VOL. XCIV, NO. 247

★ WIDE MOAT STOCKS COMPARISON ★

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Saturday, January 10, 2026

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Stock Comparison

Ulta Beauty, Inc. vs Walmart Inc.

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

Walmart Inc.

WMT · New York Stock Exchange

Market cap (USD)$913.1B
Gross margin (TTM)24.9%
Operating margin (TTM)4.1%
Net margin (TTM)3.3%
SectorConsumer
IndustryDiscount Stores
CountryUS
Data as of2025-12-30
Moat score
77/ 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 Walmart Inc.'s moat claims, evidence, and risks.

View WMT analysis

Comparison highlights

  • Moat score gap: Walmart Inc. leads (77 / 100 vs 58 / 100 for Ulta Beauty, Inc.).
  • Segment focus: Ulta Beauty, Inc. has 3 segments (94% in Beauty Products Retail); Walmart Inc. has 3 segments (68.3% in Walmart U.S.).
  • Primary market structure: Competitive vs Competitive. Pricing power: Moderate vs Weak.
  • Moat breadth: Ulta Beauty, Inc. has 8 moat types across 5 domains; Walmart Inc. has 6 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%

Walmart Inc.

Walmart U.S.

Market

U.S. omnichannel discount retail and grocery (supercenters, neighborhood markets, eCommerce)

Geography

United States

Customer

Consumers and small businesses; marketplace sellers and advertisers (for marketplace and retail media offerings)

Role

Retailer / marketplace operator / last-mile fulfillment network

Revenue share

68.3%

Side-by-side metrics

Ulta Beauty, Inc.
Walmart Inc.
Ticker / Exchange
ULTA - NASDAQ
WMT - New York Stock Exchange
Market cap (USD)
$29.9B
$913.1B
Gross margin (TTM)
39.2%
24.9%
Operating margin (TTM)
13.2%
4.1%
Net margin (TTM)
9.9%
3.3%
Sector
Consumer
Consumer
Industry
Specialty Retail
Discount Stores
HQ country
US
US
Primary segment
Beauty Products Retail
Walmart U.S.
Market structure
Competitive
Competitive
Market share
8%-10% (reported)
20%-22% (reported)
HHI estimate
n/a
n/a
Pricing power
Moderate
Weak
Moat score
58 / 100
77 / 100
Moat domains
Demand, Supply, Legal, Network, Financial
Supply, Demand, Network, Financial
Last update
2026-01-06
2025-12-30

Moat coverage

Shared moat types

Physical Network DensityFloat Prepayment

Ulta Beauty, Inc. strengths

Switching Costs GeneralContractual ExclusivityPreferential Input AccessSuite BundlingData Network EffectsTwo Sided Network

Walmart Inc. strengths

Scale Economies Unit CostHabit DefaultSupply Chain ControlEcosystem Complements

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%

Walmart Inc. segments

Full profile >

Walmart U.S.

Competitive

68.3%

Walmart International

Competitive

18.1%

Sam's Club U.S.

Oligopoly

13.6%

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.