Lens family
91 analyses · Moat & CompetitionMoat Anatomy
Intuitive's Patents Expired. Its Installed Base Kept Growing Anyway.
Intuitive Surgical
Emirates Took $10 Million From Dubai Once — and Has Paid Back AED 14.6 Billion in Dividends
Emirates
TPS Has Been Public for 35 Years; Toyota's Real Protection Is Three Compounding Layers
Toyota
Palantir's Clients Can Cancel for Convenience — Seven Years of NHS Data Speak Only Palantir
Palantir
Delta Sells You a Lie-Flat Seat. It Profits From Your Credit Card.
Delta Air Lines
Cisco Trained the People Who Buy Its Gear. The AI Data Center Never Took the Course.
Cisco
Shake Shack's Money-Losing Cart Banked the Goodwill Behind a $1.6 Billion IPO Debut
Shake Shack
Optum Steers Patients Into UnitedHealth's Own Doctors — and in 2025 the DOJ Sued to Break It
UnitedHealth
Coinbase's 80% Custody of Bitcoin ETF Assets Is Now the Complex's Single Point of Failure
Coinbase
Is Snowflake's moat real? Net revenue retention has fallen from 158% to 125% in two years
Snowflake
Coca-Cola's Wall Is 225 Bottlers, a Century of Assembly, and ~$5 Billion a Year in Upkeep
Coca-Cola
Strip away Nike's supply chain and DTC story, and one asset still holds the moat
Nike
Visa and Mastercard Collected Over $111 Billion in 2024 — and Merchants Have No Third Road
Visa vs Mastercard
Home Depot and Lowe's Sell the Same Drill. Only One of Them Still Sells It at Retail.
Home Depot vs Lowe's
Adobe Paid $1 Billion to Walk Away. The Fee Was Cheaper Than the Truth It Bought.
Adobe
Every Year of Photos on Meta's Four Apps Raises the Price of Leaving
Meta
Intel Mocked AMD's 'Glued-Together' Chips, Then Needed Until 2023 to Copy Them
AMD
Novo Nordisk Built a 100-Year Moat. Its Newest Wing Sits on One Molecule.
Novo Nordisk
Eli Lilly Started Building Tirzepatide Factories in 2020, Years Before Any FDA Approval
Eli Lilly
Mastercard Paid $5.54 Billion for Its Rules — and Moved the Game to Value-Added Services
Mastercard
Amex's Floor Is a Closed Loop and a 5-4 Ruling; Its Ceiling Is One Airline at 12% of Spend
American Express
In 2000 Netflix Begged Blockbuster to Buy It — the Moat Only Arrived at Streaming Scale
Netflix
LVMH's Moët Dates to 1743 and Still Fell 9% — the Moat Is Who Controls the Story of Age
LVMH
FedEx Built the Widest Moat in Logistics. It's Wide in the Wrong Place.
FedEx
GEICO's Best Year Ever Was Also a Warning. The Moat Is Real. The Record Was Borrowed.
Geico
Medtronic's Best Moat Is a Surgeon's Hands. Some of It the DOJ Has Already Drained.
Medtronic
Red Bull Invented Nothing. It Just Owns the Word.
Red Bull
Hershey Walked Away From $23 Billion Partly to Keep Making Kit Kat Under License
Hershey
Diageo's Moat Is 180 Countries Deep. The Cracks Run Right Through the Flagship.
Diageo
L'Oréal's Quiet Compounder: 3.1% of Sales Into R&D, 694 Patents, 3,600 Formulas a Year
L'Oreal
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