VOL. XCIV, NO. 247

★ WIDE MOAT STOCKS COMPARISON ★

NO ADVICE

Thursday, January 8, 2026

Stock Comparison

Spotify Technology S.A. vs Tyler Technologies, 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

Tyler Technologies, Inc.

TYL · New York Stock Exchange

Market cap (USD)$19B
Gross margin (TTM)44.2%
Operating margin (TTM)15.4%
Net margin (TTM)13.7%
SectorTechnology
IndustrySoftware - Application
CountryUS
Data as of2025-12-26
Moat score
66/ 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 Tyler Technologies, Inc.'s moat claims, evidence, and risks.

View TYL analysis

Comparison highlights

  • Moat score gap: Tyler Technologies, Inc. leads (66 / 100 vs 65 / 100 for Spotify Technology S.A.).
  • Segment focus: Spotify Technology S.A. has 2 segments (88.2% in Premium (subscription)); Tyler Technologies, Inc. has 2 segments (70.7% in Enterprise Software).
  • Primary market structure: Oligopoly vs Competitive. Pricing power: Moderate vs Moderate.
  • Moat breadth: Spotify Technology S.A. has 6 moat types across 4 domains; Tyler Technologies, Inc. has 7 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%

Tyler Technologies, Inc.

Enterprise Software

Market

Public sector enterprise application software for mission-critical back-office functions (ERP/public administration, courts & justice, public safety, education, property & recording)

Geography

Primarily United States; also Canada and other international locations

Customer

Government agencies and other public entities (state/local/federal), school districts

Role

Vertical software vendor + implementation/services

Revenue share

70.7%

Side-by-side metrics

Spotify Technology S.A.
Tyler Technologies, Inc.
Ticker / Exchange
SPOT - New York Stock Exchange
TYL - New York Stock Exchange
Market cap (USD)
$121.5B
$19B
Gross margin (TTM)
31.8%
44.2%
Operating margin (TTM)
11.7%
15.4%
Net margin (TTM)
8.3%
13.7%
Sector
Communication Services
Technology
Industry
Internet Content & Information
Software - Application
HQ country
LU
US
Primary segment
Premium (subscription)
Enterprise Software
Market structure
Oligopoly
Competitive
Market share
31%-33% (reported)
5%-7% (reported)
HHI estimate
n/a
n/a
Pricing power
Moderate
Moderate
Moat score
65 / 100
66 / 100
Moat domains
Network, Demand, Legal, Supply
Demand, Supply
Last update
2026-01-06
2025-12-26

Moat coverage

Shared moat types

Brand TrustScale Economies Unit Cost

Spotify Technology S.A. strengths

Data Network EffectsInteroperability HubTwo Sided NetworkContent Rights Currency

Tyler Technologies, Inc. strengths

Training Org Change CostsProcurement InertiaSuite BundlingLong Term ContractsData Workflow Lockin

Segment mix

Spotify Technology S.A. segments

Full profile >

Premium (subscription)

Oligopoly

88.2%

Ad-Supported (advertising)

Competitive

11.8%

Tyler Technologies, Inc. segments

Full profile >

Enterprise Software

Competitive

70.7%

Platform Technologies

Competitive

29%

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.