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ASML has a monopoly in EUV, and there is no substitute for making sub-5nm chips. Gross margin rose from 50.5% in 2023 to 54.0% in Q2 2026, it gave no discounts through the 2023-24 downturn, and capacity is nearly fully booked through 2027. The risks are export controls and a concentrated customer base, not competitors.

If Intuitive stopped supplying instruments, software and servicing, more than 11,700 operating rooms would go offline and planned surgeries would be cancelled or switched to open procedures. Medtronic and J&J don't have the installed base, manufacturing scale or trained surgeons to take over within months.

Customers are very loyal but it costs them nothing to switch. They can move from Louis Vuitton to Hermès or Chanel with no contract, penalty or migration, so retention depends entirely on how much people want the brands. That leaves LVMH exposed to brand fatigue and creative missteps, which its Pricing Power score of 4 doesn't show.

Costco spends almost nothing to win customers. Renewal rates are over 90%, the membership fee earns close to 100% margin, stock-based pay is negligible and free cash flow conversion is near 100%. Reported margins understate the economics because Costco deliberately passes value back to members.