Lens family
176 analysesBusiness Model ✕
Uniqlo's Real Secret Isn't LifeWear. It's a 1987 Decision Nobody Can Copy.
Uniqlo (Fast Retailing)
Temu Paid You About $30 to Shop. It Was Renting a Habit on a Clock.
Temu
Pepsi Didn't Out-Strategize Coke on Snacks. It Got Lucky, Then Got Out of Its Own Way.
PepsiCo
McDonald's Sells Burgers So Its Tenants Can Make Rent
McDonald's
Yum Owns Almost No Restaurants. Its Biggest Bet Is on One Company It Can't Control.
Yum Brands
Subway Built 27,000 Stores by Selling Franchises. The Stores Were the Product.
Subway
Lockheed Owns the F-35's Blueprints. That's Its Moat — and Its Single Point of Failure.
Lockheed Martin
Aramco Is the World's Most Profitable Company. It's Also Not Really a Company.
Saudi Aramco
Mastercard Sets the Interchange Fee and Keeps None of It. That's Not a Bug — It's the Whole Game.
Mastercard
American Express Charges Its Best Customers a Fee to Be Customers. That's the Whole Machine.
American Express
BlackRock Didn't Win by Believing in Index Funds. It Bought the Toll Road and Sold the Map.
BlackRock
Vanguard Built a Money Machine That Refuses to Make Money. That's the Whole Trick.
Vanguard
Schwab Didn't Give Away Trading. It Aimed a Bullet at Its Biggest Rival.
Charles Schwab
Capital One Didn't Lend to Better People. It Just Knew Them Better.
Capital One
GEICO Doesn't Sell Cheap Insurance. It Buys Customers With the Money It Saves on Agents.
Geico
State Farm Has No Shareholders, No Independent Agents, and a $170 Billion Cushion. That's the Trap.
State Farm
UnitedHealth Pays Itself $151 Billion a Year. That's the Whole Machine — and the Whole Risk.
UnitedHealth
Intuitive Doesn't Give Away the Razor. It Sells the Blade a Chip Won't Let You Refuse.
Intuitive Surgical
23andMe Sold Spit Kits to Buy a Drug Company. The Drug Company Never Arrived.
23andMe
Comcast Isn't a Media Company. It's a Broadband Toll Booth Bankrolling One.
Comcast
Verizon Won the Network 35 Times Running. Then It Tried to Be Google.
Verizon
Fox Didn't Choose to Be a Live-Only Network. The FCC Chose for It.
Fox
Universal Music's Real Asset Isn't the Next Hit. It's the Songs Nobody Notices It Owns.
Universal Music
BuzzFeed Wasn't a Media Company. It Was a Spread Trade on Someone Else's Traffic.
BuzzFeed
Marriott Owns Almost None of Its Hotels. Then It Was Forced to Buy One for $500 Million.
Marriott
Hilton Owns Almost No Hotels. It Sells Owners the One Thing They Can't Get Anywhere Else.
Hilton
Lockheed Built a Money Machine That Runs on a Jet That Can't Fly Most of the Time
Lockheed Martin
Ford's EV Division Isn't a Startup. It's a Money Machine Running in Reverse.
Ford
Verizon Sells the Best Network in America. The Receipts Only Half Agree.
Verizon
Tesla's Best Business Costs Almost Nothing to Make. It Isn't a Car.
Tesla