VOL. XCIV, NO. 247

★ WIDE MOAT STOCKS COMPARISON ★

NO ADVICE

Wednesday, January 7, 2026

Stock Comparison

PDD Holdings Inc. vs Sea Limited

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

PDD Holdings Inc.

PDD · NASDAQ

Market cap (USD)$166.7B
Gross margin (TTM)56.7%
Operating margin (TTM)22.1%
Net margin (TTM)24.4%
SectorConsumer
IndustrySpecialty Retail
CountryKY
Data as of2025-12-29
Moat score
44/ 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 PDD Holdings Inc.'s moat claims, evidence, and risks.

View PDD analysis

Sea Limited

SE · New York Stock Exchange

Market cap (USD)$82.8B
Gross margin (TTM)44.9%
Operating margin (TTM)8.2%
Net margin (TTM)6.8%
SectorConsumer
IndustrySpecialty Retail
CountrySG
Data as of2026-01-06
Moat score
69/ 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 Sea Limited's moat claims, evidence, and risks.

View SE analysis

Comparison highlights

  • Moat score gap: Sea Limited leads (69 / 100 vs 44 / 100 for PDD Holdings Inc.).
  • Segment focus: PDD Holdings Inc. has 2 segments; Sea Limited has 3 segments (73.8% in Shopee (E-commerce)).
  • Moat breadth: PDD Holdings Inc. has 4 moat types across 4 domains; Sea Limited has 6 across 3.

Primary market context

PDD Holdings Inc.

Pinduoduo China marketplace

Market

China online retail marketplace (value-for-money focus)

Geography

China

Customer

Consumers & third-party merchants

Role

Online marketplace platform

Sea Limited

Shopee (E-commerce)

Market

E-commerce marketplace and related value-added services

Geography

Southeast Asia, Taiwan, Brazil

Customer

Consumers and sellers

Role

Marketplace operator

Revenue share

73.8%

Side-by-side metrics

PDD Holdings Inc.
Sea Limited
Ticker / Exchange
PDD - NASDAQ
SE - New York Stock Exchange
Market cap (USD)
$166.7B
$82.8B
Gross margin (TTM)
56.7%
44.9%
Operating margin (TTM)
22.1%
8.2%
Net margin (TTM)
24.4%
6.8%
Sector
Consumer
Consumer
Industry
Specialty Retail
Specialty Retail
HQ country
KY
SG
Primary segment
Pinduoduo China marketplace
Shopee (E-commerce)
Market structure
Oligopoly
Oligopoly
Market share
n/a
52% (reported)
HHI estimate
n/a
n/a
Pricing power
Moderate
Moderate
Moat score
44 / 100
69 / 100
Moat domains
Network, Supply, Financial, Legal
Network, Supply, Legal
Last update
2025-12-29
2026-01-06

Moat coverage

Shared moat types

Two Sided Network

PDD Holdings Inc. strengths

Scale Economies Unit CostFloat PrepaymentCompliance Advantage

Sea Limited strengths

Distribution ControlEcosystem ComplementsRegulated Standards PipeDirect Network EffectsContractual Exclusivity

Segment mix

PDD Holdings Inc. segments

Full profile >

Pinduoduo China marketplace

Oligopoly

n/a

Temu international marketplace

Competitive

n/a

Sea Limited segments

Full profile >

Shopee (E-commerce)

Oligopoly

73.8%

SeaMoney (Digital Financial Services)

Competitive

14.1%

Garena (Digital Entertainment)

Competitive

11.4%

Want the full wide moat stocks list?

Browse the full ranking of wide moat stocks, updated with moat scores and segment context.

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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.