VOL. XCIV, NO. 247

★ WIDE MOAT STOCKS COMPARISON ★

NO ADVICE

Saturday, January 10, 2026

Stock Comparison

Intuitive Surgical, Inc. vs Ulta Beauty, Inc.

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

Intuitive Surgical, Inc.

ISRG · NASDAQ

Market cap (USD)$209.4B
Gross margin (TTM)66.4%
Operating margin (TTM)29.3%
Net margin (TTM)28.6%
SectorHealthcare
IndustryMedical - Instruments & Supplies
CountryUS
Data as of2025-12-30
Moat score
83/ 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 Intuitive Surgical, Inc.'s moat claims, evidence, and risks.

View ISRG 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: Intuitive Surgical, Inc. leads (83 / 100 vs 58 / 100 for Ulta Beauty, Inc.).
  • Segment focus: Intuitive Surgical, Inc. has 3 segments (60.8% in Instruments and Accessories); Ulta Beauty, Inc. has 3 segments (94% in Beauty Products Retail).
  • Primary market structure: Monopoly vs Competitive. Pricing power: Strong vs Moderate.
  • Moat breadth: Intuitive Surgical, Inc. has 9 moat types across 4 domains; Ulta Beauty, Inc. has 8 across 5.

Primary market context

Intuitive Surgical, Inc.

Instruments and Accessories

Market

Proprietary robotic surgery instruments, accessories, and consumables used per procedure on the da Vinci (and Ion) installed base

Geography

Global

Customer

Hospitals and surgery centers purchasing consumables; surgeons and OR teams as end users

Role

Consumables OEM within proprietary platform

Revenue share

60.8%

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

Intuitive Surgical, Inc.
Ulta Beauty, Inc.
Ticker / Exchange
ISRG - NASDAQ
ULTA - NASDAQ
Market cap (USD)
$209.4B
$29.9B
Gross margin (TTM)
66.4%
39.2%
Operating margin (TTM)
29.3%
13.2%
Net margin (TTM)
28.6%
9.9%
Sector
Healthcare
Consumer
Industry
Medical - Instruments & Supplies
Specialty Retail
HQ country
US
US
Primary segment
Instruments and Accessories
Beauty Products Retail
Market structure
Monopoly
Competitive
Market share
n/a
8%-10% (reported)
HHI estimate
n/a
n/a
Pricing power
Strong
Moderate
Moat score
83 / 100
58 / 100
Moat domains
Supply, Demand, Network, Legal
Demand, Supply, Legal, Network, Financial
Last update
2025-12-30
2026-01-06

Moat coverage

Shared moat types

No overlap yet.

Intuitive Surgical, Inc. strengths

Capex Knowhow ScaleTraining Org Change CostsEcosystem ComplementsProcurement InertiaInstalled Base ConsumablesIP Choke PointService Field NetworkData Workflow LockinLong Term Contracts

Ulta Beauty, Inc. strengths

Switching Costs GeneralPhysical Network DensityContractual ExclusivityPreferential Input AccessSuite BundlingData Network EffectsTwo Sided NetworkFloat Prepayment

Segment mix

Intuitive Surgical, Inc. segments

Full profile >

Systems

Quasi-Monopoly

23.5%

Instruments and Accessories

Monopoly

60.8%

Services

Monopoly

15.6%

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?

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

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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.