VOL. XCIV, NO. 247

★ WIDE MOAT STOCKS COMPARISON ★

NO ADVICE

Thursday, January 8, 2026

Stock Comparison

S&P Global Inc. vs Spotify Technology S.A.

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

S&P Global Inc.

SPGI · New York Stock Exchange

Market cap (USD)$161.4B
Gross margin (TTM)70%
Operating margin (TTM)40.7%
Net margin (TTM)27.5%
SectorFinancials
IndustryFinancial - Data & Stock Exchanges
CountryUS
Data as of2025-12-21
Moat score
77/ 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 S&P Global Inc.'s moat claims, evidence, and risks.

View SPGI 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: S&P Global Inc. leads (77 / 100 vs 65 / 100 for Spotify Technology S.A.).
  • Segment focus: S&P Global Inc. has 5 segments (32.6% in S&P Global Market Intelligence); Spotify Technology S.A. has 2 segments (88.2% in Premium (subscription)).
  • Moat breadth: S&P Global Inc. has 9 moat types across 5 domains; Spotify Technology S.A. has 6 across 4.

Primary market context

S&P Global Inc.

S&P Global Market Intelligence

Market

Financial market data, analytics, and workflow tools for institutions

Geography

Global

Customer

B2B (institutional investors, banks, insurers, corporates)

Role

Data/analytics and workflow software provider

Revenue share

32.6%

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

S&P Global Inc.
Spotify Technology S.A.
Ticker / Exchange
SPGI - New York Stock Exchange
SPOT - New York Stock Exchange
Market cap (USD)
$161.4B
$121.5B
Gross margin (TTM)
70%
31.8%
Operating margin (TTM)
40.7%
11.7%
Net margin (TTM)
27.5%
8.3%
Sector
Financials
Communication Services
Industry
Financial - Data & Stock Exchanges
Internet Content & Information
HQ country
US
LU
Primary segment
S&P Global Market Intelligence
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
77 / 100
65 / 100
Moat domains
Demand, Supply, Legal, Network, Financial
Network, Demand, Legal, Supply
Last update
2025-12-21
2026-01-06

Moat coverage

Shared moat types

Brand Trust

S&P Global Inc. strengths

Data Workflow LockinScope EconomiesRegulated Standards PipeDe Facto StandardCompliance AdvantageSwitching Costs GeneralEcosystem ComplementsBenchmark Pricing Power

Spotify Technology S.A. strengths

Data Network EffectsInteroperability HubTwo Sided NetworkContent Rights CurrencyScale Economies Unit Cost

Segment mix

S&P Global Inc. segments

Full profile >

S&P Global Market Intelligence

Oligopoly

32.6%

S&P Global Ratings

Oligopoly

29.6%

S&P Global Commodity Insights

Oligopoly

15.1%

S&P Global Mobility

Competitive

11.3%

S&P Dow Jones Indices

Oligopoly

11.4%

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.

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Looking for expansion-stage stocks?

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.