VOL. XCIV, NO. 247

★ WIDE MOAT STOCKS COMPARISON ★

NO ADVICE

Sunday, January 11, 2026

Stock Comparison

Teradyne, Inc. vs Ulta Beauty, Inc.

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

Teradyne, Inc.

TER · Nasdaq Stock Market

Market cap (USD)$34.9B
Gross margin (TTM)58.9%
Operating margin (TTM)17.9%
Net margin (TTM)15.5%
SectorTechnology
IndustrySemiconductors
CountryUS
Data as of2025-12-23
Moat score
79/ 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 Teradyne, Inc.'s moat claims, evidence, and risks.

View TER 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: Teradyne, Inc. leads (79 / 100 vs 58 / 100 for Ulta Beauty, Inc.).
  • Segment focus: Teradyne, Inc. has 3 segments (77.9% in Semiconductor Test); Ulta Beauty, Inc. has 3 segments (94% in Beauty Products Retail).
  • Primary market structure: Duopoly vs Competitive. Pricing power: Moderate vs Moderate.
  • Moat breadth: Teradyne, Inc. has 6 moat types across 3 domains; Ulta Beauty, Inc. has 8 across 5.

Primary market context

Teradyne, Inc.

Semiconductor Test

Market

Semiconductor automated test equipment (ATE) and system-level test (SLT)

Geography

Global

Customer

IDMs, foundries, fabless, OSATs

Role

Capital equipment supplier

Revenue share

77.9%

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

Teradyne, Inc.
Ulta Beauty, Inc.
Ticker / Exchange
TER - Nasdaq Stock Market
ULTA - NASDAQ
Market cap (USD)
$34.9B
$29.9B
Gross margin (TTM)
58.9%
39.2%
Operating margin (TTM)
17.9%
13.2%
Net margin (TTM)
15.5%
9.9%
Sector
Technology
Consumer
Industry
Semiconductors
Specialty Retail
HQ country
US
US
Primary segment
Semiconductor Test
Beauty Products Retail
Market structure
Duopoly
Competitive
Market share
27%-30% (implied)
8%-10% (reported)
HHI estimate
3,565
n/a
Pricing power
Moderate
Moderate
Moat score
79 / 100
58 / 100
Moat domains
Demand, Supply, Network
Demand, Supply, Legal, Network, Financial
Last update
2025-12-23
2026-01-06

Moat coverage

Shared moat types

Switching Costs General

Teradyne, Inc. strengths

Format Lock InCapex Knowhow ScaleDesign In QualificationEcosystem ComplementsBrand Trust

Ulta Beauty, Inc. strengths

Physical Network DensityContractual ExclusivityPreferential Input AccessSuite BundlingData Network EffectsTwo Sided NetworkFloat Prepayment

Segment mix

Teradyne, Inc. segments

Full profile >

Semiconductor Test

Duopoly

77.9%

Product Test

Competitive

11.7%

Robotics

Competitive

10.4%

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?

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.