VOL. XCIV, NO. 247

★ WIDE MOAT STOCKS COMPARISON ★

NO ADVICE

Sunday, January 11, 2026

Stock Comparison

Ulta Beauty, Inc. vs UnitedHealth Group Incorporated

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

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

UnitedHealth Group Incorporated

UNH · New York Stock Exchange

Market cap (USD)$311.6B
Gross margin (TTM)19.7%
Operating margin (TTM)6.1%
Net margin (TTM)4%
SectorHealthcare
IndustryMedical - Healthcare Plans
CountryUS
Data as of2025-12-31
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 UnitedHealth Group Incorporated's moat claims, evidence, and risks.

View UNH analysis

Comparison highlights

  • Moat score gap: UnitedHealth Group Incorporated leads (64 / 100 vs 58 / 100 for Ulta Beauty, Inc.).
  • Segment focus: Ulta Beauty, Inc. has 3 segments (94% in Beauty Products Retail); UnitedHealth Group Incorporated has 4 segments (74.9% in UnitedHealthcare).
  • Primary market structure: Competitive vs Oligopoly. Pricing power: Moderate vs Weak.
  • Moat breadth: Ulta Beauty, Inc. has 8 moat types across 5 domains; UnitedHealth Group Incorporated has 5 across 2.

Primary market context

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%

UnitedHealth Group Incorporated

UnitedHealthcare

Market

U.S. health benefits / managed care (commercial, Medicare Advantage, Medicaid managed care)

Geography

United States (primarily)

Customer

Employers, individuals, and government-sponsored programs

Role

Health insurer / managed care organization

Revenue share

74.9%

Side-by-side metrics

Ulta Beauty, Inc.
UnitedHealth Group Incorporated
Ticker / Exchange
ULTA - NASDAQ
UNH - New York Stock Exchange
Market cap (USD)
$29.9B
$311.6B
Gross margin (TTM)
39.2%
19.7%
Operating margin (TTM)
13.2%
6.1%
Net margin (TTM)
9.9%
4%
Sector
Consumer
Healthcare
Industry
Specialty Retail
Medical - Healthcare Plans
HQ country
US
US
Primary segment
Beauty Products Retail
UnitedHealthcare
Market structure
Competitive
Oligopoly
Market share
8%-10% (reported)
n/a
HHI estimate
n/a
n/a
Pricing power
Moderate
Weak
Moat score
58 / 100
64 / 100
Moat domains
Demand, Supply, Legal, Network, Financial
Supply, Demand
Last update
2026-01-06
2025-12-31

Moat coverage

Shared moat types

Suite Bundling

Ulta Beauty, Inc. strengths

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

UnitedHealth Group Incorporated strengths

Scale Economies Unit CostOperational ExcellenceData Workflow LockinTraining Org Change Costs

Segment mix

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%

UnitedHealth Group Incorporated segments

Full profile >

UnitedHealthcare

Oligopoly

74.9%

Optum Health

Competitive

9.9%

Optum Insight

Competitive

1.7%

Optum Rx

Oligopoly

13.5%

Want the full wide moat stocks list?

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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.