VOL. XCIV, NO. 247

★ WIDE MOAT STOCKS COMPARISON ★

NO ADVICE

Saturday, January 10, 2026

Stock Comparison

Ulta Beauty, Inc. vs U.S. Bancorp

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

U.S. Bancorp

USB · New York Stock Exchange

Market cap (USD)$85.9B
Gross margin (TTM)61.1%
Operating margin (TTM)21.4%
Net margin (TTM)16.9%
SectorFinancials
IndustryBanks - Regional
CountryUS
Data as of2025-12-23
Moat score
62/ 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 U.S. Bancorp's moat claims, evidence, and risks.

View USB analysis

Comparison highlights

  • Moat score gap: U.S. Bancorp leads (62 / 100 vs 58 / 100 for Ulta Beauty, Inc.).
  • Segment focus: Ulta Beauty, Inc. has 3 segments (94% in Beauty Products Retail); U.S. Bancorp has 3 segments (42.8% in Wealth, Corporate, Commercial and Institutional Banking).
  • Moat breadth: Ulta Beauty, Inc. has 8 moat types across 5 domains; U.S. Bancorp has 8 across 4.

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%

U.S. Bancorp

Wealth, Corporate, Commercial and Institutional Banking

Market

U.S. corporate, commercial, institutional and wealth banking & advisory services

Geography

United States

Customer

Commercial, institutional, government and wealth clients

Role

Bank / financial intermediary

Revenue share

42.8%

Side-by-side metrics

Ulta Beauty, Inc.
U.S. Bancorp
Ticker / Exchange
ULTA - NASDAQ
USB - New York Stock Exchange
Market cap (USD)
$29.9B
$85.9B
Gross margin (TTM)
39.2%
61.1%
Operating margin (TTM)
13.2%
21.4%
Net margin (TTM)
9.9%
16.9%
Sector
Consumer
Financials
Industry
Specialty Retail
Banks - Regional
HQ country
US
US
Primary segment
Beauty Products Retail
Wealth, Corporate, Commercial and Institutional Banking
Market structure
Competitive
Competitive
Market share
8%-10% (reported)
n/a
HHI estimate
n/a
n/a
Pricing power
Moderate
Moderate
Moat score
58 / 100
62 / 100
Moat domains
Demand, Supply, Legal, Network, Financial
Demand, Supply, Legal, Financial
Last update
2026-01-06
2025-12-23

Moat coverage

Shared moat types

Physical Network DensitySuite Bundling

Ulta Beauty, Inc. strengths

Switching Costs GeneralContractual ExclusivityPreferential Input AccessData Network EffectsTwo Sided NetworkFloat Prepayment

U.S. Bancorp strengths

Data Workflow LockinScope EconomiesCompliance AdvantageHabit DefaultCost Of Capital AdvantageScale Economies Unit Cost

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%

U.S. Bancorp segments

Full profile >

Wealth, Corporate, Commercial and Institutional Banking

Competitive

42.8%

Consumer and Business Banking

Oligopoly

32.5%

Payment Services

Oligopoly

24.7%

Want the full wide moat stocks list?

Browse the full ranking of wide moat stocks, updated with moat scores and segment context.

View the moat stocks list

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.