VOL. XCIV, NO. 247

★ WIDE MOAT STOCKS COMPARISON ★

NO ADVICE

Wednesday, January 7, 2026

Stock Comparison

L'Oreal S.A. vs Spotify Technology S.A.

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

L'Oreal S.A.

OR · Euronext Paris

Market cap (USD)$193.9B
Gross margin (TTM)74.1%
Operating margin (TTM)19.5%
Net margin (TTM)14.6%
SectorConsumer
IndustryHousehold & Personal Products
CountryFR
Data as of2025-12-31
Moat score
80/ 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 L'Oreal S.A.'s moat claims, evidence, and risks.

View OR 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: L'Oreal S.A. leads (80 / 100 vs 65 / 100 for Spotify Technology S.A.).
  • Segment focus: L'Oreal S.A. has 4 segments (37% in Consumer Products Division); Spotify Technology S.A. has 2 segments (88.2% in Premium (subscription)).
  • Moat breadth: L'Oreal S.A. has 7 moat types across 3 domains; Spotify Technology S.A. has 6 across 4.

Primary market context

L'Oreal S.A.

Consumer Products Division

Market

Mass-market beauty & personal care (skincare, haircare, makeup, hygiene)

Geography

Global

Customer

Consumers via mass retail, drugstores, supermarkets, and e-commerce

Role

Brand owner / marketer / manufacturer

Revenue share

37%

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

L'Oreal S.A.
Spotify Technology S.A.
Ticker / Exchange
OR - Euronext Paris
SPOT - New York Stock Exchange
Market cap (USD)
$193.9B
$121.5B
Gross margin (TTM)
74.1%
31.8%
Operating margin (TTM)
19.5%
11.7%
Net margin (TTM)
14.6%
8.3%
Sector
Consumer
Communication Services
Industry
Household & Personal Products
Internet Content & Information
HQ country
FR
LU
Primary segment
Consumer Products Division
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
80 / 100
65 / 100
Moat domains
Demand, Supply, Legal
Network, Demand, Legal, Supply
Last update
2025-12-31
2026-01-06

Moat coverage

Shared moat types

Brand Trust

L'Oreal S.A. strengths

Distribution ControlCapex Knowhow ScaleContractual ExclusivityService Field NetworkCompliance AdvantageTraining Org Change Costs

Spotify Technology S.A. strengths

Data Network EffectsInteroperability HubTwo Sided NetworkContent Rights CurrencyScale Economies Unit Cost

Segment mix

L'Oreal S.A. segments

Full profile >

Consumer Products Division

Oligopoly

37%

L'Oreal Luxe Division

Oligopoly

36%

Dermatological Beauty Division

Oligopoly

16%

Professional Products Division

Oligopoly

11%

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.