VOL. XCIV, NO. 247

★ WIDE MOAT STOCKS COMPARISON ★

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Monday, January 5, 2026

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Stock Comparison

Barry Callebaut AG vs Deutsche Boerse AG

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

Barry Callebaut AG

BARN · SIX Swiss Exchange

Market cap (USD)$7.2B

Gross margin (TTM)11.1%

Operating margin (TTM)4.6%

Net margin (TTM)1.5%

SectorConsumer

IndustryFood Confectioners

CountryCH

Data as of2025-12-29

Moat score

63/ 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 Barry Callebaut AG's moat claims, evidence, and risks.

View BARN 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 63 / 100 for Barry Callebaut AG).
Segment focus: Barry Callebaut AG has 2 segments (68.7% in Global Chocolate); 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: Barry Callebaut AG has 6 moat types across 2 domains; Deutsche Boerse AG has 12 across 5.

Primary market context

Barry Callebaut AG

Global Chocolate

Market

Chocolate ingredients and solutions (B2B) for food manufacturers and professional/artisan customers

Geography

Global

Customer

Industrial food manufacturers; professional/artisan users (chocolatiers, bakers, pastry chefs, foodservice)

Role

Ingredient manufacturer / solutions provider

Revenue share

68.7%

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

Barry Callebaut AG

Deutsche Boerse AG

Ticker / Exchange

BARN - SIX Swiss Exchange

DB1 - Xetra

Market cap (USD)

$7.2B

n/a

Gross margin (TTM)

11.1%

n/a

Operating margin (TTM)

4.6%

n/a

Net margin (TTM)

1.5%

n/a

Sector

Consumer

Financials

Industry

Food Confectioners

n/a

HQ country

Primary segment

Global Chocolate

Securities Services (Clearstream: ICSD/CSD settlement + custody)

Market structure

Oligopoly

Duopoly

Market share

n/a

HHI estimate

n/a

Pricing power

Moderate

Moat score

63 / 100

81 / 100

Moat domains

Supply, Demand

Legal, Network, Demand, Financial, Supply

Last update

2025-12-29

2026-01-03

Moat coverage

Shared moat types

Brand TrustScale Economies Unit Cost

Barry Callebaut AG strengths

Capex Knowhow ScaleSupply Chain ControlCost-plus pass-through modelPreferential Input Access

Deutsche Boerse AG strengths

Regulated Standards PipeTwo Sided NetworkDe Facto StandardClearing SettlementInteroperability HubFloat PrepaymentSwitching Costs GeneralData Workflow LockinSuite BundlingFormat Lock In

Segment mix

Barry Callebaut AG segments

Full profile >

Global Chocolate

Oligopoly

68.7%

Global Cocoa

Oligopoly

31.3%

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%

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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.