VOL. XCIV, NO. 247

★ WIDE MOAT STOCKS COMPARISON ★

NO ADVICE

Wednesday, January 7, 2026

Stock Comparison

Spotify Technology S.A. vs The Trade Desk, 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

The Trade Desk, Inc.

TTD · NASDAQ

Market cap (USD)$19.7B
Gross margin (TTM)78.8%
Operating margin (TTM)18.9%
Net margin (TTM)15.7%
SectorCommunication Services
IndustrySoftware - Application
CountryUS
Data as of2025-12-26
Moat score
62/ 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 The Trade Desk, Inc.'s moat claims, evidence, and risks.

View TTD analysis

Comparison highlights

  • Moat score gap: Spotify Technology S.A. leads (65 / 100 vs 62 / 100 for The Trade Desk, Inc.).
  • Segment focus: Spotify Technology S.A. has 2 segments (88.2% in Premium (subscription)); The Trade Desk, Inc. has 1 segment (100% in Advertising Technology Platform (DSP)).
  • Primary market structure: Oligopoly vs Competitive. Pricing power: Moderate vs Moderate.
  • Moat breadth: Spotify Technology S.A. has 6 moat types across 4 domains; The Trade Desk, Inc. has 4 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%

The Trade Desk, Inc.

Advertising Technology Platform (DSP)

Market

Demand-side platforms (DSP) for programmatic advertising (open internet)

Geography

Global

Customer

Advertising agencies and advertisers

Role

Buy-side platform / demand aggregation

Revenue share

100%

Side-by-side metrics

Spotify Technology S.A.
The Trade Desk, Inc.
Ticker / Exchange
SPOT - New York Stock Exchange
TTD - NASDAQ
Market cap (USD)
$121.5B
$19.7B
Gross margin (TTM)
31.8%
78.8%
Operating margin (TTM)
11.7%
18.9%
Net margin (TTM)
8.3%
15.7%
Sector
Communication Services
Communication Services
Industry
Internet Content & Information
Software - Application
HQ country
LU
US
Primary segment
Premium (subscription)
Advertising Technology Platform (DSP)
Market structure
Oligopoly
Competitive
Market share
31%-33% (reported)
6%-10% (implied)
HHI estimate
n/a
n/a
Pricing power
Moderate
Moderate
Moat score
65 / 100
62 / 100
Moat domains
Network, Demand, Legal, Supply
Network, Demand
Last update
2026-01-06
2025-12-26

Moat coverage

Shared moat types

Data Network EffectsInteroperability Hub

Spotify Technology S.A. strengths

Two Sided NetworkBrand TrustContent Rights CurrencyScale Economies Unit Cost

The Trade Desk, Inc. strengths

Switching Costs GeneralStandards Registry

Segment mix

Spotify Technology S.A. segments

Full profile >

Premium (subscription)

Oligopoly

88.2%

Ad-Supported (advertising)

Competitive

11.8%

The Trade Desk, Inc. segments

Full profile >

Advertising Technology Platform (DSP)

Competitive

100%

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.