Charter Communications

Efficient scale in local markets is Charter’s primary moat. Rights‑of‑way, node density, and a large field force create meaningful barriers to replicating the HFC plant. Cost advantage is good, as high‑split upgrades and DOCSIS 4.0 extend asset life at lower incremental cost than overlay fiber in many neighborhoods.

Switching costs are moderate: bundles with mobile and advanced WiFi reduce churn, but customer friction to change providers is not prohibitive. Intangibles are average; Spectrum is known but not premium. There is no true network effect.

Moat durability is pressured by competitor fiber builds and fixed wireless, but rural fiber expansion and plant upgrades counterbalance erosion. Weighted view leads to a solid but not impregnable moat.