VOL. XCIV, NO. 247

★ WIDE MOAT STOCKS COMPARISON ★

NO ADVICE

Sunday, January 11, 2026

Stock Comparison

KONE Oyj vs Ulta Beauty, Inc.

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

KONE Oyj

KNEBV · Nasdaq Helsinki

Market cap (USD)$32.1B
Gross margin (TTM)14%
Operating margin (TTM)11.4%
Net margin (TTM)8.5%
SectorIndustrials
IndustryIndustrial - Machinery
CountryFI
Data as of2026-01-02
Moat score
63/ 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 KONE Oyj's moat claims, evidence, and risks.

View KNEBV 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: KONE Oyj leads (63 / 100 vs 58 / 100 for Ulta Beauty, Inc.).
  • Segment focus: KONE Oyj has 3 segments (40.6% in New Building Solutions); Ulta Beauty, Inc. has 3 segments (94% in Beauty Products Retail).
  • Primary market structure: Oligopoly vs Competitive. Pricing power: Weak vs Moderate.
  • Moat breadth: KONE Oyj has 8 moat types across 4 domains; Ulta Beauty, Inc. has 8 across 5.

Primary market context

KONE Oyj

New Building Solutions

Market

Elevator, escalator and automatic building door new equipment (new installations)

Geography

Global

Customer

Property developers and general contractors

Role

OEM + project installation

Revenue share

40.6%

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

KONE Oyj
Ulta Beauty, Inc.
Ticker / Exchange
KNEBV - Nasdaq Helsinki
ULTA - NASDAQ
Market cap (USD)
$32.1B
$29.9B
Gross margin (TTM)
14%
39.2%
Operating margin (TTM)
11.4%
13.2%
Net margin (TTM)
8.5%
9.9%
Sector
Industrials
Consumer
Industry
Industrial - Machinery
Specialty Retail
HQ country
FI
US
Primary segment
New Building Solutions
Beauty Products Retail
Market structure
Oligopoly
Competitive
Market share
n/a
8%-10% (reported)
HHI estimate
n/a
n/a
Pricing power
Weak
Moderate
Moat score
63 / 100
58 / 100
Moat domains
Supply, Financial, Demand, Legal
Demand, Supply, Legal, Network, Financial
Last update
2026-01-02
2026-01-06

Moat coverage

Shared moat types

Switching Costs General

KONE Oyj strengths

Capex Knowhow ScaleNegative Working CapitalInstalled Base ConsumablesData Workflow LockinService Field NetworkOperational ExcellenceCompliance Advantage

Ulta Beauty, Inc. strengths

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

Segment mix

KONE Oyj segments

Full profile >

New Building Solutions

Oligopoly

40.6%

Service (maintenance & repairs)

Competitive

40.6%

Modernization

Competitive

18.8%

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.

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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.