Explore Moats
We organize all companies we cover into Moats according to Helmer's 7 powers. Follow to receive notifications when we publish material on moats.
High financial cost and time of customers switching to a competitor. Includes productivity loss from downtime, changing routine, and retraining staff.
- Wise
- WISE
- RPMGlobal
- RUL
- Dayforce
- CDAY
- Pinewood Technologies
- PINE
- Guidewire Software
- GWRE
- Halma
- HLMA
- Topicus
- TOI
- KLA
- KLAC
- Evolution
- EVO
- Nemetschek
- NEM
- Microsoft
- MSFT
- Spirax-Sarco Engineering
- SPX
- Intuitive Surgical
- ISRG
- Daily Journal
- DJCO
- Tyler Technologies
- TYL
- Perimeter Solutions
- PRM
- ON Semiconductor
- ON
- bioMrieux
- BIM
- Danaher
- DHR
- Datadog
- DDOG
- SAP
- SAP
- Interpump Group
- IPA
- Computer Modelling
- CMG
- ASML
- ASMLa
- Synopsys
- SNPS
- CCC Intelligent Solutions
- CCCS
- Graco
- GGG
- Technoprobe
- TPRO
- TransDigm Group
- TDG
- HEICO
- HEI
- Amazon
- AMZN
- Paycom Software
- PAYC
- Shopify
- SHOP
- Sartorius
- SRT
- Autodesk
- ADSK
- Snowflake
- SNOW
- Atlassian
- TEAM
- Salesforce
- CRM
- Oracle
- ORCL
- Wixcom
- WIX
- Squarespace
- SQSP
- Loar
- LOAR
- MettlerToledo International
- MTD
- Vitec Software
- VIT
- Thermo Fisher Scientific
- TMO
- ServiceNow
- NOW
- Databricks
- LiveChat Software
- WSELVC
- Surgical Science
- SUSST
- AppFolio
- APPF
- Procore
- PCOR
- Veeva
- VEEV
- Apple
- AAPL
- IDEX
- IEX
- Kneatcom
- KSI
- Constellation Software
- CSU
- Howmet Aerospace
- HWM
- General Electric
- GE
- TSMC
- 2330
- NVIDIA
- NVDA
- RBC Bearings
- RBC
- Wise
Value of the product increases as the user or customer base increases.
- Grindr
- GRND
- Auto Trader Group
- AUTO
- Amazon
- AMZN
- Google
- GOOG
- Rightmove
- RMV
- Delivery Hero
- DHER
- Scout24
- G24
- Hemnet
- HEM
- Manheim
- Zalando
- ZAL
- Lyft
- LYFT
- The Trade Desk
- TTD
- OPENLANE
- KAR
- Acast
- ACAST
- Cogent Communications
- CCOI
- Adyen
- ADYEN
- Mastercard
- MA
- eBay
- EBAY
- Cardlytics
- CDLX
- ACV Auctions
- ACVA
- Airbnb
- ABNB
- Visa
- V
- Meta
- META
- RPI
- Spotify
- SPOT
- Uber
- UBER
- Just Eat Takeawaycom
- TKWY
- Moltiply
- MOL
- Booking Holdings
- BKNG
- CCC Intelligent Solutions
- CCCS
- Experian
- EXPN
- DoorDash
- DASH
- Zillow
- Z
- Sea
- SE
- Copart
- CPRT
- Grindr
Per unit cost declines as units produced increase. Scale economies also include procurement scale and distribution network density.
- Wise
- WISE
- Deere & Company
- DE
- StandardAero
- SARO
- DCC
- DCC
- The Cooper Companies
- COO
- Ryanair
- RYA
- The Gym
- GYM
- Costco Wholesale
- COST
- Amazon
- AMZN
- Bank of Georgia Group
- BGEO
- Aldi
- DICKS Sporting Goods
- DKS
- OReilly Automotive
- ORLY
- Perimeter Solutions
- PRM
- Anheuser-Busch InBev
- BUD
- FTAI Aviation
- FTAI
- Auto Partner
- APR
- Boston Beer Company
- SAM
- Williams-Sonoma
- WSM
- The Progressive
- PGR
- Micron Technology
- MU
- IDEXX Laboratories
- IDXX
- Waste Connections
- WCN
- QXO
- Sea
- SE
- Berkshire Hathaway
- BRK.B
- TerraVest Industries
- TVK
- RBC Bearings
- RBC
- Louisiana-Pacific
- LPX
- Wise
Operational and learning process that drives higher quality products and / or lower prices vs competitors.
- Burford Capital
- BUR
- Tesla
- TSLA
- The Boeing
- BA
- Airbus
- AIR
- Bergman & Beving
- BERG
- Lagercrantz Group
- LAGR
- Judges Scientific
- JDG
- Hagerty
- HGTY
- Kinsale Capital Group
- KNSL
- Markel
- MKL
- Credit Acceptance
- CACC
- Dominos Pizza
- DPZ
- KLA
- KLAC
- Lifco
- LIFCO
- Saint-Gobain
- SGO
- ASML
- ASMLa
- Micron Technology
- MU
- Technoprobe
- TPRO
- General Electric
- GE
- TSMC
- 2330
- NVIDIA
- NVDA
- Burford Capital
Loyalty and trust drives higher pricing power.
- On Running
- ONON
- DICKS Sporting Goods
- DKS
- Anheuser-Busch InBev
- BUD
- Williams-Sonoma
- WSM
- Fevertree Drinks
- FEVR
- Inditex
- ITX
- Ferrari
- RACE
- Dominos Pizza
- DPZ
- LVMH
- MC
- Hermès
- HRMS
- Tesla
- TSLA
- Kering
- KER
- The Este Lauder Companies
- EL
- L'Oréal
- OR
- Diageo
- DGE
- Pernod Ricard
- RI
- RH
- RH
- Walt Disney
- DIS
- Celsius
- CELH
- FERRARI GROUP
- FERGR.AS
- Birkenstock
- BIRK
- Unilever
- ULVR
- Apple
- AAPL
- Brunello Cucinelli
- BC
- On Running
Entrant has a superior business model (lower costs and / or ability to charge higher prices given the higher product value) that incumbents cannot replicate without significant cannibalisation of existing business.
Preferential access to a unique resource that drives value such as management, technology, patents, property, etc.