VOL. XCIV, NO. 247

★ WIDE MOAT STOCKS COMPARISON ★

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Saturday, January 10, 2026

Stock Comparison

Martin Marietta Materials, Inc. vs Ulta Beauty, Inc.

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

Martin Marietta Materials, Inc.

MLM · NYSE

Market cap (USD)$40.2B
Gross margin (TTM)29.9%
Operating margin (TTM)23.4%
Net margin (TTM)17.4%
SectorMaterials
IndustryConstruction Materials
CountryUS
Data as of2026-01-01
Moat score
78/ 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 Martin Marietta Materials, Inc.'s moat claims, evidence, and risks.

View MLM 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: Martin Marietta Materials, Inc. leads (78 / 100 vs 58 / 100 for Ulta Beauty, Inc.).
  • Segment focus: Martin Marietta Materials, Inc. has 3 segments (52.4% in East Group); Ulta Beauty, Inc. has 3 segments (94% in Beauty Products Retail).
  • Primary market structure: Oligopoly vs Competitive. Pricing power: Strong vs Moderate.
  • Moat breadth: Martin Marietta Materials, Inc. has 4 moat types across 2 domains; Ulta Beauty, Inc. has 8 across 5.

Primary market context

Martin Marietta Materials, Inc.

East Group

Market

Construction aggregates and asphalt products (crushed stone, sand & gravel; asphalt) in local/regional markets

Geography

United States (East/Southeast and adjacent regions)

Customer

Infrastructure agencies, construction contractors, and downstream materials producers (asphalt/ready-mix)

Role

Quarry/mining operator and building materials producer/distributor

Revenue share

52.4%

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

Martin Marietta Materials, Inc.
Ulta Beauty, Inc.
Ticker / Exchange
MLM - NYSE
ULTA - NASDAQ
Market cap (USD)
$40.2B
$29.9B
Gross margin (TTM)
29.9%
39.2%
Operating margin (TTM)
23.4%
13.2%
Net margin (TTM)
17.4%
9.9%
Sector
Materials
Consumer
Industry
Construction Materials
Specialty Retail
HQ country
US
US
Primary segment
East Group
Beauty Products Retail
Market structure
Oligopoly
Competitive
Market share
n/a
8%-10% (reported)
HHI estimate
n/a
n/a
Pricing power
Strong
Moderate
Moat score
78 / 100
58 / 100
Moat domains
Supply, Financial
Demand, Supply, Legal, Network, Financial
Last update
2026-01-01
2026-01-06

Moat coverage

Shared moat types

Physical Network Density

Martin Marietta Materials, Inc. strengths

Geographic NaturalBenchmark Pricing PowerCapex Knowhow Scale

Ulta Beauty, Inc. strengths

Switching Costs GeneralContractual ExclusivityPreferential Input AccessSuite BundlingData Network EffectsTwo Sided NetworkFloat Prepayment

Segment mix

Martin Marietta Materials, Inc. segments

Full profile >

East Group

Oligopoly

52.4%

West Group

Oligopoly

40.9%

Specialties (formerly Magnesia Specialties)

Oligopoly

6.7%

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?

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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.