VOL. XCIV, NO. 247

★ WIDE MOAT STOCKS COMPARISON ★

NO ADVICE

Wednesday, January 7, 2026

Stock Comparison

Sanofi vs Spotify Technology S.A.

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

Sanofi

SAN · Euronext Paris

Market cap (USD)$99.5B
Gross margin (TTM)72%
Operating margin (TTM)18.7%
Net margin (TTM)20.2%
SectorHealthcare
IndustryDrug Manufacturers - General
CountryFR
Data as of2025-12-30
Moat score
74/ 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 Sanofi's moat claims, evidence, and risks.

View SAN 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: Sanofi leads (74 / 100 vs 65 / 100 for Spotify Technology S.A.).
  • Segment focus: Sanofi has 3 segments (79.8% in Pharma (Prescription Medicines)); Spotify Technology S.A. has 2 segments (88.2% in Premium (subscription)).
  • Moat breadth: Sanofi has 5 moat types across 3 domains; Spotify Technology S.A. has 6 across 4.

Primary market context

Sanofi

Pharma (Prescription Medicines)

Market

Branded prescription pharmaceuticals (immunology, rare disease, neurology, oncology, general medicines)

Geography

Global

Customer

Patients via payers/providers and channel partners (wholesalers, pharmacies, hospitals)

Role

Research-based drug developer, manufacturer, and marketer

Revenue share

79.8%

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

Sanofi
Spotify Technology S.A.
Ticker / Exchange
SAN - Euronext Paris
SPOT - New York Stock Exchange
Market cap (USD)
$99.5B
$121.5B
Gross margin (TTM)
72%
31.8%
Operating margin (TTM)
18.7%
11.7%
Net margin (TTM)
20.2%
8.3%
Sector
Healthcare
Communication Services
Industry
Drug Manufacturers - General
Internet Content & Information
HQ country
FR
LU
Primary segment
Pharma (Prescription Medicines)
Premium (subscription)
Market structure
Oligopoly
Oligopoly
Market share
n/a
31%-33% (reported)
HHI estimate
n/a
n/a
Pricing power
Moderate
Moderate
Moat score
74 / 100
65 / 100
Moat domains
Legal, Supply, Demand
Network, Demand, Legal, Supply
Last update
2025-12-30
2026-01-06

Moat coverage

Shared moat types

Brand Trust

Sanofi strengths

Regulated Standards PipeIP Choke PointLearning Curve YieldDistribution Control

Spotify Technology S.A. strengths

Data Network EffectsInteroperability HubTwo Sided NetworkContent Rights CurrencyScale Economies Unit Cost

Segment mix

Sanofi segments

Full profile >

Pharma (Prescription Medicines)

Oligopoly

79.8%

Vaccines

Oligopoly

20.2%

Opella (Consumer Healthcare - Sanofi minority stake)

Competitive

n/a

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.