VOL. XCIV, NO. 247

★ WIDE MOAT STOCKS COMPARISON ★

NO ADVICE

Monday, January 5, 2026

Stock Comparison

Hong Kong Exchanges and Clearing Limited vs Intuitive Surgical, Inc.

Compare moat strength, market structure, and segment coverage to understand how each company defends its edge.

Hong Kong Exchanges and Clearing Limited

0388.HK · Hong Kong Stock Exchange (HKEX)

Market cap (USD)$67.7B
Gross margin (TTM)
Operating margin (TTM)
Net margin (TTM)
SectorFinancials
Industry
CountryHK
Data as of2026-01-03
Moat score
92/ 100

Weighted average of segment moat scores, combining moat strength, durability, confidence, market structure, pricing power, and market share.

Full stock profile

Dive deeper into Hong Kong Exchanges and Clearing Limited's moat claims, evidence, and risks.

View 0388.HK analysis

Intuitive Surgical, Inc.

ISRG · NASDAQ

Market cap (USD)$199.5B
Gross margin (TTM)66.4%
Operating margin (TTM)29.3%
Net margin (TTM)28.6%
SectorHealthcare
IndustryMedical - Instruments & Supplies
CountryUS
Data as of2025-12-30
Moat score
83/ 100

Weighted average of segment moat scores, combining moat strength, durability, confidence, market structure, pricing power, and market share.

Full stock profile

Dive deeper into Intuitive Surgical, Inc.'s moat claims, evidence, and risks.

View ISRG analysis

Comparison highlights

  • Moat score gap: Hong Kong Exchanges and Clearing Limited leads (92 / 100 vs 83 / 100 for Intuitive Surgical, Inc.).
  • Segment focus: Hong Kong Exchanges and Clearing Limited has 4 segments (52.6% in Cash Markets); Intuitive Surgical, Inc. has 3 segments (60.8% in Instruments and Accessories).
  • Primary market structure: Monopoly vs Monopoly. Pricing power: Moderate vs Strong.
  • Moat breadth: Hong Kong Exchanges and Clearing Limited has 9 moat types across 5 domains; Intuitive Surgical, Inc. has 9 across 4.

Primary market context

Hong Kong Exchanges and Clearing Limited

Cash Markets

Market

Exchange-based cash equities trading, clearing and settlement in Hong Kong (including Stock Connect cash markets)

Geography

Hong Kong (with Mainland China Connect linkage)

Customer

Brokers, banks, proprietary trading firms, and investors; listed issuers via primary/secondary markets

Role

Exchange operator + clearing/settlement/depository operator

Revenue share

52.6%

Intuitive Surgical, Inc.

Instruments and Accessories

Market

Proprietary robotic surgery instruments, accessories, and consumables used per procedure on the da Vinci (and Ion) installed base

Geography

Global

Customer

Hospitals and surgery centers purchasing consumables; surgeons and OR teams as end users

Role

Consumables OEM within proprietary platform

Revenue share

60.8%

Side-by-side metrics

Hong Kong Exchanges and Clearing Limited
Intuitive Surgical, Inc.
Ticker / Exchange
0388.HK - Hong Kong Stock Exchange (HKEX)
ISRG - NASDAQ
Market cap (USD)
$67.7B
$199.5B
Gross margin (TTM)
n/a
66.4%
Operating margin (TTM)
n/a
29.3%
Net margin (TTM)
n/a
28.6%
Sector
Financials
Healthcare
Industry
n/a
Medical - Instruments & Supplies
HQ country
HK
US
Primary segment
Cash Markets
Instruments and Accessories
Market structure
Monopoly
Monopoly
Market share
100% (reported)
n/a
HHI estimate
10,000
n/a
Pricing power
Moderate
Strong
Moat score
92 / 100
83 / 100
Moat domains
Legal, Network, Financial, Supply, Demand
Supply, Demand, Network, Legal
Last update
2026-01-03
2025-12-30

Moat coverage

Shared moat types

No overlap yet.

Hong Kong Exchanges and Clearing Limited strengths

Concession LicenseClearing SettlementInteroperability HubTwo Sided NetworkDirect Network EffectsBenchmark Pricing PowerPhysical Network DensityDistribution ControlSwitching Costs General

Intuitive Surgical, Inc. strengths

Capex Knowhow ScaleTraining Org Change CostsEcosystem ComplementsProcurement InertiaInstalled Base ConsumablesIP Choke PointService Field NetworkData Workflow LockinLong Term Contracts

Segment mix

Hong Kong Exchanges and Clearing Limited segments

Full profile >

Cash Markets

Monopoly

52.6%

Equity and Financial Derivatives

Monopoly

20.3%

Commodities (LME and related)

Oligopoly

14.8%

Data and Connectivity

Quasi-Monopoly

12.2%

Intuitive Surgical, Inc. segments

Full profile >

Systems

Quasi-Monopoly

23.5%

Instruments and Accessories

Monopoly

60.8%

Services

Monopoly

15.6%

Want the full wide moat stocks list?

Browse the full ranking of wide moat stocks, updated with moat scores and segment context.

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Curation & Accuracy

This directory blends AI‑assisted discovery with human curation. Entries are reviewed, edited, and organized with the goal of expanding coverage and sharpening quality over time. Your feedback helps steer improvements (because no single human can capture everything all at once).

Details change. Pricing, features, and availability may be incomplete or out of date. Treat listings as a starting point and verify on the provider’s site before making decisions. If you spot an error or a gap, send a quick note and I’ll adjust.