VOL. XCIV, NO. 247

★ WIDE MOAT STOCKS COMPARISON ★

NO ADVICE

Wednesday, January 7, 2026

Stock Comparison

RELX PLC vs Spotify Technology S.A.

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

RELX PLC

REL · London Stock Exchange

Market cap (USD)$55.8B
Gross margin (TTM)64%
Operating margin (TTM)30.7%
Net margin (TTM)20.3%
SectorIndustrials
IndustryPublishing
CountryGB
Data as of2025-12-30
Moat score
78/ 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 RELX PLC's moat claims, evidence, and risks.

View REL 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: RELX PLC leads (78 / 100 vs 65 / 100 for Spotify Technology S.A.).
  • Segment focus: RELX PLC has 4 segments (34.4% in Risk); 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: RELX PLC has 8 moat types across 3 domains; Spotify Technology S.A. has 6 across 4.

Primary market context

RELX PLC

Risk

Market

Risk analytics & decisioning platforms (fraud/identity, financial crime compliance, insurance underwriting/claims, industry data)

Geography

Global (largest in North America)

Customer

Enterprises (banks, insurers, digital commerce), governments, and other regulated industries

Role

Data/analytics provider and workflow platform

Revenue share

34.4%

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

RELX PLC
Spotify Technology S.A.
Ticker / Exchange
REL - London Stock Exchange
SPOT - New York Stock Exchange
Market cap (USD)
$55.8B
$121.5B
Gross margin (TTM)
64%
31.8%
Operating margin (TTM)
30.7%
11.7%
Net margin (TTM)
20.3%
8.3%
Sector
Industrials
Communication Services
Industry
Publishing
Internet Content & Information
HQ country
GB
LU
Primary segment
Risk
Premium (subscription)
Market structure
Oligopoly
Oligopoly
Market share
n/a
31%-33% (reported)
HHI estimate
n/a
n/a
Pricing power
Strong
Moderate
Moat score
78 / 100
65 / 100
Moat domains
Network, Demand, Legal
Network, Demand, Legal, Supply
Last update
2025-12-30
2026-01-06

Moat coverage

Shared moat types

Data Network EffectsContent Rights CurrencyBrand TrustTwo Sided Network

RELX PLC strengths

Data Workflow LockinCompliance AdvantageSuite BundlingReputation Reviews

Spotify Technology S.A. strengths

Interoperability HubScale Economies Unit Cost

Segment mix

RELX PLC segments

Full profile >

Risk

Oligopoly

34.4%

Scientific, Technical & Medical

Oligopoly

32.3%

Legal

Oligopoly

20.1%

Exhibitions

Competitive

13.1%

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?

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.