VOL. XCIV, NO. 247

★ WIDE MOAT STOCKS COMPARISON ★

NO ADVICE

Monday, January 5, 2026

Wide Moat Stocks Home My Collections

Stock Comparison

Unicharm Corporation vs Deutsche Boerse AG

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

Unicharm Corporation

8113 · Tokyo Stock Exchange

Market cap (USD)$1.6T

Gross margin (TTM)38.5%

Operating margin (TTM)12.9%

Net margin (TTM)8.6%

SectorConsumer

IndustryHousehold & Personal Products

CountryJP

Data as of2025-12-29

Moat score

60/ 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 Unicharm Corporation's moat claims, evidence, and risks.

View 8113 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 60 / 100 for Unicharm Corporation).
Segment focus: Unicharm Corporation has 5 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: Moderate vs Moderate.
Moat breadth: Unicharm Corporation has 7 moat types across 3 domains; Deutsche Boerse AG has 12 across 5.

Primary market context

Unicharm Corporation

Baby and Child Care Products

Market

Disposable baby diapers and baby wipes

Geography

Japan, Asia, Middle East, and selected other markets

Customer

Consumers (parents/caregivers)

Role

Branded manufacturer

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

Unicharm Corporation

Deutsche Boerse AG

Ticker / Exchange

8113 - Tokyo Stock Exchange

DB1 - Xetra

Market cap (USD)

$1.6T

n/a

Gross margin (TTM)

38.5%

n/a

Operating margin (TTM)

12.9%

n/a

Net margin (TTM)

8.6%

n/a

Sector

Consumer

Financials

Industry

Household & Personal Products

n/a

HQ country

Primary segment

Baby and Child Care Products

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

Market structure

Oligopoly

Duopoly

Market share

35%-84% (reported)

n/a

HHI estimate

n/a

Pricing power

Moderate

Moat score

60 / 100

81 / 100

Moat domains

Demand, Supply, Legal

Legal, Network, Demand, Financial, Supply

Last update

2025-12-29

2026-01-03

Moat coverage

Shared moat types

Brand Trust

Unicharm Corporation strengths

Distribution ControlCapex Knowhow ScaleHabit DefaultTraining Org Change CostsIP Choke PointOperational Excellence

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

Unicharm Corporation segments

Full profile >

Baby and Child Care Products

Oligopoly

n/a

Feminine Care Products

Oligopoly

n/a

Wellness Care Products (Adult Incontinence)

Oligopoly

n/a

Pet Care Products

Competitive

n/a

Industrial Materials and Other Businesses

Competitive

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.

View the moat stocks list

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.