VOL. XCIV, NO. 247

★ WIDE MOAT STOCKS COMPARISON ★

NO ADVICE

Wednesday, January 7, 2026

Stock Comparison

Netflix, Inc. vs Spotify Technology S.A.

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

Netflix, Inc.

NFLX · NASDAQ

Market cap (USD)$387.5B
Gross margin (TTM)48.1%
Operating margin (TTM)29.1%
Net margin (TTM)24.1%
SectorCommunication Services
IndustryEntertainment
CountryUS
Data as of2026-01-05
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 Netflix, Inc.'s moat claims, evidence, and risks.

View NFLX 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: both at 65 / 100.
  • Segment focus: Netflix, Inc. has 1 segment (100% in Streaming entertainment platform); Spotify Technology S.A. has 2 segments (88.2% in Premium (subscription)).
  • Moat breadth: Netflix, Inc. has 5 moat types across 4 domains; Spotify Technology S.A. has 6 across 4.

Primary market context

Netflix, Inc.

Streaming entertainment platform

Market

Paid streaming video entertainment (SVOD/AVOD)

Geography

Global

Customer

Consumers (B2C); advertisers via ad-supported inventory

Role

Streaming platform operator; content producer/licensor

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

Netflix, Inc.
Spotify Technology S.A.
Ticker / Exchange
NFLX - NASDAQ
SPOT - New York Stock Exchange
Market cap (USD)
$387.5B
$121.5B
Gross margin (TTM)
48.1%
31.8%
Operating margin (TTM)
29.1%
11.7%
Net margin (TTM)
24.1%
8.3%
Sector
Communication Services
Communication Services
Industry
Entertainment
Internet Content & Information
HQ country
US
LU
Primary segment
Streaming entertainment platform
Premium (subscription)
Market structure
Oligopoly
Oligopoly
Market share
8.2%-8.4% (reported)
31%-33% (reported)
HHI estimate
n/a
n/a
Pricing power
Moderate
Moderate
Moat score
65 / 100
65 / 100
Moat domains
Network, Supply, Legal, Financial
Network, Demand, Legal, Supply
Last update
2026-01-05
2026-01-06

Moat coverage

Shared moat types

Data Network EffectsScale Economies Unit CostContent Rights Currency

Netflix, Inc. strengths

Physical Network DensityFloat Prepayment

Spotify Technology S.A. strengths

Interoperability HubTwo Sided NetworkBrand Trust

Segment mix

Netflix, Inc. segments

Full profile >

Streaming entertainment 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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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.