VOL. XCIV, NO. 247

★ WIDE MOAT STOCKS COMPARISON ★

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Stock Comparison

Tencent Holdings Limited vs The Trade Desk, Inc.

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

Tencent Holdings Limited

0700.HK · Hong Kong Stock Exchange

Market cap (USD)$4.7T
Gross margin (TTM)54.5%
Operating margin (TTM)32.3%
Net margin (TTM)29.9%
SectorCommunication Services
IndustryInternet Content & Information
CountryCN
Data as of2025-12-28
Moat score
73/ 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 Tencent Holdings Limited's moat claims, evidence, and risks.

View 0700.HK analysis

The Trade Desk, Inc.

TTD · NASDAQ

Market cap (USD)$12.3B
Gross margin (TTM)78.8%
Operating margin (TTM)18.9%
Net margin (TTM)15.7%
SectorCommunication Services
IndustrySoftware - Application
CountryUS
Data as of2025-12-26
Moat score
62/ 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 The Trade Desk, Inc.'s moat claims, evidence, and risks.

View TTD analysis

Comparison highlights

  • Moat score gap: Tencent Holdings Limited leads (73 / 100 vs 62 / 100 for The Trade Desk, Inc.).
  • Segment focus: Tencent Holdings Limited has 4 segments (48.3% in Value-Added Services (VAS)); The Trade Desk, Inc. has 1 segment (100% in Advertising Technology Platform (DSP)).
  • Primary market structure: Oligopoly vs Competitive. Pricing power: Moderate vs Moderate.
  • Moat breadth: Tencent Holdings Limited has 6 moat types across 2 domains; The Trade Desk, Inc. has 4 across 2.

Primary market context

Tencent Holdings Limited

Value-Added Services (VAS)

Market

Consumer social platforms and digital entertainment (online games, subscriptions, virtual items, digital content)

Geography

Mainland China (core) + Global (games)

Customer

Consumers

Role

Platform/operator + content publisher

Revenue share

48.3%

The Trade Desk, Inc.

Advertising Technology Platform (DSP)

Market

Demand-side platforms (DSP) for programmatic advertising (open internet)

Geography

Global

Customer

Advertising agencies and advertisers

Role

Buy-side platform / demand aggregation

Revenue share

100%

Side-by-side metrics

Tencent Holdings Limited
The Trade Desk, Inc.
Ticker / Exchange
0700.HK - Hong Kong Stock Exchange
TTD - NASDAQ
Market cap (USD)
$4.7T
$12.3B
Gross margin (TTM)
54.5%
78.8%
Operating margin (TTM)
32.3%
18.9%
Net margin (TTM)
29.9%
15.7%
Sector
Communication Services
Communication Services
Industry
Internet Content & Information
Software - Application
HQ country
CN
US
Primary segment
Value-Added Services (VAS)
Advertising Technology Platform (DSP)
Market structure
Oligopoly
Competitive
Market share
n/a
6%-10% (implied)
HHI estimate
n/a
n/a
Pricing power
Moderate
Moderate
Moat score
73 / 100
62 / 100
Moat domains
Network, Supply
Network, Demand
Last update
2025-12-28
2025-12-26

Moat coverage

Shared moat types

Data Network Effects

Tencent Holdings Limited strengths

Direct Network EffectsEcosystem ComplementsDistribution ControlTwo Sided NetworkCapex Knowhow Scale

The Trade Desk, Inc. strengths

Interoperability HubSwitching Costs GeneralStandards Registry

Segment mix

Tencent Holdings Limited segments

Full profile >

Value-Added Services (VAS)

Oligopoly

48.3%

Marketing Services

Oligopoly

18.4%

FinTech and Business Services

Oligopoly

32.1%

Others

Competitive

1.2%

The Trade Desk, Inc. segments

Full profile >

Advertising Technology Platform (DSP)

Competitive

100%

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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.