VOL. XCIV, NO. 247

★ WIDE MOAT STOCKS COMPARISON ★

NO ADVICE

Thursday, January 8, 2026

Stock Comparison

Pro Medicus Limited vs Spotify Technology S.A.

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

Pro Medicus Limited

PME · ASX

Market cap (USD)$22.3B
Gross margin (TTM)77.8%
Operating margin (TTM)72.1%
Net margin (TTM)52.9%
SectorHealthcare
IndustryMedical - Healthcare Information Services
CountryAU
Data as of
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 Pro Medicus Limited's moat claims, evidence, and risks.

View PME 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: Pro Medicus Limited leads (80 / 100 vs 65 / 100 for Spotify Technology S.A.).
  • Segment focus: Pro Medicus Limited has 2 segments (92.5% in Visage 7 Enterprise Imaging Platform (PACS / CloudPACS)); Spotify Technology S.A. has 2 segments (88.2% in Premium (subscription)).
  • Primary market structure: Oligopoly vs Oligopoly. Pricing power: Strong vs Moderate.
  • Moat breadth: Pro Medicus Limited has 6 moat types across 2 domains; Spotify Technology S.A. has 6 across 4.

Primary market context

Pro Medicus Limited

Visage 7 Enterprise Imaging Platform (PACS / CloudPACS)

Market

Enterprise imaging / PACS and related modules for hospitals and integrated delivery networks (IDNs)

Geography

Primarily North America; also Europe and Australia

Customer

Hospitals, imaging centers, integrated delivery networks (IDNs)

Role

Healthcare IT software vendor / platform provider

Revenue share

92.5%

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

Pro Medicus Limited
Spotify Technology S.A.
Ticker / Exchange
PME - ASX
SPOT - New York Stock Exchange
Market cap (USD)
$22.3B
$121.5B
Gross margin (TTM)
77.8%
31.8%
Operating margin (TTM)
72.1%
11.7%
Net margin (TTM)
52.9%
8.3%
Sector
Healthcare
Communication Services
Industry
Medical - Healthcare Information Services
Internet Content & Information
HQ country
AU
LU
Primary segment
Visage 7 Enterprise Imaging Platform (PACS / CloudPACS)
Premium (subscription)
Market structure
Oligopoly
Oligopoly
Market share
55% (implied)
31%-33% (reported)
HHI estimate
n/a
n/a
Pricing power
Strong
Moderate
Moat score
80 / 100
65 / 100
Moat domains
Demand, Supply
Network, Demand, Legal, Supply
Last update
2026-01-08
2026-01-06

Moat coverage

Shared moat types

No overlap yet.

Pro Medicus Limited strengths

Data Workflow LockinKeystone ComponentOperational ExcellenceSuite BundlingSwitching Costs GeneralLong Term Contracts

Spotify Technology S.A. strengths

Data Network EffectsInteroperability HubTwo Sided NetworkBrand TrustContent Rights CurrencyScale Economies Unit Cost

Segment mix

Pro Medicus Limited segments

Full profile >

Visage 7 Enterprise Imaging Platform (PACS / CloudPACS)

Oligopoly

92.5%

Visage RIS (Radiology Information System) and Promedicus.net

Oligopoly

7.5%

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.