VOL. XCIV, NO. 247

★ WIDE MOAT STOCKS COMPARISON ★

NO ADVICE

Wednesday, January 7, 2026

Stock Comparison

Spotify Technology S.A. vs U.S. Bancorp

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

U.S. Bancorp

USB · New York Stock Exchange

Market cap (USD)$86.3B
Gross margin (TTM)61.1%
Operating margin (TTM)21.4%
Net margin (TTM)16.9%
SectorFinancials
IndustryBanks - Regional
CountryUS
Data as of2025-12-23
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 U.S. Bancorp's moat claims, evidence, and risks.

View USB analysis

Comparison highlights

  • Moat score gap: Spotify Technology S.A. leads (65 / 100 vs 62 / 100 for U.S. Bancorp).
  • Segment focus: Spotify Technology S.A. has 2 segments (88.2% in Premium (subscription)); U.S. Bancorp has 3 segments (42.8% in Wealth, Corporate, Commercial and Institutional Banking).
  • Primary market structure: Oligopoly vs Competitive. Pricing power: Moderate vs Moderate.
  • Moat breadth: Spotify Technology S.A. has 6 moat types across 4 domains; U.S. Bancorp has 8 across 4.

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%

U.S. Bancorp

Wealth, Corporate, Commercial and Institutional Banking

Market

U.S. corporate, commercial, institutional and wealth banking & advisory services

Geography

United States

Customer

Commercial, institutional, government and wealth clients

Role

Bank / financial intermediary

Revenue share

42.8%

Side-by-side metrics

Spotify Technology S.A.
U.S. Bancorp
Ticker / Exchange
SPOT - New York Stock Exchange
USB - New York Stock Exchange
Market cap (USD)
$121.5B
$86.3B
Gross margin (TTM)
31.8%
61.1%
Operating margin (TTM)
11.7%
21.4%
Net margin (TTM)
8.3%
16.9%
Sector
Communication Services
Financials
Industry
Internet Content & Information
Banks - Regional
HQ country
LU
US
Primary segment
Premium (subscription)
Wealth, Corporate, Commercial and Institutional Banking
Market structure
Oligopoly
Competitive
Market share
31%-33% (reported)
n/a
HHI estimate
n/a
n/a
Pricing power
Moderate
Moderate
Moat score
65 / 100
62 / 100
Moat domains
Network, Demand, Legal, Supply
Demand, Supply, Legal, Financial
Last update
2026-01-06
2025-12-23

Moat coverage

Shared moat types

Scale Economies Unit Cost

Spotify Technology S.A. strengths

Data Network EffectsInteroperability HubTwo Sided NetworkBrand TrustContent Rights Currency

U.S. Bancorp strengths

Data Workflow LockinScope EconomiesCompliance AdvantagePhysical Network DensityHabit DefaultCost Of Capital AdvantageSuite Bundling

Segment mix

Spotify Technology S.A. segments

Full profile >

Premium (subscription)

Oligopoly

88.2%

Ad-Supported (advertising)

Competitive

11.8%

U.S. Bancorp segments

Full profile >

Wealth, Corporate, Commercial and Institutional Banking

Competitive

42.8%

Consumer and Business Banking

Oligopoly

32.5%

Payment Services

Oligopoly

24.7%

Want the full wide moat stocks list?

Browse the full ranking of wide moat stocks, updated with moat scores and segment context.

View the moat stocks list

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.