Ocado Group PLC

OCDO: XLON (GBR)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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Ocado's Impressive Technology Is Not Enough to Garner a Moat

Verushka Shetty

May 22, 2025

Business Strategy and Outlook

Ocado Group offers exposure to the international e-grocery market. It began as a pure-play e-grocer in the UK and was the first mover in end-to-end automated fulfillment in groceries. In 2015, Ocado saw the opportunity to monetize its fulfillment solutions and began selling the Ocado Smart Platform to other grocers. In 2019, Ocado sold 50% of its e-grocery business, Ocado Retail, to Marks & Spencer. Ocado operates under two segments: solutions, encompassing the Ocado Smart Platform, and logistics, which operates in the United Kingdom. Ocado plans to deploy its technology beyond the e-grocery vertical.

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Ocado Group PLC

Ocado's Impressive Technology Is Not Enough to Garner a Moat

Business Strategy and Outlook

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