VOL. XCIV, NO. 247

★ WIDE MOAT STOCKS COMPARISON ★

NO ADVICE

Sunday, January 11, 2026

Stock Comparison

Brown-Forman Corporation vs Bentley Systems, Incorporated

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

Brown-Forman Corporation

BF.B · New York Stock Exchange

Market cap (USD)$12.3B
Gross margin (TTM)59.1%
Operating margin (TTM)26.9%
Net margin (TTM)20.8%
SectorConsumer
IndustryBeverages - Wineries & Distilleries
CountryUS
Data as of2025-12-25
Moat score
72/ 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 Brown-Forman Corporation's moat claims, evidence, and risks.

View BF.B analysis

Bentley Systems, Incorporated

BSY · NASDAQ

Market cap (USD)$12.5B
Gross margin (TTM)
Operating margin (TTM)
Net margin (TTM)
SectorTechnology
Industry
CountryUS
Data as of2026-01-10
Moat score
64/ 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 Bentley Systems, Incorporated's moat claims, evidence, and risks.

View BSY analysis

Comparison highlights

  • Moat score gap: Brown-Forman Corporation leads (72 / 100 vs 64 / 100 for Bentley Systems, Incorporated).
  • Segment focus: Brown-Forman Corporation has 5 segments (71.1% in Whiskey); Bentley Systems, Incorporated has 4 segments.
  • Primary market structure: Oligopoly vs Oligopoly. Pricing power: Strong vs Moderate.
  • Moat breadth: Brown-Forman Corporation has 4 moat types across 2 domains; Bentley Systems, Incorporated has 7 across 2.

Primary market context

Brown-Forman Corporation

Whiskey

Market

Premium-and-above whiskey spirits (American whiskey and import whiskies)

Geography

Global

Customer

Consumer (off-premise and on-premise via distributors/retailers)

Role

Brand owner / distiller / marketer

Revenue share

71.1%

Bentley Systems, Incorporated

Engineering Applications (Bentley Open)

Market

Infrastructure engineering design and simulation software (CAD/BIM for civil, rail, water, plants, and facilities)

Geography

Global

Customer

Engineering and construction firms; public and private infrastructure owner-operators

Role

Engineering authoring + analysis software vendor

Side-by-side metrics

Brown-Forman Corporation
Bentley Systems, Incorporated
Ticker / Exchange
BF.B - New York Stock Exchange
BSY - NASDAQ
Market cap (USD)
$12.3B
$12.5B
Gross margin (TTM)
59.1%
n/a
Operating margin (TTM)
26.9%
n/a
Net margin (TTM)
20.8%
n/a
Sector
Consumer
Technology
Industry
Beverages - Wineries & Distilleries
n/a
HQ country
US
US
Primary segment
Whiskey
Engineering Applications (Bentley Open)
Market structure
Oligopoly
Oligopoly
Market share
n/a
n/a
HHI estimate
n/a
n/a
Pricing power
Strong
Moderate
Moat score
72 / 100
64 / 100
Moat domains
Demand, Supply
Demand, Network
Last update
2025-12-25
2026-01-10

Moat coverage

Shared moat types

No overlap yet.

Brown-Forman Corporation strengths

Brand TrustDistribution ControlCapacity MoatScope Economies

Bentley Systems, Incorporated strengths

Training Org Change CostsSuite BundlingInteroperability HubData Workflow LockinProcurement InertiaDe Facto StandardEcosystem Complements

Segment mix

Brown-Forman Corporation segments

Full profile >

Whiskey

Oligopoly

71.1%

Ready-to-Drink (RTD/RTP)

Competitive

12.4%

Tequila

Oligopoly

6.6%

Rest of Portfolio (Other Branded Spirits)

Competitive

7.4%

Non-branded and Bulk

Competitive

2.6%

Bentley Systems, Incorporated segments

Full profile >

Engineering Applications (Bentley Open)

Oligopoly

n/a

Geoprofessional Applications (Seequent)

Oligopoly

n/a

Bentley Infrastructure Cloud (ProjectWise, SYNCHRO, AssetWise)

Oligopoly

n/a

Digital Twin Platform & Asset Analytics (Cesium, iTwin, Asset Analytics)

Competitive

n/a

Want the full wide moat stocks list?

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Proven models entering the expansion stage with unit economics that work.

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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.