VOL. XCIV, NO. 247

★ WIDE MOAT STOCKS COMPARISON ★

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Sunday, January 11, 2026

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Stock Comparison

InterContinental Hotels Group PLC vs Ulta Beauty, Inc.

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

InterContinental Hotels Group PLC

IHG · London Stock Exchange

Market cap (USD)$18.8B

Gross margin (TTM)—

Operating margin (TTM)—

Net margin (TTM)—

SectorConsumer

Industry—

CountryGB

Data as of2026-01-10

Moat score

57/ 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 InterContinental Hotels Group PLC's moat claims, evidence, and risks.

View IHG 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: Ulta Beauty, Inc. leads (58 / 100 vs 57 / 100 for InterContinental Hotels Group PLC).
Segment focus: InterContinental Hotels Group PLC has 5 segments (36% in Fee business (franchise, management and ancillary fees)); Ulta Beauty, Inc. has 3 segments (94% in Beauty Products Retail).
Primary market structure: Oligopoly vs Competitive. Pricing power: Moderate vs Moderate.
Moat breadth: InterContinental Hotels Group PLC has 8 moat types across 3 domains; Ulta Beauty, Inc. has 8 across 5.

Primary market context

InterContinental Hotels Group PLC

Fee business (franchise, management and ancillary fees)

Market

Branded hotel franchising and management services

Geography

Global

Customer

Hotel owners and developers

Role

Franchisor and hotel manager (asset-light brand platform)

Revenue share

36%

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

InterContinental Hotels Group PLC

Ulta Beauty, Inc.

Ticker / Exchange

IHG - London Stock Exchange

ULTA - NASDAQ

Market cap (USD)

$18.8B

$29.9B

Gross margin (TTM)

n/a

39.2%

Operating margin (TTM)

n/a

13.2%

Net margin (TTM)

n/a

9.9%

Sector

Consumer

Industry

n/a

Specialty Retail

HQ country

Primary segment

Fee business (franchise, management and ancillary fees)

Beauty Products Retail

Market structure

Oligopoly

Competitive

Market share

n/a

8%-10% (reported)

HHI estimate

n/a

Pricing power

Moderate

Moat score

57 / 100

58 / 100

Moat domains

Demand, Supply, Network

Demand, Supply, Legal, Network, Financial

Last update

2026-01-10

2026-01-06

Moat coverage

Shared moat types

Two Sided Network

InterContinental Hotels Group PLC strengths

Brand TrustScale Economies Unit CostLong Term ContractsDistribution ControlPass-through reimbursement revenueAsset-heavy hotel operations (limited moat)Immaterial ancillary activity

Ulta Beauty, Inc. strengths

Switching Costs GeneralPhysical Network DensityContractual ExclusivityPreferential Input AccessSuite BundlingData Network EffectsFloat Prepayment

Segment mix

InterContinental Hotels Group PLC segments

Full profile >

Fee business (franchise, management and ancillary fees)

Oligopoly

36%

System Fund (marketing, reservations and loyalty assessments)

Monopoly

32.7%

Reimbursable revenues (managed hotel staff reimbursements)

Competitive

20.3%

Owned, leased and managed lease hotels

Competitive

10.5%

Insurance activities (ancillary)

Competitive

0.5%

Ulta Beauty, Inc. segments

Full profile >

Beauty Products Retail

Competitive

94%

Beauty Services

Competitive

Platform Monetization (Retail Media, Credit Cards, Partner Royalties, Deferred Revenue)

Competitive

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.