VOL. XCIV, NO. 247

★ WIDE MOAT STOCKS COMPARISON ★

NO ADVICE

Saturday, January 10, 2026

Stock Comparison

Ulta Beauty, Inc. vs West Pharmaceutical Services, 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

West Pharmaceutical Services, Inc.

WST · New York Stock Exchange

Market cap (USD)$19.8B
Gross margin (TTM)35.6%
Operating margin (TTM)20.9%
Net margin (TTM)16.3%
SectorHealthcare
IndustryMedical - Instruments & Supplies
CountryUS
Data as of2025-12-22
Moat score
85/ 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 West Pharmaceutical Services, Inc.'s moat claims, evidence, and risks.

View WST analysis

Comparison highlights

  • Moat score gap: West Pharmaceutical Services, Inc. leads (85 / 100 vs 58 / 100 for Ulta Beauty, Inc.).
  • Segment focus: Ulta Beauty, Inc. has 3 segments (94% in Beauty Products Retail); West Pharmaceutical Services, Inc. has 2 segments (80.7% in Proprietary Products).
  • Primary market structure: Competitive vs Quasi-Monopoly. Pricing power: Moderate vs Moderate.
  • Moat breadth: Ulta Beauty, Inc. has 8 moat types across 5 domains; West Pharmaceutical Services, Inc. has 5 across 3.

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%

West Pharmaceutical Services, Inc.

Proprietary Products

Market

Injectable primary packaging components and containment/delivery systems (elastomeric stoppers, seals, plungers, syringe/cartridge components; related services)

Geography

Global

Customer

Biologic, generic, and pharmaceutical drug manufacturers

Role

Primary packaging and delivery component supplier

Revenue share

80.7%

Side-by-side metrics

Ulta Beauty, Inc.
West Pharmaceutical Services, Inc.
Ticker / Exchange
ULTA - NASDAQ
WST - New York Stock Exchange
Market cap (USD)
$29.9B
$19.8B
Gross margin (TTM)
39.2%
35.6%
Operating margin (TTM)
13.2%
20.9%
Net margin (TTM)
9.9%
16.3%
Sector
Consumer
Healthcare
Industry
Specialty Retail
Medical - Instruments & Supplies
HQ country
US
US
Primary segment
Beauty Products Retail
Proprietary Products
Market structure
Competitive
Quasi-Monopoly
Market share
8%-10% (reported)
70%-75% (reported)
HHI estimate
n/a
n/a
Pricing power
Moderate
Moderate
Moat score
58 / 100
85 / 100
Moat domains
Demand, Supply, Legal, Network, Financial
Demand, Legal, Supply
Last update
2026-01-06
2025-12-22

Moat coverage

Shared moat types

No overlap yet.

Ulta Beauty, Inc. strengths

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

West Pharmaceutical Services, Inc. strengths

Design In QualificationCompliance AdvantageBrand TrustCapex Knowhow ScaleOperational Excellence

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%

West Pharmaceutical Services, Inc. segments

Full profile >

Proprietary Products

Quasi-Monopoly

80.7%

Contract-Manufactured Products

Competitive

19.3%

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.