VOL. XCIV, NO. 247

★ WIDE MOAT STOCKS COMPARISON ★

NO ADVICE

Wednesday, January 7, 2026

Stock Comparison

Linde plc vs Spotify Technology S.A.

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

Linde plc

LIN · Nasdaq Stock Market

Market cap (USD)$202.2B
Gross margin (TTM)40.5%
Operating margin (TTM)27.2%
Net margin (TTM)21.2%
SectorMaterials
IndustryChemicals - Specialty
CountryIE
Data as of2025-12-29
Moat score
72/ 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 Linde plc's moat claims, evidence, and risks.

View LIN 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: Linde plc leads (72 / 100 vs 65 / 100 for Spotify Technology S.A.).
  • Segment focus: Linde plc has 4 segments (43.8% in Americas); Spotify Technology S.A. has 2 segments (88.2% in Premium (subscription)).
  • Moat breadth: Linde plc has 5 moat types across 3 domains; Spotify Technology S.A. has 6 across 4.

Primary market context

Linde plc

Americas

Market

Industrial gases (Americas)

Geography

Americas

Customer

B2B + healthcare

Role

Producer, distributor, on-site plant owner/operator

Revenue share

43.8%

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

Linde plc
Spotify Technology S.A.
Ticker / Exchange
LIN - Nasdaq Stock Market
SPOT - New York Stock Exchange
Market cap (USD)
$202.2B
$121.5B
Gross margin (TTM)
40.5%
31.8%
Operating margin (TTM)
27.2%
11.7%
Net margin (TTM)
21.2%
8.3%
Sector
Materials
Communication Services
Industry
Chemicals - Specialty
Internet Content & Information
HQ country
IE
LU
Primary segment
Americas
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
72 / 100
65 / 100
Moat domains
Demand, Supply, Legal
Network, Demand, Legal, Supply
Last update
2025-12-29
2026-01-06

Moat coverage

Shared moat types

Scale Economies Unit Cost

Linde plc strengths

Long Term ContractsPhysical Network DensityCapex Knowhow ScaleIP Choke Point

Spotify Technology S.A. strengths

Data Network EffectsInteroperability HubTwo Sided NetworkBrand TrustContent Rights Currency

Segment mix

Linde plc segments

Full profile >

Americas

Oligopoly

43.8%

EMEA

Oligopoly

25.3%

APAC

Oligopoly

20.1%

Engineering

Competitive

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?

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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.