VOL. XCIV, NO. 247

★ WIDE MOAT STOCKS COMPARISON ★

NO ADVICE

Thursday, January 8, 2026

Stock Comparison

Spotify Technology S.A. vs Constellation Brands, Inc.

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

Constellation Brands, Inc.

STZ · New York Stock Exchange

Market cap (USD)$25B
Gross margin (TTM)51.4%
Operating margin (TTM)34.6%
Net margin (TTM)12.7%
SectorConsumer
IndustryBeverages - Wineries & Distilleries
CountryUS
Data as of2025-12-23
Moat score
76/ 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 Constellation Brands, Inc.'s moat claims, evidence, and risks.

View STZ analysis

Comparison highlights

  • Moat score gap: Constellation Brands, Inc. leads (76 / 100 vs 65 / 100 for Spotify Technology S.A.).
  • Segment focus: Spotify Technology S.A. has 2 segments (88.2% in Premium (subscription)); Constellation Brands, Inc. has 2 segments (83.7% in Beer).
  • Primary market structure: Oligopoly vs Oligopoly. Pricing power: Moderate vs Strong.
  • Moat breadth: Spotify Technology S.A. has 6 moat types across 4 domains; Constellation Brands, Inc. has 4 across 3.

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%

Constellation Brands, Inc.

Beer

Market

U.S. high-end beer (imported beer + above-premium American beer)

Geography

United States

Customer

Beer wholesalers/distributors; retailers; on-premise

Role

Importer/producer; marketer; supplier to distributors

Revenue share

83.7%

Side-by-side metrics

Spotify Technology S.A.
Constellation Brands, Inc.
Ticker / Exchange
SPOT - New York Stock Exchange
STZ - New York Stock Exchange
Market cap (USD)
$121.5B
$25B
Gross margin (TTM)
31.8%
51.4%
Operating margin (TTM)
11.7%
34.6%
Net margin (TTM)
8.3%
12.7%
Sector
Communication Services
Consumer
Industry
Internet Content & Information
Beverages - Wineries & Distilleries
HQ country
LU
US
Primary segment
Premium (subscription)
Beer
Market structure
Oligopoly
Oligopoly
Market share
31%-33% (reported)
n/a
HHI estimate
n/a
n/a
Pricing power
Moderate
Strong
Moat score
65 / 100
76 / 100
Moat domains
Network, Demand, Legal, Supply
Legal, Demand, Supply
Last update
2026-01-06
2025-12-23

Moat coverage

Shared moat types

Brand Trust

Spotify Technology S.A. strengths

Data Network EffectsInteroperability HubTwo Sided NetworkContent Rights CurrencyScale Economies Unit Cost

Constellation Brands, Inc. strengths

Contractual ExclusivityDistribution ControlCapacity Moat

Segment mix

Spotify Technology S.A. segments

Full profile >

Premium (subscription)

Oligopoly

88.2%

Ad-Supported (advertising)

Competitive

11.8%

Constellation Brands, Inc. segments

Full profile >

Beer

Oligopoly

83.7%

Wine and Spirits

Competitive

16.4%

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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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.