Compare moats
Up to three covered companies, band by band. Every call is a curated editorial judgment, never a disclosed figure — and every band carries its cited basis.
| Adobe | Cipher Mining | Lattice Semiconductor | |
|---|---|---|---|
| Moat rating | narrow The FY2025 10-K's own Competition section says the markets for Adobe's solutions are characterized by 'limited barriers to entry, short product lifecycles, customer price sensitivity ... and the frequent entry of new solutions or competitors', and Item 1A adds that Adobe 'face[s] increasing competition from companies offering generative and agentic AI solutions, including but not limited to prompt-based and multi-modal creation and editing, document productivity and understanding' - the two categories that carry the Digital Media segment. That disclosed contestability caps the moat below wide, while the same filing's industry-standard app designations and 89% consolidated gross margin keep it well above none. | none Cipher (renamed Cipher Digital Inc. on 20 February 2026) holds signed, credit-supported leases but has not yet shown that they amount to a durable advantage. Its 2025 Form 10-K (filed 2026-02-24) says "Through the end of 2025, our revenue has been derived from mining bitcoin". Its Q2 2026 business update (2026-08-04, Exhibit 99.1, https://www.sec.gov/Archives/edgar/data/1819989/000181998926000038/q226_earningsxprxdraftxvf.htm) reported "Q2 2026 Revenue of $25 million", and its first HPC rent began only in August 2026 at Black Pearl. The 10-K's own risk factors describe a contested market. They say "There has been an increasing number of businesses constructing HPC data centers, which has resulted in increasing competition and pricing pressure that may cause us to reduce our pricing in order to remain competitive", that "our data centers are single-tenant properties", and that lessees "will have the right to terminate the lease if there are significant delays in the completion of construction". At Barber Lake, where the 10-K targeted Phase I delivery "by September 30, 2026", a September 2026 amendment, made "In connection with change orders and the continued evolution of tenant requirements", moved data-hall deliveries to the fourth quarter of 2026 through the first quarter of 2027. Under it, Cipher "will bear the first $359.3 million of costs in excess of the initial budgeted amount" (2026-09-25). There is real counter-evidence: a 15-year Amazon lease, a Google-backstopped Fluidstack lease whose contracted life a "leading AI lab" extended to 20 years, and a third lease with an investment-grade hyperscale tenant. Until that capacity is delivered and paying rent, though, a moat is not shown, so the band is none. | narrow Lattice holds long-lived, low-power sockets that an outside analyst calls sticky, and it kept its gross profit high through a sharp revenue fall. But each new customer product is competed for again, and the 10-K concedes larger rivals. William Blair's research initiation (2026-10-06, https://www.williamblair.com/News/Lattice-Semiconductor-Corporation-Research-Initiation) says 'Lattice has built a leadership position in the high-volume, sticky sockets where power efficiency is critical'. The FY2025 10-K's financial data (as carried in TradingPilot fundamentals) report gross profit of $340,400 thousand on revenue of $509,401 thousand in fiscal 2024, when revenue fell from $737,154 thousand in fiscal 2023. Against that, the same 10-K says 'The selection process for our products to be included in our customers' new products is highly competitive' and 'There are no guarantees that our products will be included in the next generation'. It also says many competitors 'have substantially greater financial, technological, manufacturing, marketing, and sales resources than us'. Operating income was $11,232 thousand in fiscal 2025. Narrow rather than wide, because the sockets are re-won each product generation against larger competitors, and no independent share figure was found. |
| Moat type | switching costs The 10-K frames Adobe's differentiation as an integrated ecosystem the customer's work lives inside: Creative Cloud Pro subscribers get 'cloud storage to easily sync, access, collaborate and share their work, files and assets', the AI platform offers a choice of models 'without the friction of switching between workflows and platforms', and on the enterprise side 'Our competitive differentiation comes from the increased value we provide customers by integrating the Adobe Experience Platform with our comprehensive set of solutions'. 96% of FY2025 revenue is subscription, with $22.52B of remaining performance obligations, up 13% year over year. | none No moat source is demonstrated yet. Switching costs are the most likely candidate, since the leases are long (15 years at Black Pearl; Barber Lake now a 20-year contracted life) and each site has a single tenant. But the 10-K says tenant guarantees "will only be effective after rent commencement under such leases and are subject to certain limitations", and by August 2026 rent had begun at only one site. The advantages the 10-K claims are the company's own. It speaks of "industry-leading expertise in originating and securing industrial-scale, greenfield data center sites" and of securing West Texas land "on more favorable terms than in more established data center markets". The same document says "there is significant competition for power capacity and energized facilities". Intellectual property is modest: "four granted United States patents and one issued patent in Taiwan". With 66 full-time employees, Cipher has no scale advantage over the competitors it names: CoreWeave, Digital Realty, Equinix, Vantage Data Centers and Aligned Data Centers. | switching costs The lock is the design socket and the product's long life. The FY2025 10-K cites 'a commitment to product longevity, with a large number of Lattice devices having been supported in the market for over 20 years'. It says the sales team works to 'drive multi-generational design wins', and that Lattice still supports FPGA families 'that have been in market for more than a decade and still garner strong customer demand today'. William Blair (2026-10-06) calls the same sockets 'sticky'. The 10-K limits the lock to products already designed in: selection for customers' new products 'is highly competitive'. |
| Leadership | clear leader In the segment that is 74% of FY2025 revenue ($17.65B of $23.77B) the 10-K asserts leadership outright: Illustrator 'our industry-standard vector graphics app', After Effects 'our industry-standard motion graphics and visual effects app', Acrobat 'a leading document productivity app', and 'category and brand leadership' in the Competition section. The claim does not extend to the whole company - the same section says the marketing solutions 'face broad competition from large, established enterprise software and cloud companies'. | fast follower No independent share or rank was found. The 10-K names CoreWeave, Digital Realty, Equinix, Vantage Data Centers and Aligned Data Centers as competitors, along with miners that have "signed leases with hyperscalers and HPC tenants": Hut 8, IREN, TeraWulf, Core Scientific and Applied Digital. Cipher has signed hyperscale-grade tenants (Amazon; Fluidstack with a Google backstop; a third investment-grade hyperscaler) but delivered its first HPC capacity only in August 2026 (Q2 2026 update). That makes it a fast follower. Its self-description as "a leading developer, owner, and operator of industrial-scale data centers" is the company's own claim and is not counted. | co leader William Blair (2026-10-06) calls Lattice 'a leader in low-power programmable silicon' with 'a leadership position in the high-volume, sticky sockets where power efficiency is critical'. It gives no share figure, and it notes that 'larger FPGA competitors' focus on compute-intensive work. The 10-K's 'Lattice is the low power programmable leader' is the company's own claim. Without a tracker's share number, and with larger rivals in the wider FPGA market, the band is co-leader rather than clear leader. |
| Pricing power | strong Per the same 10-K's segment table, Digital Media earned a 95% gross profit margin in FY2025 (96% FY2024, 95% FY2023) and consolidated gross margin held at 88%/89%/89% across FY2023-FY2025 while revenue grew 11% to $23.77B. 96% of revenue is subscription and remaining performance obligations reached $22.52B, up 13%. Item 1A's warning of 'downward pressure on pricing and gross margins' has not shown up in realized margin. | weak The 10-K says competition "has resulted in increasing competition and pricing pressure that may cause us to reduce our pricing in order to remain competitive". It adds that if customers cut usage "we may be compelled to lower our prices or risk losing a significant customer". At Barber Lake, Cipher agreed to absorb "the first $359.3 million of costs in excess of the initial budgeted amount", with the tenant reimbursing "50% of any such costs above that amount" (2026-09-25, Exhibit 99.1, https://www.sec.gov/Archives/edgar/data/1819989/000181998926000043/barberlakeleaseamendmentpr.htm). Its one input-cost edge is specific to mining: Odessa's power costs about 2.8 c/kWh under the Luminant contract, available "until at least July 2027". A landlord that concedes cost overruns to its tenants has weak pricing power. | moderate Gross profit has stayed high through the cycle. The FY2025 10-K's financial data (as carried in TradingPilot fundamentals) show gross profit of $514,670 thousand on revenue of $737,154 thousand in fiscal 2023, $340,400 thousand on $509,401 thousand in fiscal 2024, and $356,943 thousand on $523,262 thousand in fiscal 2025. The 10-Q filed 2026-08-04 shows $141,332 thousand on $201,079 thousand for the quarter ended 2026-07-04. William Blair (2026-10-06) says Lattice is 'replacing legacy small footprint FPGAs with higher-price Nexus 2 devices'. The 10-K's risk factors still warn that downturns 'can result, and in the past has resulted, in ... erosion of average selling prices'. |
| Summary | Adobe's durable advantage is the cost of leaving rather than any disclosed market share. Its FY2025 10-K calls Illustrator 'our industry-standard vector graphics app' and After Effects 'our industry-standard motion graphics and visual effects app', describes Acrobat as 'a leading document productivity app', and sells them as one subscription ecosystem where assets, workflows and collaboration are cloud-resident. The economics follow: Digital Media earned a 95% gross profit margin on $17.65B of FY2025 revenue, 74% of the company. The same filing is unusually candid about the limits, calling its markets characterized by 'limited barriers to entry' and warning that competition will 'continue to intensify' with named generative and agentic AI entrants in both creation and document productivity - so the moat reads narrow rather than wide, held today by realized pricing and switching costs rather than by structural protection. | Cipher built bitcoin mining data centres in Texas and is now developing single-tenant AI and HPC campuses for lease to hyperscalers. Its 10-K reports a portfolio of "4.2 gigawatts ("GW") of capacity across 10 sites". It lists a 15-year Amazon Web Services lease for about 300 MW of turnkey capacity at Black Pearl and a Fluidstack lease at Barber Lake (300 MW gross) under which Google "has agreed to backstop certain obligations of Fluidstack". It describes bitcoin mining at Odessa on a Luminant power contract at about 2.8 c/kWh. In 2026 it signed a third campus lease "with an investment-grade Hyperscale tenant" (Q1 2026 update, 2026-05-05), delivered first Black Pearl capacity in August "two months ahead of the original schedule" with rent commenced, and fully funded its Stingray development with a bond (Q2 2026 update). On 2026-09-25 it said Barber Lake's contracted life was extended from 10 to 20 years, taking contracted revenue at the site "from $3.8 billion to over $9 billion". The 10-K says Odessa was "the first bitcoin mining data center awarded the Management and Operations, or M&O, Stamp of Approval award from the Uptime Institute", which is independent recognition of how the company operates. Against this, the latest quarter's revenue was still bitcoin mining and fell to $25 million. The 10-K describes growing "competition and pricing pressure", single-tenant concentration, and termination rights for construction delays. The Barber Lake schedule was reset, and Cipher absorbs the first $359.3 million of cost overruns. Cipher's contracted pipeline is substantial, but a competitive advantage is not yet demonstrated, so it is rated as having no moat. That could change to narrow once its leased campuses are delivered and paying rent. | Lattice makes small and mid-range FPGAs that work as companion chips to a system's processors, or as primary processors, handling control, bridging, security and sensor connectivity in servers, communications gear, factories, cars and consumer devices. It competes on power and size rather than compute. William Blair says it 'specializes in low-power, small and midrange programmable silicon', while 'larger FPGA competitors focus on the compute-intensive market'. Distributors took approximately 84% of fiscal 2025 revenue, per the 10-K. In 2026 Lattice bought AMI for $1.65 billion, which William Blair says 'extends the company into platform firmware, security, and infrastructure manageability'. This profile rates the FPGA franchise described in the 10-K, not the newly acquired firmware business. |
| Chain position | An AI-application layer company that both builds its own commercially safe Firefly foundation models and licenses 'an extensive ecosystem of third-party models', distributing generative AI into creative, document and marketing workflows. | Cipher develops single-tenant, powered data-centre campuses for hyperscale and AI tenants: Amazon at Black Pearl, Fluidstack (backstopped by Google) at Barber Lake, and an unnamed investment-grade hyperscaler at a third campus. Meanwhile it winds down bitcoin mining. | Layer-4 companion silicon: low-power FPGAs for control, security and connectivity beside processors in servers and communications gear, and in industrial, automotive and consumer systems, mostly sold through distributors. |
| Products (share / barrier) |
|
|
|
| Long-horizon vote | +0.24 at weight 0.20 · swarm neutral Editorial prior, not backtested. | -0.06 at weight 0.20 · swarm bearish Editorial prior, not backtested. | +0.13 at weight 0.20 · swarm neutral Editorial prior, not backtested. |