VOL. XCIV, NO. 247

★ WIDE MOAT STOCKS COMPARISON ★

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Wednesday, January 7, 2026

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Stock Comparison

Spotify Technology S.A. vs United Parcel Service, 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

United Parcel Service, Inc.

UPS · New York Stock Exchange

Market cap (USD)$86.5B
Gross margin (TTM)18.1%
Operating margin (TTM)9.3%
Net margin (TTM)6.2%
SectorIndustrials
IndustryIntegrated Freight & Logistics
CountryUS
Data as of2025-12-22
Moat score
72/ 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 United Parcel Service, Inc.'s moat claims, evidence, and risks.

View UPS analysis

Comparison highlights

  • Moat score gap: United Parcel Service, Inc. leads (72 / 100 vs 65 / 100 for Spotify Technology S.A.).
  • Segment focus: Spotify Technology S.A. has 2 segments (88.2% in Premium (subscription)); United Parcel Service, Inc. has 3 segments (66.3% in U.S. Domestic Package).
  • Moat breadth: Spotify Technology S.A. has 6 moat types across 4 domains; United Parcel Service, Inc. has 8 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%

United Parcel Service, Inc.

U.S. Domestic Package

Market

U.S. small parcel and time-definite package delivery

Geography

United States

Customer

B2B and B2C shippers (including e-commerce)

Role

Integrated parcel carrier (pickup, sort, linehaul, last-mile)

Revenue share

66.3%

Side-by-side metrics

Spotify Technology S.A.
United Parcel Service, Inc.
Ticker / Exchange
SPOT - New York Stock Exchange
UPS - New York Stock Exchange
Market cap (USD)
$121.5B
$86.5B
Gross margin (TTM)
31.8%
18.1%
Operating margin (TTM)
11.7%
9.3%
Net margin (TTM)
8.3%
6.2%
Sector
Communication Services
Industrials
Industry
Internet Content & Information
Integrated Freight & Logistics
HQ country
LU
US
Primary segment
Premium (subscription)
U.S. Domestic Package
Market structure
Oligopoly
Oligopoly
Market share
31%-33% (reported)
34.3% (reported)
HHI estimate
n/a
2,639
Pricing power
Moderate
Moderate
Moat score
65 / 100
72 / 100
Moat domains
Network, Demand, Legal, Supply
Supply, Financial, Demand
Last update
2026-01-06
2025-12-22

Moat coverage

Shared moat types

Brand TrustScale Economies Unit Cost

Spotify Technology S.A. strengths

Data Network EffectsInteroperability HubTwo Sided NetworkContent Rights Currency

United Parcel Service, Inc. strengths

Physical Network DensityBenchmark Pricing PowerData Workflow LockinService Field NetworkOperational ExcellenceScope Economies

Segment mix

Spotify Technology S.A. segments

Full profile >

Premium (subscription)

Oligopoly

88.2%

Ad-Supported (advertising)

Competitive

11.8%

United Parcel Service, Inc. segments

Full profile >

U.S. Domestic Package

Oligopoly

66.3%

International Package

Oligopoly

19.7%

Supply Chain Solutions

Competitive

14%

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.

View expansion-stage stocks

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.