VOL. XCIV, NO. 247

★ WIDE MOAT STOCKS COMPARISON ★

NO ADVICE

Thursday, January 8, 2026

Stock Comparison

Applied Materials, Inc. vs Tradeweb Markets Inc.

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)$226.5B
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

Tradeweb Markets Inc.

TW · Nasdaq Global Select Market

Market cap (USD)$23.6B
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: Applied Materials, Inc. leads (76 / 100 vs 70 / 100 for Tradeweb Markets Inc.).
  • Segment focus: Applied Materials, Inc. has 2 segments (73.3% in Semiconductor Systems); Tradeweb Markets Inc. has 6 segments (52.4% in Rates).
  • Moat breadth: Applied Materials, Inc. has 7 moat types across 3 domains; Tradeweb Markets Inc. has 7 across 4.

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%

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

Applied Materials, Inc.
Tradeweb Markets Inc.
Ticker / Exchange
AMAT - The Nasdaq Stock Market LLC
TW - Nasdaq Global Select Market
Market cap (USD)
$226.5B
$23.6B
Gross margin (TTM)
48.7%
66.7%
Operating margin (TTM)
29.2%
40.3%
Net margin (TTM)
24.7%
31.6%
Sector
Technology
Financials
Industry
Semiconductors
Financial - Capital Markets
HQ country
US
US
Primary segment
Semiconductor Systems
Rates
Market structure
Oligopoly
Oligopoly
Market share
16%-20% (implied)
n/a
HHI estimate
n/a
n/a
Pricing power
Moderate
Moderate
Moat score
76 / 100
70 / 100
Moat domains
Supply, Demand, Legal
Network, Demand, Legal, Supply
Last update
2025-12-22
2026-01-06

Moat coverage

Shared moat types

Scope EconomiesLong Term Contracts

Applied Materials, Inc. strengths

Capex Knowhow ScaleDesign In QualificationIP Choke PointInstalled Base ConsumablesService Field Network

Tradeweb Markets Inc. strengths

Two Sided NetworkData Workflow LockinCompliance AdvantageEcosystem ComplementsBrand Trust

Segment mix

Applied Materials, Inc. segments

Full profile >

Semiconductor Systems

Oligopoly

73.3%

Applied Global Services (AGS)

Competitive

22.5%

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.

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.