VOL. XCIV, NO. 247

★ WIDE MOAT STOCKS COMPARISON ★

NO ADVICE

Wednesday, January 7, 2026

Stock Comparison

British American Tobacco p.l.c. vs Interactive Brokers Group, Inc.

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

British American Tobacco p.l.c.

BATS · London Stock Exchange

Market cap (USD)$88.2B
Gross margin (TTM)73.3%
Operating margin (TTM)-24.7%
Net margin (TTM)-20.8%
SectorConsumer
IndustryTobacco
CountryGB
Data as of2025-12-30
Moat score
71/ 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 British American Tobacco p.l.c.'s moat claims, evidence, and risks.

View BATS analysis

Interactive Brokers Group, Inc.

IBKR · NASDAQ

Market cap (USD)$123.6B
Gross margin (TTM)89%
Operating margin (TTM)82.7%
Net margin (TTM)9.2%
SectorFinancials
IndustryInvestment - Banking & Investment Services
CountryUS
Data as of2026-01-06
Moat score
60/ 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 Interactive Brokers Group, Inc.'s moat claims, evidence, and risks.

View IBKR analysis

Comparison highlights

  • Moat score gap: British American Tobacco p.l.c. leads (71 / 100 vs 60 / 100 for Interactive Brokers Group, Inc.).
  • Segment focus: British American Tobacco p.l.c. has 6 segments (80% in Combustibles); Interactive Brokers Group, Inc. has 1 segment (100% in Electronic brokerage).
  • Primary market structure: Oligopoly vs Competitive. Pricing power: Strong vs Weak.
  • Moat breadth: British American Tobacco p.l.c. has 6 moat types across 3 domains; Interactive Brokers Group, Inc. has 4 across 4.

Primary market context

British American Tobacco p.l.c.

Combustibles

Market

Combustible tobacco (cigarettes and other combustible products)

Geography

Global

Customer

Adult nicotine consumers via retail/wholesale channels

Role

Manufacturer / brand owner

Revenue share

80%

Interactive Brokers Group, Inc.

Electronic brokerage

Market

Multi-asset electronic brokerage, clearing, custody, and financing (self-directed and institutional)

Geography

Global

Customer

Individual investors and institutional clients (e.g., hedge funds, advisors, proprietary trading firms, introducing brokers)

Role

Broker-dealer / clearing broker / platform operator

Revenue share

100%

Side-by-side metrics

British American Tobacco p.l.c.
Interactive Brokers Group, Inc.
Ticker / Exchange
BATS - London Stock Exchange
IBKR - NASDAQ
Market cap (USD)
$88.2B
$123.6B
Gross margin (TTM)
73.3%
89%
Operating margin (TTM)
-24.7%
82.7%
Net margin (TTM)
-20.8%
9.2%
Sector
Consumer
Financials
Industry
Tobacco
Investment - Banking & Investment Services
HQ country
GB
US
Primary segment
Combustibles
Electronic brokerage
Market structure
Oligopoly
Competitive
Market share
n/a
n/a
HHI estimate
n/a
n/a
Pricing power
Strong
Weak
Moat score
71 / 100
60 / 100
Moat domains
Demand, Supply, Legal
Supply, Network, Legal, Demand
Last update
2025-12-30
2026-01-06

Moat coverage

Shared moat types

Compliance AdvantageOperational Excellence

British American Tobacco p.l.c. strengths

Brand TrustDistribution ControlInstalled Base ConsumablesCapability adjacency

Interactive Brokers Group, Inc. strengths

Interoperability HubData Workflow Lockin

Segment mix

British American Tobacco p.l.c. segments

Full profile >

Combustibles

Oligopoly

80%

Vapour

Competitive

6.7%

Heated Products

Oligopoly

3.6%

Modern Oral

Oligopoly

3.1%

Traditional Oral

Oligopoly

4.2%

Other

Competitive

2.5%

Interactive Brokers Group, Inc. segments

Full profile >

Electronic brokerage

Competitive

100%

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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.