VOL. XCIV, NO. 247

★ WIDE MOAT STOCKS COMPARISON ★

NO ADVICE

Saturday, January 10, 2026

Stock Comparison

Starbucks Corporation vs Ulta Beauty, Inc.

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

Starbucks Corporation

SBUX · Nasdaq Global Select Market

Market cap (USD)$101.1B
Gross margin (TTM)22.9%
Operating margin (TTM)9.7%
Net margin (TTM)5%
SectorConsumer
IndustryRestaurants
CountryUS
Data as of2025-12-31
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 Starbucks Corporation's moat claims, evidence, and risks.

View SBUX 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: Starbucks Corporation leads (70 / 100 vs 58 / 100 for Ulta Beauty, Inc.).
  • Segment focus: Starbucks Corporation has 3 segments (73.6% in North America); Ulta Beauty, Inc. has 3 segments (94% in Beauty Products Retail).
  • Moat breadth: Starbucks Corporation has 7 moat types across 3 domains; Ulta Beauty, Inc. has 8 across 5.

Primary market context

Starbucks Corporation

North America

Market

Branded coffeehouse retail (company-operated + licensed)

Geography

U.S. and Canada

Customer

Consumers

Role

Retailer / brand owner

Revenue share

73.6%

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

Starbucks Corporation
Ulta Beauty, Inc.
Ticker / Exchange
SBUX - Nasdaq Global Select Market
ULTA - NASDAQ
Market cap (USD)
$101.1B
$29.9B
Gross margin (TTM)
22.9%
39.2%
Operating margin (TTM)
9.7%
13.2%
Net margin (TTM)
5%
9.9%
Sector
Consumer
Consumer
Industry
Restaurants
Specialty Retail
HQ country
US
US
Primary segment
North America
Beauty Products Retail
Market structure
Competitive
Competitive
Market share
35%-40% (implied)
8%-10% (reported)
HHI estimate
n/a
n/a
Pricing power
Moderate
Moderate
Moat score
70 / 100
58 / 100
Moat domains
Demand, Supply, Legal
Demand, Supply, Legal, Network, Financial
Last update
2025-12-31
2026-01-06

Moat coverage

Shared moat types

Physical Network DensityPreferential Input AccessContractual Exclusivity

Starbucks Corporation strengths

Brand TrustHabit DefaultOperational ExcellenceScope Economies

Ulta Beauty, Inc. strengths

Switching Costs GeneralSuite BundlingData Network EffectsTwo Sided NetworkFloat Prepayment

Segment mix

Starbucks Corporation segments

Full profile >

North America

Competitive

73.6%

International

Competitive

21%

Channel Development

Oligopoly

5%

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.