← 所有护城河类型
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价值链收费站型护城河
35 家公司 · 按盈利质量排序
收费站型生意坐在别人价值链的咽喉位置，不承担底层风险就能抽成。支付网络（Visa / Mastercard）不放贷，只在每笔交易上收费；信用评级（Moody's / S&P）不发债，却控制资本市场的入口。App Store、专利授权、指数授权都是同样的机制。
| 公司 | 评分 | 毛利率 | ROE | CF/NI | FCF | 其他护城河 |
|---|---|---|---|---|---|---|
| GILDGilead Sciences2025 | B86 | 78.8% | 37.5% | 1.18x | $9.5B | — |
| VVISA INC.2025 | B86 | — | 52.9% | 1.15x | $21.6B | 网络效应 |
| GOOGAlphabet Inc.2025 | B86 | 59.7% | 31.8% | 1.25x | $73.3B | 网络效应 |
| VRTXVertex Pharmaceuticals2025 | B83 | 86.2% | 21.2% | 0.92x | $3.2B | — |
| AAPLApple Inc.2025 | B82 | 46.9% | 151.9% | 1.00x | $98.8B | 品牌定价权 · 转换成本 |
| AXPAMERICAN EXPRESS CO2025 | B82 | — | 32.4% | 1.70x | $16.0B | 品牌定价权 · 网络效应 |
| MSCIMSCI Inc.2025 | B82 | — | -45.3% | 1.32x | $1.5B | 转换成本 |
| FICOFAIR ISAAC CORP2025 | B81 | 82.2% | -37.3% | 1.19x | $770M | 品牌定价权 |
| REGNRegeneron2025 | B81 | — | 14.4% | 1.11x | $4.1B | — |
| METAMeta Platforms, Inc.2025 | B81 | 82.0% | 27.8% | 1.92x | $46.1B | 网络效应 |
| MAMastercard Incorporated2025 | C79 | — | 193.5% | 1.18x | $17.2B | 网络效应 |
| PMPhilip Morris International Inc.2025 | C74 | 67.1% | -113.5% | 1.08x | $10.7B | 品牌定价权 |
| AMZNAmazon.com, Inc.2025 | C73 | 50.3% | 18.9% | 1.80x | $7.7B | 有效规模 · 网络效应 |
| QCOMQualcomm2025 | C72 | 55.4% | 26.1% | 2.53x | $12.8B | 转换成本 |
| ARMARM Holdings2025 | C72 | 97.0% | 11.6% | 0.50x | $178M | 网络效应 |
| SPGIS&P Global Inc.2025 | C72 | 70.2% | 14.4% | 1.26x | $5.5B | 转换成本 |
| LLYELI LILLY AND COMPANY2025 | C71 | 83.0% | 77.8% | 0.81x | $16.8B | 品牌定价权 |
| AMGNAmgen Inc.2025 | C71 | 67.2% | 89.1% | 1.29x | $8.1B | — |
| BMYBRISTOL-MYERS SQUIBB COMPANY2025 | C70 | 71.1% | 38.2% | 2.01x | $12.8B | — |
| MCOMOODY’S CORPORATION2025 | C70 | 74.4% | 60.7% | 1.18x | $2.6B | — |
| RTXRTX CORPORATION2025 | D68 | — | 10.3% | 1.57x | $7.9B | 转换成本 |
| AMTAMERICAN TOWER CORP /MA/2025 | D67 | — | 69.3% | 2.16x | $3.8B | 有效规模 |
| LMTLOCKHEED MARTIN CORPORATION2025 | D66 | 10.2% | 74.6% | 1.71x | $6.9B | 转换成本 |
| DISWALT DISNEY CO/2025 | D66 | — | 11.3% | 1.46x | $10.1B | 品牌定价权 |
| EAElectronic Arts2025 | D66 | 79.3% | 17.6% | 1.85x | $2.1B | 品牌定价权 |
| PFEPFIZER INC2025 | D65 | 74.3% | 9.0% | 1.51x | $9.1B | 品牌定价权 |
| ICEINTERCONTINENTAL EXCHANGE, INC.2025 | D65 | — | 11.5% | 1.41x | $4.3B | 转换成本 |
| MRKMerck & Co., Inc.2025 | D64 | 74.8% | 34.7% | 0.90x | $12.4B | — |
| ABBVABBVIE INC.2025 | D64 | 70.2% | -129.2% | 4.50x | $17.8B | — |
| MOALTRIA GROUP, INC.2025 | D63 | 62.5% | -198.4% | 1.34x | $9.1B | 品牌定价权 |
| CSGPCoStar Group2025 | F56 | 78.9% | 0.1% | 61.43x | $123M | 转换成本 |
| BIIBBiogen2025 | F52 | 75.7% | 7.1% | 1.71x | $2.1B | — |
| WYNNWYNN RESORTS, LIMITED2025 | F48 | — | -118.8% | 4.13x | $692M | 品牌定价权 |
| WBDWarner Bros. Discovery2025 | F33 | — | 2.0% | 5.94x | $3.1B | 品牌定价权 |
| MRNAModerna2025 | F25 | 55.3% | -32.6% | 0.66x | $-2.1B | — |
"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。