VOL. XCIV, NO. 247

★ WIDE MOAT STOCKS COMPARISON ★

NO ADVICE

Monday, January 5, 2026

Stock Comparison

Applied Materials, Inc. vs Deutsche Boerse AG

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

Applied Materials, Inc.

AMAT · The Nasdaq Stock Market LLC

Market cap (USD)$211.9B
Gross margin (TTM)48.7%
Operating margin (TTM)29.2%
Net margin (TTM)24.7%
SectorTechnology
IndustrySemiconductors
CountryUS
Data as of2025-12-22
Moat score
76/ 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 Applied Materials, Inc.'s moat claims, evidence, and risks.

View AMAT 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 76 / 100 for Applied Materials, Inc.).
  • Segment focus: Applied Materials, Inc. has 2 segments (73.3% in Semiconductor Systems); 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: Applied Materials, Inc. has 7 moat types across 3 domains; Deutsche Boerse AG has 12 across 5.

Primary market context

Applied Materials, Inc.

Semiconductor Systems

Market

Wafer fabrication equipment (WFE) and adjacent front-end process equipment (deposition, etch, CMP, metrology/inspection) plus advanced packaging tools

Geography

Global

Customer

Semiconductor manufacturers (foundry, logic, memory) and advanced packaging providers

Role

OEM equipment supplier

Revenue share

73.3%

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

Applied Materials, Inc.
Deutsche Boerse AG
Ticker / Exchange
AMAT - The Nasdaq Stock Market LLC
DB1 - Xetra
Market cap (USD)
$211.9B
n/a
Gross margin (TTM)
48.7%
n/a
Operating margin (TTM)
29.2%
n/a
Net margin (TTM)
24.7%
n/a
Sector
Technology
Financials
Industry
Semiconductors
n/a
HQ country
US
DE
Primary segment
Semiconductor Systems
Securities Services (Clearstream: ICSD/CSD settlement + custody)
Market structure
Oligopoly
Duopoly
Market share
16%-20% (implied)
n/a
HHI estimate
n/a
n/a
Pricing power
Moderate
Moderate
Moat score
76 / 100
81 / 100
Moat domains
Supply, Demand, Legal
Legal, Network, Demand, Financial, Supply
Last update
2025-12-22
2026-01-03

Moat coverage

Shared moat types

No overlap yet.

Applied Materials, Inc. strengths

Scope EconomiesCapex Knowhow ScaleDesign In QualificationIP Choke PointInstalled Base ConsumablesService Field NetworkLong Term Contracts

Deutsche Boerse AG strengths

Regulated Standards PipeTwo Sided NetworkDe Facto StandardClearing SettlementBrand TrustInteroperability HubFloat PrepaymentSwitching Costs GeneralScale Economies Unit CostData Workflow LockinSuite BundlingFormat Lock In

Segment mix

Applied Materials, Inc. segments

Full profile >

Semiconductor Systems

Oligopoly

73.3%

Applied Global Services (AGS)

Competitive

22.5%

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?

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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.