VOL. XCIV, NO. 247

★ WIDE MOAT STOCKS COMPARISON ★

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Sunday, January 11, 2026

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Stock Comparison

Alibaba Group Holding Limited vs Bentley Systems, Incorporated

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

Alibaba Group Holding Limited

9988.HK · The Stock Exchange of Hong Kong Limited

Market cap (USD)$2.7T

Gross margin (TTM)41.2%

Operating margin (TTM)10.9%

Net margin (TTM)12.2%

SectorConsumer

IndustrySpecialty Retail

CountryKY

Data as of2025-12-29

Moat score

56/ 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 Alibaba Group Holding Limited's moat claims, evidence, and risks.

View 9988.HK 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: Bentley Systems, Incorporated leads (64 / 100 vs 56 / 100 for Alibaba Group Holding Limited).
Segment focus: Alibaba Group Holding Limited has 7 segments (41% in Taobao and Tmall Group); Bentley Systems, Incorporated has 4 segments.
Moat breadth: Alibaba Group Holding Limited has 6 moat types across 3 domains; Bentley Systems, Incorporated has 7 across 2.

Primary market context

Alibaba Group Holding Limited

Taobao and Tmall Group

Market

China online retail marketplaces & merchant services (Taobao, Tmall, 1688)

Geography

China

Customer

Consumers and merchants/brands

Role

Marketplace + advertising/merchant services

Revenue share

41%

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

Alibaba Group Holding Limited

Bentley Systems, Incorporated

Ticker / Exchange

9988.HK - The Stock Exchange of Hong Kong Limited

BSY - NASDAQ

Market cap (USD)

$2.7T

$12.5B

Gross margin (TTM)

41.2%

n/a

Operating margin (TTM)

10.9%

n/a

Net margin (TTM)

12.2%

n/a

Sector

Consumer

Technology

Industry

Specialty Retail

n/a

HQ country

Primary segment

Taobao and Tmall Group

Engineering Applications (Bentley Open)

Market structure

Oligopoly

Market share

n/a

HHI estimate

n/a

Pricing power

Moderate

Moat score

56 / 100

64 / 100

Moat domains

Network, Supply, Demand

Demand, Network

Last update

2025-12-29

2026-01-10

Moat coverage

Shared moat types

Ecosystem Complements

Alibaba Group Holding Limited strengths

Two Sided NetworkCapex Knowhow ScaleSwitching Costs GeneralSupply Chain ControlBrand Trust

Bentley Systems, Incorporated strengths

Training Org Change CostsSuite BundlingInteroperability HubData Workflow LockinProcurement InertiaDe Facto Standard

Segment mix

Alibaba Group Holding Limited segments

Full profile >

Taobao and Tmall Group

Oligopoly

41%

Alibaba International Digital Commerce Group

Competitive

12.1%

Cloud Intelligence Group (Alibaba Cloud)

Oligopoly

10.8%

Cainiao Smart Logistics Network Limited

Competitive

9.2%

Local Services Group

Oligopoly

6.1%

Digital Media and Entertainment Group

Competitive

All Others

Competitive

18.8%

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.