VOL. XCIV, NO. 247

★ WIDE MOAT STOCKS COMPARISON ★

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Stock Comparison

Axcelis Technologies, Inc. vs Bentley Systems, Incorporated

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

Axcelis Technologies, Inc.

ACLS · Nasdaq Global Select Market

Market cap (USD)$4.4B
Gross margin (TTM)44.9%
Operating margin (TTM)14.2%
Net margin (TTM)14.3%
SectorTechnology
IndustrySemiconductors
CountryUS
Data as of2026-04-25
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 Axcelis Technologies, Inc.'s moat claims, evidence, and risks.

View ACLS analysis

Bentley Systems, Incorporated

BSY · NASDAQ

Market cap (USD)$9.5B
Gross margin (TTM)81.5%
Operating margin (TTM)24.2%
Net margin (TTM)18.5%
SectorTechnology
IndustrySoftware - Application
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: both at 64 / 100.
  • Segment focus: Axcelis Technologies, Inc. has 2 segments (68.1% in Ion implantation systems); Bentley Systems, Incorporated has 4 segments.
  • Moat breadth: Axcelis Technologies, Inc. has 7 moat types across 2 domains; Bentley Systems, Incorporated has 7 across 2.

Primary market context

Axcelis Technologies, Inc.

Ion implantation systems

Market

Global semiconductor ion implantation equipment for wafer fabrication

Geography

Global, concentrated in Asia-Pacific semiconductor fabs

Customer

Semiconductor manufacturers, foundries, IDMs, power-device makers, memory producers and logic fabs

Role

OEM supplier of high current, medium current and high energy ion implantation systems

Revenue share

68.1%

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

Axcelis Technologies, Inc.
Bentley Systems, Incorporated
Ticker / Exchange
ACLS - Nasdaq Global Select Market
BSY - NASDAQ
Market cap (USD)
$4.4B
$9.5B
Gross margin (TTM)
44.9%
81.5%
Operating margin (TTM)
14.2%
24.2%
Net margin (TTM)
14.3%
18.5%
Sector
Technology
Technology
Industry
Semiconductors
Software - Application
HQ country
US
US
Primary segment
Ion implantation systems
Engineering Applications (Bentley Open)
Market structure
Oligopoly
Oligopoly
Market share
19%-21% (estimated)
n/a
HHI estimate
n/a
n/a
Pricing power
Moderate
Moderate
Moat score
64 / 100
64 / 100
Moat domains
Demand, Supply
Demand, Network
Last update
2026-04-25
2026-01-10

Moat coverage

Shared moat types

Procurement Inertia

Axcelis Technologies, Inc. strengths

Design In QualificationLearning Curve YieldCapex Knowhow ScaleBrand TrustInstalled Base ConsumablesService Field Network

Bentley Systems, Incorporated strengths

Training Org Change CostsSuite BundlingInteroperability HubData Workflow LockinDe Facto StandardEcosystem Complements

Segment mix

Axcelis Technologies, Inc. segments

Full profile >

Ion implantation systems

Oligopoly

68.1%

Customer Solutions & Innovation aftermarket

Competitive

31.9%

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?

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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.