VOL. XCIV, NO. 247

★ WIDE MOAT STOCKS COMPARISON ★

NO ADVICE

Saturday, January 10, 2026

Stock Comparison

Roche Holding AG vs Ulta Beauty, Inc.

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

Roche Holding AG

ROG · SIX Swiss Exchange

Market cap (USD)$271.4B
Gross margin (TTM)73.6%
Operating margin (TTM)29.1%
Net margin (TTM)15.4%
SectorHealthcare
IndustryDrug Manufacturers - General
CountryCH
Data as of2025-12-28
Moat score
68/ 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 Roche Holding AG's moat claims, evidence, and risks.

View ROG 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: Roche Holding AG leads (68 / 100 vs 58 / 100 for Ulta Beauty, Inc.).
  • Segment focus: Roche Holding AG has 2 segments (76.3% in Pharmaceuticals); Ulta Beauty, Inc. has 3 segments (94% in Beauty Products Retail).
  • Moat breadth: Roche Holding AG has 5 moat types across 3 domains; Ulta Beauty, Inc. has 8 across 5.

Primary market context

Roche Holding AG

Pharmaceuticals

Market

Innovative (branded) prescription pharmaceuticals

Geography

Global

Customer

Healthcare providers and systems (hospitals/clinics), payers/governments, and patients

Role

Innovator pharmaceutical developer, manufacturer and marketer

Revenue share

76.3%

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

Roche Holding AG
Ulta Beauty, Inc.
Ticker / Exchange
ROG - SIX Swiss Exchange
ULTA - NASDAQ
Market cap (USD)
$271.4B
$29.9B
Gross margin (TTM)
73.6%
39.2%
Operating margin (TTM)
29.1%
13.2%
Net margin (TTM)
15.4%
9.9%
Sector
Healthcare
Consumer
Industry
Drug Manufacturers - General
Specialty Retail
HQ country
CH
US
Primary segment
Pharmaceuticals
Beauty Products Retail
Market structure
Competitive
Competitive
Market share
n/a
8%-10% (reported)
HHI estimate
n/a
n/a
Pricing power
Moderate
Moderate
Moat score
68 / 100
58 / 100
Moat domains
Legal, Supply, Demand
Demand, Supply, Legal, Network, Financial
Last update
2025-12-28
2026-01-06

Moat coverage

Shared moat types

No overlap yet.

Roche Holding AG strengths

IP Choke PointCapex Knowhow ScaleInstalled Base ConsumablesData Workflow LockinRegulated Standards Pipe

Ulta Beauty, Inc. strengths

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

Segment mix

Roche Holding AG segments

Full profile >

Pharmaceuticals

Competitive

76.3%

Diagnostics

Oligopoly

23.7%

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?

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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.