VOL. XCIV, NO. 247

★ WIDE MOAT STOCKS COMPARISON ★

NO ADVICE

Thursday, January 8, 2026

Stock Comparison

Siemens Healthineers AG vs Spotify Technology S.A.

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

Siemens Healthineers AG

SHL · XETRA

Market cap (USD)$50.7B
Gross margin (TTM)38.6%
Operating margin (TTM)14.7%
Net margin (TTM)9.2%
SectorHealthcare
IndustryMedical - Devices
CountryDE
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 Siemens Healthineers AG's moat claims, evidence, and risks.

View SHL 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: Siemens Healthineers AG leads (68 / 100 vs 65 / 100 for Spotify Technology S.A.).
  • Segment focus: Siemens Healthineers AG has 4 segments (54.6% in Imaging); Spotify Technology S.A. has 2 segments (88.2% in Premium (subscription)).
  • Moat breadth: Siemens Healthineers AG has 8 moat types across 3 domains; Spotify Technology S.A. has 6 across 4.

Primary market context

Siemens Healthineers AG

Imaging

Market

Diagnostic medical imaging equipment and related software/services (MRI, CT, X-ray, molecular imaging, ultrasound)

Geography

Global

Customer

Hospitals, imaging centers, clinics, and integrated delivery networks

Role

OEM + digital platform and service provider

Revenue share

54.6%

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

Siemens Healthineers AG
Spotify Technology S.A.
Ticker / Exchange
SHL - XETRA
SPOT - New York Stock Exchange
Market cap (USD)
$50.7B
$121.5B
Gross margin (TTM)
38.6%
31.8%
Operating margin (TTM)
14.7%
11.7%
Net margin (TTM)
9.2%
8.3%
Sector
Healthcare
Communication Services
Industry
Medical - Devices
Internet Content & Information
HQ country
DE
LU
Primary segment
Imaging
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
68 / 100
65 / 100
Moat domains
Supply, Demand, Network
Network, Demand, Legal, Supply
Last update
2025-12-28
2026-01-06

Moat coverage

Shared moat types

No overlap yet.

Siemens Healthineers AG strengths

Service Field NetworkData Workflow LockinCapex Knowhow ScaleLong Term ContractsInstalled Base ConsumablesDesign In QualificationEcosystem ComplementsSwitching Costs General

Spotify Technology S.A. strengths

Data Network EffectsInteroperability HubTwo Sided NetworkBrand TrustContent Rights CurrencyScale Economies Unit Cost

Segment mix

Siemens Healthineers AG segments

Full profile >

Imaging

Oligopoly

54.6%

Diagnostics

Oligopoly

18.7%

Varian

Oligopoly

17.6%

Advanced Therapies

Oligopoly

9.1%

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.