VOL. XCIV, NO. 247

★ WIDE MOAT STOCKS COMPARISON ★

NO ADVICE

Thursday, January 8, 2026

Stock Comparison

Spotify Technology S.A. vs Spirax Group plc

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

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

Spirax Group plc

SPX · London Stock Exchange

Market cap (USD)$5B
Gross margin (TTM)19.6%
Operating margin (TTM)17.2%
Net margin (TTM)10.7%
SectorIndustrials
IndustryIndustrial - Machinery
CountryGB
Data as of2025-12-28
Moat score
71/ 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 Spirax Group plc's moat claims, evidence, and risks.

View SPX analysis

Comparison highlights

  • Moat score gap: Spirax Group plc leads (71 / 100 vs 65 / 100 for Spotify Technology S.A.).
  • Segment focus: Spotify Technology S.A. has 2 segments (88.2% in Premium (subscription)); Spirax Group plc has 3 segments (52.1% in Steam Thermal Solutions).
  • Moat breadth: Spotify Technology S.A. has 6 moat types across 4 domains; Spirax Group plc has 6 across 2.

Primary market context

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%

Spirax Group plc

Steam Thermal Solutions

Market

Industrial and commercial steam systems (condensate management, controls, thermal energy management products and solutions)

Geography

Global

Customer

Industrial process operators and commercial facility operators

Role

OEM / solutions provider

Revenue share

52.1%

Side-by-side metrics

Spotify Technology S.A.
Spirax Group plc
Ticker / Exchange
SPOT - New York Stock Exchange
SPX - London Stock Exchange
Market cap (USD)
$121.5B
$5B
Gross margin (TTM)
31.8%
19.6%
Operating margin (TTM)
11.7%
17.2%
Net margin (TTM)
8.3%
10.7%
Sector
Communication Services
Industrials
Industry
Internet Content & Information
Industrial - Machinery
HQ country
LU
GB
Primary segment
Premium (subscription)
Steam Thermal Solutions
Market structure
Oligopoly
Oligopoly
Market share
31%-33% (reported)
n/a
HHI estimate
n/a
n/a
Pricing power
Moderate
Moderate
Moat score
65 / 100
71 / 100
Moat domains
Network, Demand, Legal, Supply
Supply, Demand
Last update
2026-01-06
2025-12-28

Moat coverage

Shared moat types

Brand Trust

Spotify Technology S.A. strengths

Data Network EffectsInteroperability HubTwo Sided NetworkContent Rights CurrencyScale Economies Unit Cost

Spirax Group plc strengths

Service Field NetworkInstalled Base ConsumablesCapex Knowhow ScaleDesign In QualificationSuite Bundling

Segment mix

Spotify Technology S.A. segments

Full profile >

Premium (subscription)

Oligopoly

88.2%

Ad-Supported (advertising)

Competitive

11.8%

Spirax Group plc segments

Full profile >

Steam Thermal Solutions

Oligopoly

52.1%

Electric Thermal Solutions

Competitive

24.3%

Watson-Marlow Fluid Technology Solutions

Oligopoly

23.6%

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.