VOL. XCIV, NO. 247

★ WIDE MOAT STOCKS COMPARISON ★

NO ADVICE

Sunday, January 11, 2026

Stock Comparison

Baidu, Inc. vs Bentley Systems, Incorporated

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

Baidu, Inc.

9888 · The Stock Exchange of Hong Kong Limited

Market cap (USD)$372.8B
Gross margin (TTM)44.7%
Operating margin (TTM)-2.6%
Net margin (TTM)6.9%
SectorTechnology
IndustryInternet Content & Information
CountryCN
Data as of2025-12-28
Moat score
71/ 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 Baidu, Inc.'s moat claims, evidence, and risks.

View 9888 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: Baidu, Inc. leads (71 / 100 vs 64 / 100 for Bentley Systems, Incorporated).
  • Segment focus: Baidu, Inc. has 4 segments (54.5% in Online Marketing (Search & Feed Ads)); Bentley Systems, Incorporated has 4 segments.
  • Primary market structure: Quasi-Monopoly vs Oligopoly. Pricing power: Moderate vs Moderate.
  • Moat breadth: Baidu, Inc. has 10 moat types across 4 domains; Bentley Systems, Incorporated has 7 across 2.

Primary market context

Baidu, Inc.

Online Marketing (Search & Feed Ads)

Market

Chinese-language search and feed-based online marketing services

Geography

Mainland China

Customer

Advertisers (SMEs and larger enterprises) buying performance-based and feed ads

Role

Search + feed platform operator / ad marketplace

Revenue share

54.5%

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

Baidu, Inc.
Bentley Systems, Incorporated
Ticker / Exchange
9888 - The Stock Exchange of Hong Kong Limited
BSY - NASDAQ
Market cap (USD)
$372.8B
$12.5B
Gross margin (TTM)
44.7%
n/a
Operating margin (TTM)
-2.6%
n/a
Net margin (TTM)
6.9%
n/a
Sector
Technology
Technology
Industry
Internet Content & Information
n/a
HQ country
CN
US
Primary segment
Online Marketing (Search & Feed Ads)
Engineering Applications (Bentley Open)
Market structure
Quasi-Monopoly
Oligopoly
Market share
62%-66% (reported)
n/a
HHI estimate
n/a
n/a
Pricing power
Moderate
Moderate
Moat score
71 / 100
64 / 100
Moat domains
Demand, Network, Supply, Legal
Demand, Network
Last update
2025-12-28
2026-01-10

Moat coverage

Shared moat types

Ecosystem ComplementsData Workflow Lockin

Baidu, Inc. strengths

Habit DefaultBrand TrustCapex Knowhow ScaleLearning Curve YieldRegulated Standards PipeContent Rights CurrencyScale Economies Unit CostData Network Effects

Bentley Systems, Incorporated strengths

Training Org Change CostsSuite BundlingInteroperability HubProcurement InertiaDe Facto Standard

Segment mix

Baidu, Inc. segments

Full profile >

Online Marketing (Search & Feed Ads)

Quasi-Monopoly

54.5%

AI Cloud (IaaS/PaaS/SaaS + GenAI APIs)

Oligopoly

16.3%

Intelligent Driving & Other Growth Initiatives

Oligopoly

7.4%

iQIYI (Online Entertainment)

Oligopoly

21.8%

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.

View the moat stocks list

Looking for expansion-stage stocks?

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

View expansion-stage stocks

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.