VOL. XCIV, NO. 247

★ WIDE MOAT STOCKS COMPARISON ★

NO ADVICE

Saturday, January 10, 2026

Stock Comparison

International Flavors & Fragrances Inc. vs Ulta Beauty, Inc.

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

International Flavors & Fragrances Inc.

IFF · New York Stock Exchange

Market cap (USD)$17.7B
Gross margin (TTM)36.4%
Operating margin (TTM)-3.2%
Net margin (TTM)-3.7%
SectorMaterials
IndustryChemicals - Specialty
CountryUS
Data as of2025-12-29
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 International Flavors & Fragrances Inc.'s moat claims, evidence, and risks.

View IFF 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: International Flavors & Fragrances Inc. leads (59 / 100 vs 58 / 100 for Ulta Beauty, Inc.).
  • Segment focus: International Flavors & Fragrances Inc. has 4 segments (31.2% in Food Ingredients); Ulta Beauty, Inc. has 3 segments (94% in Beauty Products Retail).
  • Primary market structure: Competitive vs Competitive. Pricing power: Weak vs Moderate.
  • Moat breadth: International Flavors & Fragrances Inc. has 8 moat types across 3 domains; Ulta Beauty, Inc. has 8 across 5.

Primary market context

International Flavors & Fragrances Inc.

Food Ingredients

Market

Specialty food ingredients (texturizers, food protection, plant proteins, emulsifiers, sweeteners)

Geography

Global

Customer

B2B (food manufacturers)

Role

Ingredient supplier

Revenue share

31.2%

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

International Flavors & Fragrances Inc.
Ulta Beauty, Inc.
Ticker / Exchange
IFF - New York Stock Exchange
ULTA - NASDAQ
Market cap (USD)
$17.7B
$29.9B
Gross margin (TTM)
36.4%
39.2%
Operating margin (TTM)
-3.2%
13.2%
Net margin (TTM)
-3.7%
9.9%
Sector
Materials
Consumer
Industry
Chemicals - Specialty
Specialty Retail
HQ country
US
US
Primary segment
Food Ingredients
Beauty Products Retail
Market structure
Competitive
Competitive
Market share
n/a
8%-10% (reported)
HHI estimate
n/a
n/a
Pricing power
Weak
Moderate
Moat score
59 / 100
58 / 100
Moat domains
Demand, Legal, Supply
Demand, Supply, Legal, Network, Financial
Last update
2025-12-29
2026-01-06

Moat coverage

Shared moat types

Switching Costs General

International Flavors & Fragrances Inc. strengths

Design In QualificationIP Choke PointService Field NetworkSupply Chain ControlCompliance AdvantageCapex Knowhow ScaleScale Economies Unit Cost

Ulta Beauty, Inc. strengths

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

Segment mix

International Flavors & Fragrances Inc. segments

Full profile >

Taste

Oligopoly

23.9%

Food Ingredients

Competitive

31.2%

Health & Biosciences

Oligopoly

21.4%

Scent

Oligopoly

23.6%

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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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.