VOL. XCIV, NO. 247

★ WIDE MOAT STOCKS COMPARISON ★

NO ADVICE

Stock Comparison

Shopify Inc. vs Veeva Systems Inc.

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

Shopify Inc.

SHOP · Nasdaq Global Select Market

Market cap (USD)$163.7B
Gross margin (TTM)48.1%
Operating margin (TTM)12.7%
Net margin (TTM)10.7%
SectorTechnology
IndustrySoftware - Application
CountryCA
Data as of2026-04-25
Moat score
73/ 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 Shopify Inc.'s moat claims, evidence, and risks.

View SHOP analysis

Veeva Systems Inc.

VEEV · New York Stock Exchange

Market cap (USD)$25.7B
Gross margin (TTM)75.5%
Operating margin (TTM)28.7%
Net margin (TTM)28.4%
SectorTechnology
IndustryMedical - Healthcare Information Services
CountryUS
Data as of2025-12-29
Moat score
82/ 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 Veeva Systems Inc.'s moat claims, evidence, and risks.

View VEEV analysis

Comparison highlights

  • Moat score gap: Veeva Systems Inc. leads (82 / 100 vs 73 / 100 for Shopify Inc.).
  • Segment focus: Shopify Inc. has 2 segments (76.2% in Merchant Solutions); Veeva Systems Inc. has 2 segments (53% in R&D Solutions).
  • Primary market structure: Competitive vs Competitive. Pricing power: Moderate vs Strong.
  • Moat breadth: Shopify Inc. has 7 moat types across 3 domains; Veeva Systems Inc. has 4 across 3.

Primary market context

Shopify Inc.

Merchant Solutions

Market

Integrated merchant payments, checkout, lending, shipping, POS hardware, partner referrals, ads and buyer-acquisition services for Shopify merchants

Geography

Global, with Shopify Payments and related solutions available across selected countries

Customer

Shopify merchants, Shopify Plus merchants, retail operators and buyers using Shop Pay or Shop App

Role

Embedded payments, checkout, fintech, fulfillment-adjacent and commerce-services layer attached to Shopify storefronts

Revenue share

76.2%

Veeva Systems Inc.

R&D Solutions

Market

Life sciences R&D, clinical, regulatory, safety, and quality cloud applications (Vault platform-based suites)

Geography

Global

Customer

Life sciences companies plus CROs and related regulated organizations

Role

Vertical SaaS platform owner

Revenue share

53%

Side-by-side metrics

Shopify Inc.
Veeva Systems Inc.
Ticker / Exchange
SHOP - Nasdaq Global Select Market
VEEV - New York Stock Exchange
Market cap (USD)
$163.7B
$25.7B
Gross margin (TTM)
48.1%
75.5%
Operating margin (TTM)
12.7%
28.7%
Net margin (TTM)
10.7%
28.4%
Sector
Technology
Technology
Industry
Software - Application
Medical - Healthcare Information Services
HQ country
CA
US
Primary segment
Merchant Solutions
R&D Solutions
Market structure
Competitive
Competitive
Market share
65.6% (reported)
n/a
HHI estimate
n/a
n/a
Pricing power
Moderate
Strong
Moat score
73 / 100
82 / 100
Moat domains
Network, Demand, Supply
Demand, Legal, Network
Last update
2026-04-25
2025-12-29

Moat coverage

Shared moat types

Ecosystem ComplementsData Workflow LockinSuite Bundling

Shopify Inc. strengths

Brand TrustKeystone ComponentHabit DefaultScale Economies Unit Cost

Veeva Systems Inc. strengths

Compliance Advantage

Segment mix

Shopify Inc. segments

Full profile >

Subscription Solutions

Competitive

23.8%

Merchant Solutions

Competitive

76.2%

Veeva Systems Inc. segments

Full profile >

Commercial Solutions

Oligopoly

47%

R&D Solutions

Competitive

53%

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.