VOL. XCIV, NO. 247

★ WIDE MOAT STOCKS COMPARISON ★

NO ADVICE

Sunday, January 11, 2026

Stock Comparison

Symrise AG vs Ulta Beauty, Inc.

Compare moat strength, market structure, and segment coverage to understand how each company defends its edge.

Symrise AG

SY1 · Xetra

Market cap (USD)$9.8B
Gross margin (TTM)40.3%
Operating margin (TTM)0.7%
Net margin (TTM)10.2%
SectorMaterials
IndustryChemicals - Specialty
CountryDE
Data as of2025-12-29
Moat score
69/ 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 Symrise AG's moat claims, evidence, and risks.

View SY1 analysis

Ulta Beauty, Inc.

ULTA · NASDAQ

Market cap (USD)$29.9B
Gross margin (TTM)39.2%
Operating margin (TTM)13.2%
Net margin (TTM)9.9%
SectorConsumer
IndustrySpecialty Retail
CountryUS
Data as of2026-01-06
Moat score
58/ 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 Ulta Beauty, Inc.'s moat claims, evidence, and risks.

View ULTA analysis

Comparison highlights

  • Moat score gap: Symrise AG leads (69 / 100 vs 58 / 100 for Ulta Beauty, Inc.).
  • Segment focus: Symrise AG has 2 segments (61.8% in Taste, Nutrition & Health); Ulta Beauty, Inc. has 3 segments (94% in Beauty Products Retail).
  • Primary market structure: Oligopoly vs Competitive. Pricing power: Moderate vs Moderate.
  • Moat breadth: Symrise AG has 5 moat types across 3 domains; Ulta Beauty, Inc. has 8 across 5.

Primary market context

Symrise AG

Taste, Nutrition & Health

Market

Food & beverage flavor ingredients and pet food ingredients

Geography

Global

Customer

B2B (food & beverage, pet food, aquafeed manufacturers)

Role

Ingredient/formulation supplier

Revenue share

61.8%

Ulta Beauty, Inc.

Beauty Products Retail

Market

U.S. beauty products retail (specialty omnichannel beauty retailer)

Geography

United States

Customer

Consumers (end-users) shopping in-store and online

Role

Specialty retailer / distributor

Revenue share

94%

Side-by-side metrics

Symrise AG
Ulta Beauty, Inc.
Ticker / Exchange
SY1 - Xetra
ULTA - NASDAQ
Market cap (USD)
$9.8B
$29.9B
Gross margin (TTM)
40.3%
39.2%
Operating margin (TTM)
0.7%
13.2%
Net margin (TTM)
10.2%
9.9%
Sector
Materials
Consumer
Industry
Chemicals - Specialty
Specialty Retail
HQ country
DE
US
Primary segment
Taste, Nutrition & Health
Beauty Products Retail
Market structure
Oligopoly
Competitive
Market share
12%-16% (implied)
8%-10% (reported)
HHI estimate
958
n/a
Pricing power
Moderate
Moderate
Moat score
69 / 100
58 / 100
Moat domains
Demand, Supply, Legal
Demand, Supply, Legal, Network, Financial
Last update
2025-12-29
2026-01-06

Moat coverage

Shared moat types

Preferential Input Access

Symrise AG strengths

Design In QualificationScope EconomiesIP Choke PointCapex Knowhow Scale

Ulta Beauty, Inc. strengths

Switching Costs GeneralPhysical Network DensityContractual ExclusivitySuite BundlingData Network EffectsTwo Sided NetworkFloat Prepayment

Segment mix

Symrise AG segments

Full profile >

Taste, Nutrition & Health

Oligopoly

61.8%

Scent & Care

Oligopoly

38.2%

Ulta Beauty, Inc. segments

Full profile >

Beauty Products Retail

Competitive

94%

Beauty Services

Competitive

4%

Platform Monetization (Retail Media, Credit Cards, Partner Royalties, Deferred Revenue)

Competitive

2%

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.