VOL. XCIV, NO. 247

★ WIDE MOAT STOCKS COMPARISON ★

NO ADVICE

Saturday, January 10, 2026

Stock Comparison

MTU Aero Engines AG vs Ulta Beauty, Inc.

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

MTU Aero Engines AG

MTX · Deutsche Boerse XETRA

Market cap (USD)$20.6B
Gross margin (TTM)12.7%
Operating margin (TTM)3%
Net margin (TTM)6.1%
SectorIndustrials
IndustryAerospace & Defense
CountryDE
Data as of2025-12-28
Moat score
61/ 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 MTU Aero Engines AG's moat claims, evidence, and risks.

View MTX 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: MTU Aero Engines AG leads (61 / 100 vs 58 / 100 for Ulta Beauty, Inc.).
  • Segment focus: MTU Aero Engines AG has 2 segments (67.4% in MRO business (commercial maintenance)); Ulta Beauty, Inc. has 3 segments (94% in Beauty Products Retail).
  • Moat breadth: MTU Aero Engines AG has 8 moat types across 3 domains; Ulta Beauty, Inc. has 8 across 5.

Primary market context

MTU Aero Engines AG

MRO business (commercial maintenance)

Market

Commercial aircraft engine maintenance, repair and overhaul (engine MRO) and associated services

Geography

Global

Customer

Airlines, lessors and engine owners/operators

Role

Aftermarket service provider (engine shop visits, repairs, on-wing services, leasing/asset management)

Revenue share

67.4%

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

MTU Aero Engines AG
Ulta Beauty, Inc.
Ticker / Exchange
MTX - Deutsche Boerse XETRA
ULTA - NASDAQ
Market cap (USD)
$20.6B
$29.9B
Gross margin (TTM)
12.7%
39.2%
Operating margin (TTM)
3%
13.2%
Net margin (TTM)
6.1%
9.9%
Sector
Industrials
Consumer
Industry
Aerospace & Defense
Specialty Retail
HQ country
DE
US
Primary segment
MRO business (commercial maintenance)
Beauty Products Retail
Market structure
Competitive
Competitive
Market share
10% (reported)
8%-10% (reported)
HHI estimate
n/a
n/a
Pricing power
Moderate
Moderate
Moat score
61 / 100
58 / 100
Moat domains
Demand, Supply, Legal
Demand, Supply, Legal, Network, Financial
Last update
2025-12-28
2026-01-06

Moat coverage

Shared moat types

Preferential Input Access

MTU Aero Engines AG strengths

Design In QualificationScope EconomiesCapex Knowhow ScaleGovernment Contracting RelationshipsService Field NetworkOperational ExcellenceLong Term Contracts

Ulta Beauty, Inc. strengths

Switching Costs GeneralPhysical Network DensityContractual ExclusivitySuite BundlingData Network EffectsTwo Sided NetworkFloat Prepayment

Segment mix

MTU Aero Engines AG segments

Full profile >

OEM business (commercial and military engine business)

Oligopoly

32.6%

MRO business (commercial maintenance)

Competitive

67.4%

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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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.