VOL. XCIV, NO. 247

★ WIDE MOAT STOCKS COMPARISON ★

NO ADVICE

Saturday, January 10, 2026

Stock Comparison

Thermo Fisher Scientific Inc. vs Ulta Beauty, Inc.

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

Thermo Fisher Scientific Inc.

TMO · New York Stock Exchange

Market cap (USD)$234.6B
Gross margin (TTM)39.8%
Operating margin (TTM)18.2%
Net margin (TTM)15%
SectorHealthcare
IndustryMedical - Diagnostics & Research
CountryUS
Data as of2025-12-22
Moat score
64/ 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 Thermo Fisher Scientific Inc.'s moat claims, evidence, and risks.

View TMO 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: Thermo Fisher Scientific Inc. leads (64 / 100 vs 58 / 100 for Ulta Beauty, Inc.).
  • Segment focus: Thermo Fisher Scientific Inc. has 4 segments (53.6% in Laboratory Products and Biopharma Services); Ulta Beauty, Inc. has 3 segments (94% in Beauty Products Retail).
  • Moat breadth: Thermo Fisher Scientific Inc. has 8 moat types across 3 domains; Ulta Beauty, Inc. has 8 across 5.

Primary market context

Thermo Fisher Scientific Inc.

Laboratory Products and Biopharma Services

Market

Laboratory supplies distribution/market channel plus outsourced biopharma services (CDMO/CRO)

Geography

Global

Customer

Pharma & biotech; academic/government labs; industrial and clinical laboratories

Role

Distributor/market channel and outsourced services provider

Revenue share

53.6%

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

Thermo Fisher Scientific Inc.
Ulta Beauty, Inc.
Ticker / Exchange
TMO - New York Stock Exchange
ULTA - NASDAQ
Market cap (USD)
$234.6B
$29.9B
Gross margin (TTM)
39.8%
39.2%
Operating margin (TTM)
18.2%
13.2%
Net margin (TTM)
15%
9.9%
Sector
Healthcare
Consumer
Industry
Medical - Diagnostics & Research
Specialty Retail
HQ country
US
US
Primary segment
Laboratory Products and Biopharma Services
Beauty Products Retail
Market structure
Competitive
Competitive
Market share
n/a
8%-10% (reported)
HHI estimate
n/a
n/a
Pricing power
Moderate
Moderate
Moat score
64 / 100
58 / 100
Moat domains
Demand, Supply, Legal
Demand, Supply, Legal, Network, Financial
Last update
2025-12-22
2026-01-06

Moat coverage

Shared moat types

No overlap yet.

Thermo Fisher Scientific Inc. strengths

Installed Base ConsumablesFormat Lock InBrand TrustService Field NetworkRegulated Standards PipeDistribution ControlProcurement InertiaCapacity Moat

Ulta Beauty, Inc. strengths

Switching Costs GeneralPhysical Network DensityContractual ExclusivityPreferential Input AccessSuite BundlingData Network EffectsTwo Sided NetworkFloat Prepayment

Segment mix

Thermo Fisher Scientific Inc. segments

Full profile >

Life Sciences Solutions

Oligopoly

19%

Analytical Instruments

Oligopoly

17%

Specialty Diagnostics

Oligopoly

10.4%

Laboratory Products and Biopharma Services

Competitive

53.6%

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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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.