VOL. XCIV, NO. 247

★ WIDE MOAT STOCKS COMPARISON ★

NO ADVICE

Thursday, January 8, 2026

Stock Comparison

BE Semiconductor Industries N.V. vs The Progressive Corporation

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

BE Semiconductor Industries N.V.

BESI · Euronext Amsterdam

Market cap (USD)$12.6B
Gross margin (TTM)61.7%
Operating margin (TTM)29%
Net margin (TTM)25.6%
SectorTechnology
IndustrySemiconductors
CountryNL
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 BE Semiconductor Industries N.V.'s moat claims, evidence, and risks.

View BESI analysis

The Progressive Corporation

PGR · New York Stock Exchange

Market cap (USD)$124.8B
Gross margin (TTM)26.3%
Operating margin (TTM)15.9%
Net margin (TTM)12.6%
SectorFinancials
IndustryInsurance - Property & Casualty
CountryUS
Data as of2026-01-04
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 The Progressive Corporation's moat claims, evidence, and risks.

View PGR analysis

Comparison highlights

  • Moat score: both at 75 / 100.
  • Segment focus: BE Semiconductor Industries N.V. has 2 segments (81% in Die Attach (incl. advanced die placement & hybrid bonding)); The Progressive Corporation has 2 segments (85% in Personal Lines).
  • Primary market structure: Oligopoly vs Oligopoly. Pricing power: Strong vs Moderate.
  • Moat breadth: BE Semiconductor Industries N.V. has 5 moat types across 2 domains; The Progressive Corporation has 5 across 2.

Primary market context

BE Semiconductor Industries N.V.

Die Attach (incl. advanced die placement & hybrid bonding)

Market

Semiconductor assembly equipment - die attach & advanced die placement/hybrid bonding systems

Geography

Global

Customer

Semiconductor IDMs, foundries, and OSATs

Role

Capital equipment OEM (back-end/advanced packaging)

Revenue share

81%

The Progressive Corporation

Personal Lines

Market

U.S. private passenger auto insurance (dominant) plus specialty personal lines and homeowners/renters (small portion)

Geography

United States

Customer

Individuals/households

Role

Primary insurer (P&C)

Revenue share

85%

Side-by-side metrics

BE Semiconductor Industries N.V.
The Progressive Corporation
Ticker / Exchange
BESI - Euronext Amsterdam
PGR - New York Stock Exchange
Market cap (USD)
$12.6B
$124.8B
Gross margin (TTM)
61.7%
26.3%
Operating margin (TTM)
29%
15.9%
Net margin (TTM)
25.6%
12.6%
Sector
Technology
Financials
Industry
Semiconductors
Insurance - Property & Casualty
HQ country
NL
US
Primary segment
Die Attach (incl. advanced die placement & hybrid bonding)
Personal Lines
Market structure
Oligopoly
Oligopoly
Market share
42%-44% (reported)
16.7% (reported)
HHI estimate
n/a
n/a
Pricing power
Strong
Moderate
Moat score
75 / 100
75 / 100
Moat domains
Supply, Demand
Supply, Demand
Last update
2025-12-28
2026-01-04

Moat coverage

Shared moat types

Service Field Network

BE Semiconductor Industries N.V. strengths

Capex Knowhow ScaleDesign In QualificationSwitching Costs GeneralInstalled Base Consumables

The Progressive Corporation strengths

Learning Curve YieldBrand TrustSuite BundlingOperational Excellence

Segment mix

BE Semiconductor Industries N.V. segments

Full profile >

Die Attach (incl. advanced die placement & hybrid bonding)

Oligopoly

81%

Packaging & Plating

Competitive

19%

The Progressive Corporation segments

Full profile >

Personal Lines

Oligopoly

85%

Commercial Lines

Competitive

15%

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.