VOL. XCIV, NO. 247

★ WIDE MOAT STOCKS COMPARISON ★

NO ADVICE

Thursday, January 8, 2026

Stock Comparison

LPL Financial Holdings Inc. vs Spotify Technology S.A.

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

LPL Financial Holdings Inc.

LPLA · Nasdaq

Market cap (USD)$29.6B
Gross margin (TTM)24.1%
Operating margin (TTM)9.5%
Net margin (TTM)5.4%
SectorFinancials
IndustryFinancial - Capital Markets
CountryUS
Data as of2025-12-26
Moat score
79/ 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 LPL Financial Holdings Inc.'s moat claims, evidence, and risks.

View LPLA 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: LPL Financial Holdings Inc. leads (79 / 100 vs 65 / 100 for Spotify Technology S.A.).
  • Segment focus: LPL Financial Holdings Inc. has 1 segment (100% in Advisor Platform); Spotify Technology S.A. has 2 segments (88.2% in Premium (subscription)).
  • Moat breadth: LPL Financial Holdings Inc. has 6 moat types across 4 domains; Spotify Technology S.A. has 6 across 4.

Primary market context

LPL Financial Holdings Inc.

Advisor Platform

Market

Advisor-mediated wealth management platform (independent broker-dealer + RIA custody/clearing)

Geography

United States

Customer

Financial advisors and financial institutions

Role

Platform / broker-dealer / custodian

Revenue share

100%

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

LPL Financial Holdings Inc.
Spotify Technology S.A.
Ticker / Exchange
LPLA - Nasdaq
SPOT - New York Stock Exchange
Market cap (USD)
$29.6B
$121.5B
Gross margin (TTM)
24.1%
31.8%
Operating margin (TTM)
9.5%
11.7%
Net margin (TTM)
5.4%
8.3%
Sector
Financials
Communication Services
Industry
Financial - Capital Markets
Internet Content & Information
HQ country
US
LU
Primary segment
Advisor Platform
Premium (subscription)
Market structure
Oligopoly
Oligopoly
Market share
23%-25% (reported)
31%-33% (reported)
HHI estimate
n/a
n/a
Pricing power
Moderate
Moderate
Moat score
79 / 100
65 / 100
Moat domains
Supply, Demand, Legal, Network
Network, Demand, Legal, Supply
Last update
2025-12-26
2026-01-06

Moat coverage

Shared moat types

Scale Economies Unit CostTwo Sided Network

LPL Financial Holdings Inc. strengths

Suite BundlingOperational ExcellenceCompliance AdvantageSwitching Costs General

Spotify Technology S.A. strengths

Data Network EffectsInteroperability HubBrand TrustContent Rights Currency

Segment mix

LPL Financial Holdings Inc. segments

Full profile >

Advisor Platform

Oligopoly

100%

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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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.