VOL. XCIV, NO. 247

★ WIDE MOAT STOCKS COMPARISON ★

NO ADVICE

Monday, January 5, 2026

Stock Comparison

BAE Systems plc vs Deutsche Boerse AG

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

BAE Systems plc

BA. · London Stock Exchange

Market cap (USD)$51.1B
Gross margin (TTM)8.6%
Operating margin (TTM)9.3%
Net margin (TTM)7.4%
SectorIndustrials
IndustryAerospace & Defense
CountryGB
Data as of2025-12-28
Moat score
75/ 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 BAE Systems plc's moat claims, evidence, and risks.

View BA. 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 75 / 100 for BAE Systems plc).
  • Segment focus: BAE Systems plc has 5 segments (26.6% in Electronic 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: BAE Systems plc has 8 moat types across 3 domains; Deutsche Boerse AG has 12 across 5.

Primary market context

BAE Systems plc

Electronic Systems

Market

Defence electronics (electronic warfare, avionics, C4ISR, space payloads and mission systems)

Geography

Primarily US and UK; global programmes

Customer

Government defence and intelligence agencies; prime contractors

Role

Subsystem OEM and prime contractor for electronics/mission systems

Revenue share

26.6%

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

BAE Systems plc
Deutsche Boerse AG
Ticker / Exchange
BA. - London Stock Exchange
DB1 - Xetra
Market cap (USD)
$51.1B
n/a
Gross margin (TTM)
8.6%
n/a
Operating margin (TTM)
9.3%
n/a
Net margin (TTM)
7.4%
n/a
Sector
Industrials
Financials
Industry
Aerospace & Defense
n/a
HQ country
GB
DE
Primary segment
Electronic Systems
Securities Services (Clearstream: ICSD/CSD settlement + custody)
Market structure
Oligopoly
Duopoly
Market share
n/a
n/a
HHI estimate
n/a
n/a
Pricing power
Moderate
Moderate
Moat score
75 / 100
81 / 100
Moat domains
Legal, Demand, Supply
Legal, Network, Demand, Financial, Supply
Last update
2025-12-28
2026-01-03

Moat coverage

Shared moat types

Switching Costs General

BAE Systems plc strengths

Government Contracting RelationshipsDesign In QualificationCompliance AdvantageService Field NetworkLong Term ContractsCapex Knowhow ScaleCapacity Moat

Deutsche Boerse AG strengths

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

Segment mix

BAE Systems plc segments

Full profile >

Electronic Systems

Oligopoly

26.6%

Platforms & Services

Oligopoly

16.3%

Air

Oligopoly

26%

Maritime

Oligopoly

22.5%

Cyber & Intelligence

Competitive

8.6%

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.