VOL. XCIV, NO. 247

★ WIDE MOAT STOCKS COMPARISON ★

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Thursday, January 8, 2026

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Stock Comparison

KKR & Co. Inc. vs Spotify Technology S.A.

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

KKR & Co. Inc.

KKR · New York Stock Exchange

Market cap (USD)$119.9B
Gross margin (TTM)19.5%
Operating margin (TTM)2.6%
Net margin (TTM)14.1%
SectorFinancials
IndustryAsset Management
CountryUS
Data as of2026-01-06
Moat score
67/ 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 KKR & Co. Inc.'s moat claims, evidence, and risks.

View KKR 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: KKR & Co. Inc. leads (67 / 100 vs 65 / 100 for Spotify Technology S.A.).
  • Segment focus: KKR & Co. Inc. has 3 segments (52.3% in Asset Management); Spotify Technology S.A. has 2 segments (88.2% in Premium (subscription)).
  • Moat breadth: KKR & Co. Inc. has 7 moat types across 4 domains; Spotify Technology S.A. has 6 across 4.

Primary market context

KKR & Co. Inc.

Asset Management

Market

Alternative asset management (private equity, private credit, real assets, and related strategies)

Geography

Global

Customer

Institutional and wealth investors (LPs) allocating to private markets

Role

General partner / investment manager

Revenue share

52.3%

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

KKR & Co. Inc.
Spotify Technology S.A.
Ticker / Exchange
KKR - New York Stock Exchange
SPOT - New York Stock Exchange
Market cap (USD)
$119.9B
$121.5B
Gross margin (TTM)
19.5%
31.8%
Operating margin (TTM)
2.6%
11.7%
Net margin (TTM)
14.1%
8.3%
Sector
Financials
Communication Services
Industry
Asset Management
Internet Content & Information
HQ country
US
LU
Primary segment
Asset Management
Premium (subscription)
Market structure
Oligopoly
Oligopoly
Market share
3.5%-5% (implied)
31%-33% (reported)
HHI estimate
n/a
n/a
Pricing power
Moderate
Moderate
Moat score
67 / 100
65 / 100
Moat domains
Demand, Supply, Financial, Legal
Network, Demand, Legal, Supply
Last update
2026-01-06
2026-01-06

Moat coverage

Shared moat types

Brand TrustScale Economies Unit Cost

KKR & Co. Inc. strengths

Long Term ContractsDeal sourcing and origination relationshipsFloat PrepaymentCompliance AdvantageCapital markets and exit execution capability

Spotify Technology S.A. strengths

Data Network EffectsInteroperability HubTwo Sided NetworkContent Rights Currency

Segment mix

KKR & Co. Inc. segments

Full profile >

Asset Management

Oligopoly

52.3%

Insurance

Competitive

46.5%

Strategic Holdings

Competitive

1.2%

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.

View the moat stocks list

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.