VOL. XCIV, NO. 247

★ WIDE MOAT STOCKS COMPARISON ★

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Thursday, January 8, 2026

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Stock Comparison

BJ's Wholesale Club Holdings, Inc. vs Deutsche Boerse AG

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

BJ's Wholesale Club Holdings, Inc.

BJ · New York Stock Exchange

Market cap (USD)$12.3B

Gross margin (TTM)18.6%

Operating margin (TTM)3.9%

Net margin (TTM)2.7%

SectorConsumer

IndustryDiscount Stores

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 BJ's Wholesale Club Holdings, Inc.'s moat claims, evidence, and risks.

View BJ analysis

Deutsche Boerse AG

DB1 · Xetra

Market cap (USD)$40.6B

Gross margin (TTM)54.3%

Operating margin (TTM)40.7%

Net margin (TTM)27.5%

SectorFinancials

IndustryFinancial - Data & Stock Exchanges

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 60 / 100 for BJ's Wholesale Club Holdings, Inc.).
Segment focus: BJ's Wholesale Club Holdings, Inc. has 2 segments (97.8% in Merchandise and Gasoline Sales); Deutsche Boerse AG has 8 segments (28.2% in Securities Services (Clearstream: ICSD/CSD settlement + custody)).
Primary market structure: Oligopoly vs Duopoly. Pricing power: Weak vs Moderate.
Moat breadth: BJ's Wholesale Club Holdings, Inc. has 7 moat types across 3 domains; Deutsche Boerse AG has 12 across 5.

Primary market context

BJ's Wholesale Club Holdings, Inc.

Merchandise and Gasoline Sales

Market

Membership warehouse club retail (groceries, fresh foods, general merchandise, gasoline, ancillary services)

Geography

United States (primarily Eastern U.S.)

Customer

Households and small businesses (members)

Role

Retailer / warehouse club operator

Revenue share

97.8%

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

BJ's Wholesale Club Holdings, Inc.

Deutsche Boerse AG

Ticker / Exchange

BJ - New York Stock Exchange

DB1 - Xetra

Market cap (USD)

$12.3B

$40.6B

Gross margin (TTM)

18.6%

54.3%

Operating margin (TTM)

3.9%

40.7%

Net margin (TTM)

2.7%

27.5%

Sector

Consumer

Financials

Industry

Discount Stores

Financial - Data & Stock Exchanges

HQ country

Primary segment

Merchandise and Gasoline Sales

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

Market structure

Oligopoly

Duopoly

Market share

n/a

HHI estimate

n/a

Pricing power

Weak

Moderate

Moat score

60 / 100

81 / 100

Moat domains

Supply, Financial, Demand

Legal, Network, Demand, Financial, Supply

Last update

2026-01-06

2026-01-03

Moat coverage

Shared moat types

Scale Economies Unit CostBrand TrustFloat Prepayment

BJ's Wholesale Club Holdings, Inc. strengths

Supply Chain ControlPhysical Network DensityNegative Working CapitalHabit Default

Deutsche Boerse AG strengths

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

Segment mix

BJ's Wholesale Club Holdings, Inc. segments

Full profile >

Merchandise and Gasoline Sales

Oligopoly

97.8%

Membership Fee Income

Oligopoly

2.2%

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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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.