VOL. XCIV, NO. 247

★ WIDE MOAT STOCKS COMPARISON ★

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Sunday, January 11, 2026

Stock Comparison

FANUC CORPORATION vs Bentley Systems, Incorporated

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

FANUC CORPORATION

6954 · Tokyo Stock Exchange

Market cap (USD)$6T
Gross margin (TTM)37.5%
Operating margin (TTM)20.7%
Net margin (TTM)19.3%
SectorIndustrials
IndustryIndustrial - Machinery
CountryJP
Data as of2025-12-28
Moat score
76/ 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 FANUC CORPORATION's moat claims, evidence, and risks.

View 6954 analysis

Bentley Systems, Incorporated

BSY · NASDAQ

Market cap (USD)$12.5B
Gross margin (TTM)
Operating margin (TTM)
Net margin (TTM)
SectorTechnology
Industry
CountryUS
Data as of2026-01-10
Moat score
64/ 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 Bentley Systems, Incorporated's moat claims, evidence, and risks.

View BSY analysis

Comparison highlights

  • Moat score gap: FANUC CORPORATION leads (76 / 100 vs 64 / 100 for Bentley Systems, Incorporated).
  • Segment focus: FANUC CORPORATION has 4 segments (41.3% in Industrial Robots (ROBOT) - robot systems and controllers); Bentley Systems, Incorporated has 4 segments.
  • Moat breadth: FANUC CORPORATION has 6 moat types across 3 domains; Bentley Systems, Incorporated has 7 across 2.

Primary market context

FANUC CORPORATION

Industrial Robots (ROBOT) - robot systems and controllers

Market

Industrial robot systems for welding, handling, assembly, painting, machine tending, etc.

Geography

Global

Customer

Manufacturers (automotive, electronics, general industry)

Role

Robot OEM (hardware + controllers)

Revenue share

41.3%

Bentley Systems, Incorporated

Engineering Applications (Bentley Open)

Market

Infrastructure engineering design and simulation software (CAD/BIM for civil, rail, water, plants, and facilities)

Geography

Global

Customer

Engineering and construction firms; public and private infrastructure owner-operators

Role

Engineering authoring + analysis software vendor

Side-by-side metrics

FANUC CORPORATION
Bentley Systems, Incorporated
Ticker / Exchange
6954 - Tokyo Stock Exchange
BSY - NASDAQ
Market cap (USD)
$6T
$12.5B
Gross margin (TTM)
37.5%
n/a
Operating margin (TTM)
20.7%
n/a
Net margin (TTM)
19.3%
n/a
Sector
Industrials
Technology
Industry
Industrial - Machinery
n/a
HQ country
JP
US
Primary segment
Industrial Robots (ROBOT) - robot systems and controllers
Engineering Applications (Bentley Open)
Market structure
Oligopoly
Oligopoly
Market share
12%-15% (implied)
n/a
HHI estimate
n/a
n/a
Pricing power
Moderate
Moderate
Moat score
76 / 100
64 / 100
Moat domains
Network, Supply, Demand
Demand, Network
Last update
2025-12-28
2026-01-10

Moat coverage

Shared moat types

De Facto StandardEcosystem Complements

FANUC CORPORATION strengths

Service Field NetworkCapacity MoatBrand TrustInstalled Base Consumables

Bentley Systems, Incorporated strengths

Training Org Change CostsSuite BundlingInteroperability HubData Workflow LockinProcurement Inertia

Segment mix

FANUC CORPORATION segments

Full profile >

Factory Automation (FA) - CNC, servos, lasers

Oligopoly

24.4%

Industrial Robots (ROBOT) - robot systems and controllers

Oligopoly

41.3%

ROBOMACHINE - ROBODRILL, ROBOSHOT, ROBOCUT

Competitive

17.3%

Service - parts, maintenance, and customer support

Quasi-Monopoly

17%

Bentley Systems, Incorporated segments

Full profile >

Engineering Applications (Bentley Open)

Oligopoly

n/a

Geoprofessional Applications (Seequent)

Oligopoly

n/a

Bentley Infrastructure Cloud (ProjectWise, SYNCHRO, AssetWise)

Oligopoly

n/a

Digital Twin Platform & Asset Analytics (Cesium, iTwin, Asset Analytics)

Competitive

n/a

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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Proven models entering the expansion stage with unit economics that work.

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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.