VOL. XCIV, NO. 247

★ WIDE MOAT STOCKS COMPARISON ★

NO ADVICE

Thursday, January 8, 2026

Stock Comparison

Spotify Technology S.A. vs Zimmer Biomet Holdings, 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

Zimmer Biomet Holdings, Inc.

ZBH · New York Stock Exchange

Market cap (USD)$18.4B
Gross margin (TTM)71.4%
Operating margin (TTM)16.6%
Net margin (TTM)10.1%
SectorHealthcare
IndustryMedical - Devices
CountryUS
Data as of2025-12-23
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 Zimmer Biomet Holdings, Inc.'s moat claims, evidence, and risks.

View ZBH analysis

Comparison highlights

  • Moat score gap: Zimmer Biomet Holdings, 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)); Zimmer Biomet Holdings, Inc. has 4 segments (41.3% in Knees).
  • Moat breadth: Spotify Technology S.A. has 6 moat types across 4 domains; Zimmer Biomet Holdings, Inc. has 7 across 5.

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%

Zimmer Biomet Holdings, Inc.

Knees

Market

Knee reconstruction implants (primary, partial, revision) plus associated instruments and orthopedic robotics/navigation

Geography

Global

Customer

Hospitals and ambulatory surgery centers

Role

OEM manufacturer

Revenue share

41.3%

Side-by-side metrics

Spotify Technology S.A.
Zimmer Biomet Holdings, Inc.
Ticker / Exchange
SPOT - New York Stock Exchange
ZBH - New York Stock Exchange
Market cap (USD)
$121.5B
$18.4B
Gross margin (TTM)
31.8%
71.4%
Operating margin (TTM)
11.7%
16.6%
Net margin (TTM)
8.3%
10.1%
Sector
Communication Services
Healthcare
Industry
Internet Content & Information
Medical - Devices
HQ country
LU
US
Primary segment
Premium (subscription)
Knees
Market structure
Oligopoly
Oligopoly
Market share
31%-33% (reported)
30.1% (reported)
HHI estimate
n/a
2,265
Pricing power
Moderate
Moderate
Moat score
65 / 100
72 / 100
Moat domains
Network, Demand, Legal, Supply
Demand, Supply, Legal, Financial, Network
Last update
2026-01-06
2025-12-23

Moat coverage

Shared moat types

No overlap yet.

Spotify Technology S.A. strengths

Data Network EffectsInteroperability HubTwo Sided NetworkBrand TrustContent Rights CurrencyScale Economies Unit Cost

Zimmer Biomet Holdings, Inc. strengths

Design In QualificationService Field NetworkRegulated Standards PipeBenchmark Pricing PowerScope EconomiesEcosystem ComplementsData Workflow Lockin

Segment mix

Spotify Technology S.A. segments

Full profile >

Premium (subscription)

Oligopoly

88.2%

Ad-Supported (advertising)

Competitive

11.8%

Zimmer Biomet Holdings, Inc. segments

Full profile >

Knees

Oligopoly

41.3%

Hips

Oligopoly

26%

S.E.T. (Sports Medicine, Extremities, Trauma, CMFT)

Competitive

24.3%

Technology & Data, Bone Cement and Surgical

Oligopoly

8.3%

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.