VOL. XCIV, NO. 247

★ WIDE MOAT STOCKS COMPARISON ★

NO ADVICE

Saturday, January 10, 2026

Stock Comparison

Texas Roadhouse, Inc. vs Ulta Beauty, Inc.

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

Texas Roadhouse, Inc.

TXRH · NASDAQ Global Select Market

Market cap (USD)$12.2B
Gross margin (TTM)16.7%
Operating margin (TTM)8.9%
Net margin (TTM)7.5%
SectorConsumer
IndustryRestaurants
CountryUS
Data as of2026-01-06
Moat score
66/ 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 Texas Roadhouse, Inc.'s moat claims, evidence, and risks.

View TXRH 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: Texas Roadhouse, Inc. leads (66 / 100 vs 58 / 100 for Ulta Beauty, Inc.).
  • Segment focus: Texas Roadhouse, Inc. has 3 segments (93.8% in Texas Roadhouse); Ulta Beauty, Inc. has 3 segments (94% in Beauty Products Retail).
  • Moat breadth: Texas Roadhouse, Inc. has 4 moat types across 3 domains; Ulta Beauty, Inc. has 8 across 5.

Primary market context

Texas Roadhouse, Inc.

Texas Roadhouse

Market

Casual dining steakhouse restaurants

Geography

United States (plus international via franchise)

Customer

Consumers

Role

Restaurant operator & franchisor

Revenue share

93.8%

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

Texas Roadhouse, Inc.
Ulta Beauty, Inc.
Ticker / Exchange
TXRH - NASDAQ Global Select Market
ULTA - NASDAQ
Market cap (USD)
$12.2B
$29.9B
Gross margin (TTM)
16.7%
39.2%
Operating margin (TTM)
8.9%
13.2%
Net margin (TTM)
7.5%
9.9%
Sector
Consumer
Consumer
Industry
Restaurants
Specialty Retail
HQ country
US
US
Primary segment
Texas Roadhouse
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
66 / 100
58 / 100
Moat domains
Demand, Supply, Legal
Demand, Supply, Legal, Network, Financial
Last update
2026-01-06
2026-01-06

Moat coverage

Shared moat types

No overlap yet.

Texas Roadhouse, Inc. strengths

Brand TrustOperational ExcellenceHabit DefaultIP Choke Point

Ulta Beauty, Inc. strengths

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

Segment mix

Texas Roadhouse, Inc. segments

Full profile >

Texas Roadhouse

Competitive

93.8%

Bubba's 33

Competitive

5.6%

Other (Jaggers + retail initiatives)

Competitive

0.6%

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?

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.