VOL. XCIV, NO. 247

★ WIDE MOAT STOCKS COMPARISON ★

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Sunday, January 11, 2026

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Stock Comparison

Arthur J. Gallagher & Co. vs Tradeweb Markets Inc.

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

Arthur J. Gallagher & Co.

AJG · New York Stock Exchange

Market cap (USD)$67.9B
Gross margin (TTM)—
Operating margin (TTM)—
Net margin (TTM)—
SectorFinancials
IndustryInsurance - Brokers
CountryUS
Data as of2026-01-09
Moat score
69/ 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 Arthur J. Gallagher & Co.'s moat claims, evidence, and risks.

View AJG analysis

Tradeweb Markets Inc.

TW · Nasdaq Global Select Market

Market cap (USD)$22.2B
Gross margin (TTM)66.7%
Operating margin (TTM)40.3%
Net margin (TTM)31.6%
SectorFinancials
IndustryFinancial - Capital Markets
CountryUS
Data as of2026-01-06
Moat score
70/ 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 Tradeweb Markets Inc.'s moat claims, evidence, and risks.

View TW analysis

Comparison highlights

  • Moat score gap: Tradeweb Markets Inc. leads (70 / 100 vs 69 / 100 for Arthur J. Gallagher & Co.).
  • Segment focus: Arthur J. Gallagher & Co. has 2 segments (86% in Brokerage); Tradeweb Markets Inc. has 6 segments (52.4% in Rates).
  • Moat breadth: Arthur J. Gallagher & Co. has 4 moat types across 2 domains; Tradeweb Markets Inc. has 7 across 4.

Primary market context

Arthur J. Gallagher & Co.

Brokerage

Market

Insurance and reinsurance brokerage and consulting

Geography

Global

Customer

Commercial, industrial, public sector, nonprofit and other organizations; underwriting enterprises for reinsurance placements

Role

Intermediary / broker / advisor

Revenue share

86%

Tradeweb Markets Inc.

Rates

Market

Electronic dealer-to-client and all-to-all trading in rates (government bonds, mortgages/TBA MBS, interest rate swaps)

Geography

Global

Customer

Institutional, wholesale dealers, and retail via ATS

Role

Electronic marketplace / trading venue

Revenue share

52.4%

Side-by-side metrics

Arthur J. Gallagher & Co.
Tradeweb Markets Inc.
Ticker / Exchange
AJG - New York Stock Exchange
TW - Nasdaq Global Select Market
Market cap (USD)
$67.9B
$22.2B
Gross margin (TTM)
n/a
66.7%
Operating margin (TTM)
n/a
40.3%
Net margin (TTM)
n/a
31.6%
Sector
Financials
Financials
Industry
Insurance - Brokers
Financial - Capital Markets
HQ country
US
US
Primary segment
Brokerage
Rates
Market structure
Oligopoly
Oligopoly
Market share
n/a
n/a
HHI estimate
n/a
n/a
Pricing power
Moderate
Moderate
Moat score
69 / 100
70 / 100
Moat domains
Supply, Demand
Network, Demand, Legal, Supply
Last update
2026-01-09
2026-01-06

Moat coverage

Shared moat types

Brand TrustData Workflow Lockin

Arthur J. Gallagher & Co. strengths

Service Field NetworkOperational Excellence

Tradeweb Markets Inc. strengths

Two Sided NetworkCompliance AdvantageEcosystem ComplementsLong Term ContractsScope Economies

Segment mix

Arthur J. Gallagher & Co. segments

Full profile >

Brokerage

Oligopoly

86%

Risk Management

Competitive

14%

Tradeweb Markets Inc. segments

Full profile >

Rates

Oligopoly

52.4%

Credit

Oligopoly

26.6%

Equities

Competitive

6%

Money Markets

Oligopoly

6.7%

Market Data

Competitive

6.8%

Other

Competitive

1.4%

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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Looking for expansion-stage stocks?

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.