VOL. XCIV, NO. 247

★ WIDE MOAT STOCKS COMPARISON ★

NO ADVICE

Wednesday, January 7, 2026

Stock Comparison

Keysight Technologies, Inc. vs Spotify Technology S.A.

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

Keysight Technologies, Inc.

KEYS · New York Stock Exchange

Market cap (USD)$35.9B
Gross margin (TTM)62.1%
Operating margin (TTM)17.6%
Net margin (TTM)15.7%
SectorTechnology
IndustryHardware, Equipment & Parts
CountryUS
Data as of2026-01-01
Moat score
69/ 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 Keysight Technologies, Inc.'s moat claims, evidence, and risks.

View KEYS analysis

Spotify Technology S.A.

SPOT · New York Stock Exchange

Market cap (USD)$121.5B
Gross margin (TTM)31.8%
Operating margin (TTM)11.7%
Net margin (TTM)8.3%
SectorCommunication Services
IndustryInternet Content & Information
CountryLU
Data as of2026-01-06
Moat score
65/ 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 Spotify Technology S.A.'s moat claims, evidence, and risks.

View SPOT analysis

Comparison highlights

  • Moat score gap: Keysight Technologies, Inc. leads (69 / 100 vs 65 / 100 for Spotify Technology S.A.).
  • Segment focus: Keysight Technologies, Inc. has 2 segments (69.3% in Communications Solutions Group (CSG)); Spotify Technology S.A. has 2 segments (88.2% in Premium (subscription)).
  • Moat breadth: Keysight Technologies, Inc. has 6 moat types across 3 domains; Spotify Technology S.A. has 6 across 4.

Primary market context

Keysight Technologies, Inc.

Communications Solutions Group (CSG)

Market

Electronic design, test, and measurement solutions for communications networks and aerospace/defense/government systems

Geography

Global

Customer

Commercial communications OEMs and operators; aerospace/defense primes and government contractors/agencies

Role

Test & measurement instrumentation OEM + software platform + services provider

Revenue share

69.3%

Spotify Technology S.A.

Premium (subscription)

Market

Paid music and audio streaming subscriptions

Geography

Global

Customer

Consumers (end-users) and distribution partners (e.g., telcos)

Role

Streaming platform operator

Revenue share

88.2%

Side-by-side metrics

Keysight Technologies, Inc.
Spotify Technology S.A.
Ticker / Exchange
KEYS - New York Stock Exchange
SPOT - New York Stock Exchange
Market cap (USD)
$35.9B
$121.5B
Gross margin (TTM)
62.1%
31.8%
Operating margin (TTM)
17.6%
11.7%
Net margin (TTM)
15.7%
8.3%
Sector
Technology
Communication Services
Industry
Hardware, Equipment & Parts
Internet Content & Information
HQ country
US
LU
Primary segment
Communications Solutions Group (CSG)
Premium (subscription)
Market structure
Oligopoly
Oligopoly
Market share
n/a
31%-33% (reported)
HHI estimate
n/a
n/a
Pricing power
Moderate
Moderate
Moat score
69 / 100
65 / 100
Moat domains
Demand, Supply, Network
Network, Demand, Legal, Supply
Last update
2026-01-01
2026-01-06

Moat coverage

Shared moat types

Brand Trust

Keysight Technologies, Inc. strengths

Data Workflow LockinService Field NetworkDesign In QualificationDe Facto StandardLearning Curve Yield

Spotify Technology S.A. strengths

Data Network EffectsInteroperability HubTwo Sided NetworkContent Rights CurrencyScale Economies Unit Cost

Segment mix

Keysight Technologies, Inc. segments

Full profile >

Communications Solutions Group (CSG)

Oligopoly

69.3%

Electronic Industrial Solutions Group (EISG)

Oligopoly

30.7%

Spotify Technology S.A. segments

Full profile >

Premium (subscription)

Oligopoly

88.2%

Ad-Supported (advertising)

Competitive

11.8%

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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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.