims, evidence, and risks.

View SBAC analysis

Comparison highlights

  • Moat score gap: The Hershey Company leads (75 / 100 vs 71 / 100 for SBA Communications Corporation).
  • Segment focus: The Hershey Company has 3 segments (81.4% in North America Confectionery); SBA Communications Corporation has 3 segments (69.5% in Domestic Site Leasing).
  • Moat breadth: The Hershey Company has 4 moat types across 2 domains; SBA Communications Corporation has 4 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%

SBA Communications Corporation

Domestic Site Leasing

Market

U.S. wireless macro tower leasing (multi-tenant co-location on communications towers)

Geography

United States and territories

Customer

Wireless service providers and other wireless network operators/tenants

Role

Independent tower owner/operator (REIT)

Revenue share

69.5%

Side-by-side metrics

The Hershey Company
SBA Communications Corporation
Ticker / Exchange
HSY - New York Stock Exchange
SBAC - NASDAQ
Market cap (USD)
$37.2B
n/a
Gross margin (TTM)
37.5%
n/a
Operating margin (TTM)
16.6%
n/a
Net margin (TTM)
11.8%
n/a
Sector
Consumer
Real Estate
Industry
Food Confectioners
REIT - Specialty
HQ country
US
US
Primary segment
North America Confectionery
Domestic Site Leasing
Market structure
Oligopoly
Oligopoly
Market share
34%-38% (reported)
16%-19% (implied)
HHI estimate
n/a
3,710
Pricing power
Moderate
Moderate
Moat score
75 / 100
71 / 100
Moat domains
Demand, Supply
Supply, Demand
Last update
2025-12-26
2026-01-02

Moat coverage

Shared moat types

Operational Excellence

The Hershey Company strengths

Brand TrustDistribution ControlScope Economies

SBA Communications Corporation strengths

Physical Network DensityLong Term ContractsScale Economies Unit Cost

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%

SBA Communications Corporation segments

Full profile >

Domestic Site Leasing

Oligopoly

69.5%

International Site Leasing

Oligopoly

24.8%

Site Development

Competitive

5.7%

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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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.