VOL. XCIV, NO. 247

★ WIDE MOAT STOCKS COMPARISON ★

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Thursday, January 8, 2026

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Stock Comparison

BlackRock, Inc. vs Paychex, Inc.

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

BlackRock, Inc.

BLK · New York Stock Exchange

Market cap (USD)$173.5B
Gross margin (TTM)51.6%
Operating margin (TTM)32.6%
Net margin (TTM)26.6%
SectorFinancials
IndustryAsset Management
CountryUS
Data as of2025-12-31
Moat score
59/ 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 BlackRock, Inc.'s moat claims, evidence, and risks.

View BLK analysis

Paychex, Inc.

PAYX · NASDAQ Global Select Market

Market cap (USD)$39.4B
Gross margin (TTM)73.4%
Operating margin (TTM)37.1%
Net margin (TTM)26.5%
SectorIndustrials
IndustryStaffing & Employment Services
CountryUS
Data as of2026-01-04
Moat score
66/ 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 Paychex, Inc.'s moat claims, evidence, and risks.

View PAYX analysis

Comparison highlights

  • Moat score gap: Paychex, Inc. leads (66 / 100 vs 59 / 100 for BlackRock, Inc.).
  • Segment focus: BlackRock, Inc. has 7 segments (33% in iShares ETFs & ETPs); Paychex, Inc. has 3 segments (73% in Management Solutions).
  • Moat breadth: BlackRock, Inc. has 10 moat types across 2 domains; Paychex, Inc. has 7 across 4.

Primary market context

BlackRock, Inc.

iShares ETFs & ETPs

Market

Exchange-traded funds (ETFs) and exchange-traded products (ETPs)

Geography

Global

Customer

Institutional and retail (via intermediaries)

Role

ETF sponsor / asset manager

Revenue share

33%

Paychex, Inc.

Management Solutions

Market

Payroll processing and integrated HCM solutions for SMB and mid-market employers

Geography

United States (primarily)

Customer

Employers (SMB and mid-market)

Role

HCM SaaS + outsourced payroll/HR service provider

Revenue share

73%

Side-by-side metrics

BlackRock, Inc.
Paychex, Inc.
Ticker / Exchange
BLK - New York Stock Exchange
PAYX - NASDAQ Global Select Market
Market cap (USD)
$173.5B
$39.4B
Gross margin (TTM)
51.6%
73.4%
Operating margin (TTM)
32.6%
37.1%
Net margin (TTM)
26.6%
26.5%
Sector
Financials
Industrials
Industry
Asset Management
Staffing & Employment Services
HQ country
US
US
Primary segment
iShares ETFs & ETPs
Management Solutions
Market structure
Oligopoly
Oligopoly
Market share
28.3% (reported)
n/a
HHI estimate
n/a
n/a
Pricing power
Moderate
Moderate
Moat score
59 / 100
66 / 100
Moat domains
Supply, Demand
Demand, Supply, Legal, Financial
Last update
2025-12-31
2026-01-04

Moat coverage

Shared moat types

Switching Costs GeneralSuite BundlingData Workflow Lockin

BlackRock, Inc. strengths

Scale Economies Unit CostBrand TrustDistribution ControlOperational ExcellenceProcurement InertiaLong Term ContractsScope Economies

Paychex, Inc. strengths

Service Field NetworkCompliance AdvantageUnderwriting Risk PoolingFloat Prepayment

Segment mix

BlackRock, Inc. segments

Full profile >

iShares ETFs & ETPs

Oligopoly

33%

Institutional Index Mandates (Non-ETF)

Oligopoly

5.7%

Active & Multi-Asset (Public Markets)

Competitive

27.5%

Alternatives & Private Markets

Oligopoly

13.5%

Cash Management (MMFs & cash solutions)

Competitive

5.1%

Aladdin & Technology Services

Oligopoly

7.9%

Distribution & Advisory Services

Competitive

7.3%

Paychex, Inc. segments

Full profile >

Management Solutions

Oligopoly

73%

PEO and Insurance Solutions

Competitive

24.1%

Client funds float (interest on funds held for clients)

Oligopoly

2.9%

Want the full wide moat stocks list?

Browse the full ranking of wide moat stocks, updated with moat scores and segment context.

View the moat stocks list

Looking for expansion-stage stocks?

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

View expansion-stage stocks

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.