VOL. XCIV, NO. 247

★ WIDE MOAT STOCKS COMPARISON ★

NO ADVICE

Saturday, January 10, 2026

Stock Comparison

Thomson Reuters Corporation vs Ulta Beauty, Inc.

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

Thomson Reuters Corporation

TRI · Toronto Stock Exchange

Market cap (USD)$81B
Gross margin (TTM)88.6%
Operating margin (TTM)33.9%
Net margin (TTM)23.8%
SectorIndustrials
IndustrySpecialty Business Services
CountryCA
Data as of2025-12-30
Moat score
84/ 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 Thomson Reuters Corporation's moat claims, evidence, and risks.

View TRI 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: Thomson Reuters Corporation leads (84 / 100 vs 58 / 100 for Ulta Beauty, Inc.).
  • Segment focus: Thomson Reuters Corporation has 5 segments (40.1% in Legal Professionals); Ulta Beauty, Inc. has 3 segments (94% in Beauty Products Retail).
  • Primary market structure: Duopoly vs Competitive. Pricing power: Strong vs Moderate.
  • Moat breadth: Thomson Reuters Corporation has 4 moat types across 3 domains; Ulta Beauty, Inc. has 8 across 5.

Primary market context

Thomson Reuters Corporation

Legal Professionals

Market

Legal research and legal workflow software

Geography

Global

Customer

Law firms, corporate legal departments, and governments

Role

Subscription software + proprietary legal content

Revenue share

40.1%

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

Thomson Reuters Corporation
Ulta Beauty, Inc.
Ticker / Exchange
TRI - Toronto Stock Exchange
ULTA - NASDAQ
Market cap (USD)
$81B
$29.9B
Gross margin (TTM)
88.6%
39.2%
Operating margin (TTM)
33.9%
13.2%
Net margin (TTM)
23.8%
9.9%
Sector
Industrials
Consumer
Industry
Specialty Business Services
Specialty Retail
HQ country
CA
US
Primary segment
Legal Professionals
Beauty Products Retail
Market structure
Duopoly
Competitive
Market share
n/a
8%-10% (reported)
HHI estimate
n/a
n/a
Pricing power
Strong
Moderate
Moat score
84 / 100
58 / 100
Moat domains
Demand, Legal, Supply
Demand, Supply, Legal, Network, Financial
Last update
2025-12-30
2026-01-06

Moat coverage

Shared moat types

No overlap yet.

Thomson Reuters Corporation strengths

Data Workflow LockinRegulated Standards PipeBrand TrustScale Economies Unit Cost

Ulta Beauty, Inc. strengths

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

Segment mix

Thomson Reuters Corporation segments

Full profile >

Legal Professionals

Duopoly

40.1%

Corporates

Oligopoly

25.3%

Tax & Accounting Professionals

Oligopoly

16%

Reuters News

Oligopoly

11.4%

Global Print

Competitive

7.1%

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.