VOL. XCIV, NO. 247

★ WIDE MOAT STOCKS COMPARISON ★

NO ADVICE

Saturday, January 10, 2026

Stock Comparison

QUALCOMM Incorporated vs Ulta Beauty, Inc.

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

QUALCOMM Incorporated

QCOM · NASDAQ Global Select Market

Market cap (USD)$190.4B
Gross margin (TTM)55.4%
Operating margin (TTM)27.9%
Net margin (TTM)12.5%
SectorTechnology
IndustrySemiconductors
CountryUS
Data as of2025-12-30
Moat score
70/ 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 QUALCOMM Incorporated's moat claims, evidence, and risks.

View QCOM 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: QUALCOMM Incorporated leads (70 / 100 vs 58 / 100 for Ulta Beauty, Inc.).
  • Segment focus: QUALCOMM Incorporated has 4 segments (62.8% in Handset chipsets (Snapdragon platforms)); Ulta Beauty, Inc. has 3 segments (94% in Beauty Products Retail).
  • Primary market structure: Oligopoly vs Competitive. Pricing power: Moderate vs Moderate.
  • Moat breadth: QUALCOMM Incorporated has 7 moat types across 4 domains; Ulta Beauty, Inc. has 8 across 5.

Primary market context

QUALCOMM Incorporated

Handset chipsets (Snapdragon platforms)

Market

Smartphone application processors and cellular modem/RF platforms

Geography

Global

Customer

Smartphone OEMs

Role

fabless semiconductor/platform supplier

Revenue share

62.8%

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

QUALCOMM Incorporated
Ulta Beauty, Inc.
Ticker / Exchange
QCOM - NASDAQ Global Select Market
ULTA - NASDAQ
Market cap (USD)
$190.4B
$29.9B
Gross margin (TTM)
55.4%
39.2%
Operating margin (TTM)
27.9%
13.2%
Net margin (TTM)
12.5%
9.9%
Sector
Technology
Consumer
Industry
Semiconductors
Specialty Retail
HQ country
US
US
Primary segment
Handset chipsets (Snapdragon platforms)
Beauty Products Retail
Market structure
Oligopoly
Competitive
Market share
22%-26% (estimated)
8%-10% (reported)
HHI estimate
n/a
n/a
Pricing power
Moderate
Moderate
Moat score
70 / 100
58 / 100
Moat domains
Supply, Network, Demand, Legal
Demand, Supply, Legal, Network, Financial
Last update
2025-12-30
2026-01-06

Moat coverage

Shared moat types

No overlap yet.

QUALCOMM Incorporated strengths

Keystone ComponentCapex Knowhow ScaleEcosystem ComplementsDesign In QualificationScope EconomiesIP Choke PointLong Term Contracts

Ulta Beauty, Inc. strengths

Switching Costs GeneralPhysical Network DensityContractual ExclusivityPreferential Input AccessSuite BundlingData Network EffectsTwo Sided NetworkFloat Prepayment

Segment mix

QUALCOMM Incorporated segments

Full profile >

Handset chipsets (Snapdragon platforms)

Oligopoly

62.8%

Automotive silicon (connectivity, digital cockpit, ADAS/AD)

Oligopoly

8.9%

IoT silicon (consumer, industrial, edge networking)

Competitive

14.9%

Wireless technology licensing (cellular SEPs, royalties)

Oligopoly

12.6%

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?

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

View the moat stocks list

Looking for expansion-stage stocks?

Proven models entering the expansion stage with unit economics that work.

View expansion-stage stocks

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.