VOL. XCIV, NO. 247

★ WIDE MOAT STOCKS COMPARISON ★

NO ADVICE

Saturday, January 10, 2026

Stock Comparison

Tyler Technologies, Inc. vs Ulta Beauty, Inc.

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

Tyler Technologies, Inc.

TYL · New York Stock Exchange

Market cap (USD)$19.3B
Gross margin (TTM)44.2%
Operating margin (TTM)15.4%
Net margin (TTM)13.7%
SectorTechnology
IndustrySoftware - Application
CountryUS
Data as of2025-12-26
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 Tyler Technologies, Inc.'s moat claims, evidence, and risks.

View TYL 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: Tyler Technologies, Inc. leads (66 / 100 vs 58 / 100 for Ulta Beauty, Inc.).
  • Segment focus: Tyler Technologies, Inc. has 2 segments (70.7% in Enterprise Software); Ulta Beauty, Inc. has 3 segments (94% in Beauty Products Retail).
  • Moat breadth: Tyler Technologies, Inc. has 7 moat types across 2 domains; Ulta Beauty, Inc. has 8 across 5.

Primary market context

Tyler Technologies, Inc.

Enterprise Software

Market

Public sector enterprise application software for mission-critical back-office functions (ERP/public administration, courts & justice, public safety, education, property & recording)

Geography

Primarily United States; also Canada and other international locations

Customer

Government agencies and other public entities (state/local/federal), school districts

Role

Vertical software vendor + implementation/services

Revenue share

70.7%

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

Tyler Technologies, Inc.
Ulta Beauty, Inc.
Ticker / Exchange
TYL - New York Stock Exchange
ULTA - NASDAQ
Market cap (USD)
$19.3B
$29.9B
Gross margin (TTM)
44.2%
39.2%
Operating margin (TTM)
15.4%
13.2%
Net margin (TTM)
13.7%
9.9%
Sector
Technology
Consumer
Industry
Software - Application
Specialty Retail
HQ country
US
US
Primary segment
Enterprise Software
Beauty Products Retail
Market structure
Competitive
Competitive
Market share
5%-7% (reported)
8%-10% (reported)
HHI estimate
n/a
n/a
Pricing power
Moderate
Moderate
Moat score
66 / 100
58 / 100
Moat domains
Demand, Supply
Demand, Supply, Legal, Network, Financial
Last update
2025-12-26
2026-01-06

Moat coverage

Shared moat types

Suite Bundling

Tyler Technologies, Inc. strengths

Training Org Change CostsProcurement InertiaLong Term ContractsData Workflow LockinScale Economies Unit CostBrand Trust

Ulta Beauty, Inc. strengths

Switching Costs GeneralPhysical Network DensityContractual ExclusivityPreferential Input AccessData Network EffectsTwo Sided NetworkFloat Prepayment

Segment mix

Tyler Technologies, Inc. segments

Full profile >

Enterprise Software

Competitive

70.7%

Platform Technologies

Competitive

29%

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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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.