← 所有护城河类型
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网络效应型护城河
25 家公司 · 按盈利质量排序
网络效应指每多一个用户都让现有用户获得的价值增加。双边平台（Uber、Booking）、社交网络（Meta）、通讯平台都受益于此。这种护城河会复利：网络越大，新进入者到达可用规模的门槛越高。
| 公司 | 评分 | 毛利率 | ROE | CF/NI | FCF | 其他护城河 |
|---|---|---|---|---|---|---|
| CPRTCopart2025 | B88 | — | 16.9% | 1.16x | $1.2B | 有效规模 |
| BKNGBooking Holdings2025 | B88 | — | -96.9% | 1.74x | $9.1B | — |
| VVISA INC.2025 | B86 | — | 52.9% | 1.15x | $21.6B | 价值链收费站 |
| GOOGAlphabet Inc.2025 | B86 | 59.7% | 31.8% | 1.25x | $73.3B | 价值链收费站 |
| MSFTMicrosoft Corporation2025 | B84 | 68.8% | 29.6% | 1.34x | $71.6B | 转换成本 |
| MELIMercadoLibre2025 | B83 | 44.5% | 29.6% | 6.07x | $10.8B | 有效规模 |
| NFLXNetflix, Inc.2025 | B83 | 48.5% | 41.3% | 0.92x | $9.5B | 品牌定价权 |
| AXPAMERICAN EXPRESS CO2025 | B82 | — | 32.4% | 1.70x | $16.0B | 品牌定价权 · 价值链收费站 |
| METAMeta Platforms, Inc.2025 | B81 | 82.0% | 27.8% | 1.92x | $46.1B | 价值链收费站 |
| MAMastercard Incorporated2025 | C79 | — | 193.5% | 1.18x | $17.2B | 价值链收费站 |
| MARMarriott International2025 | C77 | — | -69.0% | 1.23x | $2.6B | 品牌定价权 |
| UBERUBER TECHNOLOGIES, INC.2025 | C76 | — | 37.2% | 1.00x | $9.8B | — |
| AMZNAmazon.com, Inc.2025 | C73 | 50.3% | 18.9% | 1.80x | $7.7B | 有效规模 · 价值链收费站 |
| ARMARM Holdings2025 | C72 | 97.0% | 11.6% | 0.50x | $178M | 价值链收费站 |
| HLTHilton Worldwide Holdings Inc.2025 | C72 | — | -27.0% | 1.46x | $2.0B | 品牌定价权 |
| PYPLPayPal2025 | D69 | — | 25.8% | 1.23x | $5.6B | — |
| APPAppLovin2025 | D68 | 87.9% | 156.2% | 1.19x | $4.0B | — |
| SHOPShopify Inc.2025 | D67 | 48.1% | 9.1% | 1.65x | $2.0B | 转换成本 |
| DASHDoorDash2025 | D66 | — | 9.3% | 2.60x | $2.2B | — |
| EQIXEQUINIX, INC.2025 | D66 | 51.1% | 9.5% | 2.90x | $-400M | 转换成本 |
| PDDPDD Holdings Inc.2024 | D65 | 60.9% | 35.9% | 1.08x | $16.7B | 成本优势 |
| TTDThe Trade Desk2025 | D65 | 78.6% | 17.8% | 2.24x | $796M | — |
| RBLXRoblox Corporation2025 | D60 | 78.1% | -270.0% | -1.69x | $1.4B | — |
| NETCloudflare, Inc.2025 | F59 | 74.5% | -7.0% | -5.90x | $287M | 成本优势 |
| SBUXStarbucks2025 | F54 | — | -22.9% | 2.56x | $2.4B | 品牌定价权 |
"其他护城河"一列标注了这家公司除当前护城河类型外同时拥有的其他护城河——多条护城河叠加时，效果是乘法不是加法。