VOL. XCIV, NO. 247

★ WIDE MOAT STOCKS COMPARISON ★

NO ADVICE

Sunday, January 11, 2026

Stock Comparison

Bentley Systems, Incorporated vs Etsy, Inc.

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

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

Etsy, Inc.

ETSY · New York Stock Exchange

Market cap (USD)$6.1B
Gross margin (TTM)72%
Operating margin (TTM)10.2%
Net margin (TTM)6.4%
SectorConsumer
IndustrySpecialty Retail
CountryUS
Data as of2025-12-28
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 Etsy, Inc.'s moat claims, evidence, and risks.

View ETSY analysis

Comparison highlights

  • Moat score gap: Etsy, Inc. leads (66 / 100 vs 64 / 100 for Bentley Systems, Incorporated).
  • Segment focus: Bentley Systems, Incorporated has 4 segments; Etsy, Inc. has 2 segments (72% in Marketplace Platform (transaction fees + payments processing + listing fees)).
  • Primary market structure: Oligopoly vs Competitive. Pricing power: Moderate vs Moderate.
  • Moat breadth: Bentley Systems, Incorporated has 7 moat types across 2 domains; Etsy, Inc. has 6 across 3.

Primary market context

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

Etsy, Inc.

Marketplace Platform (transaction fees + payments processing + listing fees)

Market

Specialty e-commerce marketplaces (handmade/unique goods and resale fashion)

Geography

Global

Customer

Consumers and independent sellers

Role

Two-sided marketplace operator and payments facilitator

Revenue share

72%

Side-by-side metrics

Bentley Systems, Incorporated
Etsy, Inc.
Ticker / Exchange
BSY - NASDAQ
ETSY - New York Stock Exchange
Market cap (USD)
$12.5B
$6.1B
Gross margin (TTM)
n/a
72%
Operating margin (TTM)
n/a
10.2%
Net margin (TTM)
n/a
6.4%
Sector
Technology
Consumer
Industry
n/a
Specialty Retail
HQ country
US
US
Primary segment
Engineering Applications (Bentley Open)
Marketplace Platform (transaction fees + payments processing + listing fees)
Market structure
Oligopoly
Competitive
Market share
n/a
n/a
HHI estimate
n/a
n/a
Pricing power
Moderate
Moderate
Moat score
64 / 100
66 / 100
Moat domains
Demand, Network
Network, Demand, Supply
Last update
2026-01-10
2025-12-28

Moat coverage

Shared moat types

Suite BundlingData Workflow Lockin

Bentley Systems, Incorporated strengths

Training Org Change CostsInteroperability HubProcurement InertiaDe Facto StandardEcosystem Complements

Etsy, Inc. strengths

Two Sided NetworkBrand TrustOperational ExcellenceScale Economies Unit Cost

Segment mix

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

Etsy, Inc. segments

Full profile >

Marketplace Platform (transaction fees + payments processing + listing fees)

Competitive

72%

Seller Services (on-site advertising + shipping labels + other)

Quasi-Monopoly

28%

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.