VOL. XCIV, NO. 247

★ WIDE MOAT STOCKS COMPARISON ★

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Monday, January 5, 2026

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Stock Comparison

Keyence Corporation vs Deutsche Boerse AG

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

Keyence Corporation

6861.T · Tokyo Stock Exchange

Market cap (USD)$87.6B
Gross margin (TTM)—
Operating margin (TTM)—
Net margin (TTM)—
SectorTechnology
Industry—
CountryJP
Data as of2026-01-02
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 Keyence Corporation's moat claims, evidence, and risks.

View 6861.T analysis

Deutsche Boerse AG

DB1 · Xetra

Market cap (USD)—
Gross margin (TTM)—
Operating margin (TTM)—
Net margin (TTM)—
SectorFinancials
Industry—
CountryDE
Data as of2026-01-03
Moat score
81/ 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 Deutsche Boerse AG's moat claims, evidence, and risks.

View DB1 analysis

Comparison highlights

  • Moat score gap: Deutsche Boerse AG leads (81 / 100 vs 73 / 100 for Keyence Corporation).
  • Segment focus: Keyence Corporation has 3 segments; Deutsche Boerse AG has 8 segments (28.2% in Securities Services (Clearstream: ICSD/CSD settlement + custody)).
  • Primary market structure: Oligopoly vs Duopoly. Pricing power: Strong vs Moderate.
  • Moat breadth: Keyence Corporation has 7 moat types across 2 domains; Deutsche Boerse AG has 12 across 5.

Primary market context

Keyence Corporation

Sensors & Safety/Static Control

Market

Industrial sensors and safety/static control for factory automation

Geography

Global

Customer

Manufacturers (production/automation teams) and machine builders

Role

Component OEM and application-solution provider

Deutsche Boerse AG

Securities Services (Clearstream: ICSD/CSD settlement + custody)

Market

Securities settlement and custody infrastructure (ICSD/CSD) for Eurobonds and domestic markets

Geography

Global (Eurobonds + multiple domestic markets)

Customer

Custodian banks, broker-dealers, central banks, institutional investors

Role

Settlement/custody infrastructure and asset servicing

Revenue share

28.2%

Side-by-side metrics

Keyence Corporation
Deutsche Boerse AG
Ticker / Exchange
6861.T - Tokyo Stock Exchange
DB1 - Xetra
Market cap (USD)
$87.6B
n/a
Gross margin (TTM)
n/a
n/a
Operating margin (TTM)
n/a
n/a
Net margin (TTM)
n/a
n/a
Sector
Technology
Financials
Industry
n/a
n/a
HQ country
JP
DE
Primary segment
Sensors & Safety/Static Control
Securities Services (Clearstream: ICSD/CSD settlement + custody)
Market structure
Oligopoly
Duopoly
Market share
n/a
n/a
HHI estimate
n/a
n/a
Pricing power
Strong
Moderate
Moat score
73 / 100
81 / 100
Moat domains
Supply, Demand
Legal, Network, Demand, Financial, Supply
Last update
2026-01-02
2026-01-03

Moat coverage

Shared moat types

Brand Trust

Keyence Corporation strengths

Service Field NetworkDesign In QualificationLearning Curve YieldOperational ExcellenceDistribution ControlScope Economies

Deutsche Boerse AG strengths

Regulated Standards PipeTwo Sided NetworkDe Facto StandardClearing SettlementInteroperability HubFloat PrepaymentSwitching Costs GeneralScale Economies Unit CostData Workflow LockinSuite BundlingFormat Lock In

Segment mix

Keyence Corporation segments

Full profile >

Sensors & Safety/Static Control

Oligopoly

n/a

Machine Vision, Code Reading & Laser Marking

Oligopoly

n/a

Metrology & Microscopes

Oligopoly

n/a

Deutsche Boerse AG segments

Full profile >

Financial Derivatives (Eurex trading + Eurex Clearing)

Oligopoly

22.4%

Commodities (EEX marketplaces + clearing)

Oligopoly

10.9%

Cash Equities (Xetra + Boerse Frankfurt)

Quasi-Monopoly

5.1%

FX & Digital Assets (360T + Crypto Finance)

Competitive

2.8%

Securities Services (Clearstream: ICSD/CSD settlement + custody)

Duopoly

28.2%

Fund Services (Vestima fund processing + Fund Centre distribution)

Oligopoly

8.5%

Software Solutions (SimCorp + Axioma Analytics)

Competitive

11.9%

ESG & Index (ISS STOXX: indices + ESG/governance data)

Oligopoly

10.1%

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.