VOL. XCIV, NO. 247

★ WIDE MOAT STOCKS COMPARISON ★

NO ADVICE

Sunday, January 11, 2026

Stock Comparison

Bentley Systems, Incorporated vs LPL Financial Holdings 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

LPL Financial Holdings Inc.

LPLA · Nasdaq

Market cap (USD)$28.8B
Gross margin (TTM)24.1%
Operating margin (TTM)9.5%
Net margin (TTM)5.4%
SectorFinancials
IndustryFinancial - Capital Markets
CountryUS
Data as of2025-12-26
Moat score
79/ 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 LPL Financial Holdings Inc.'s moat claims, evidence, and risks.

View LPLA analysis

Comparison highlights

  • Moat score gap: LPL Financial Holdings Inc. leads (79 / 100 vs 64 / 100 for Bentley Systems, Incorporated).
  • Segment focus: Bentley Systems, Incorporated has 4 segments; LPL Financial Holdings Inc. has 1 segment (100% in Advisor Platform).
  • Moat breadth: Bentley Systems, Incorporated has 7 moat types across 2 domains; LPL Financial Holdings Inc. has 6 across 4.

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

LPL Financial Holdings Inc.

Advisor Platform

Market

Advisor-mediated wealth management platform (independent broker-dealer + RIA custody/clearing)

Geography

United States

Customer

Financial advisors and financial institutions

Role

Platform / broker-dealer / custodian

Revenue share

100%

Side-by-side metrics

Bentley Systems, Incorporated
LPL Financial Holdings Inc.
Ticker / Exchange
BSY - NASDAQ
LPLA - Nasdaq
Market cap (USD)
$12.5B
$28.8B
Gross margin (TTM)
n/a
24.1%
Operating margin (TTM)
n/a
9.5%
Net margin (TTM)
n/a
5.4%
Sector
Technology
Financials
Industry
n/a
Financial - Capital Markets
HQ country
US
US
Primary segment
Engineering Applications (Bentley Open)
Advisor Platform
Market structure
Oligopoly
Oligopoly
Market share
n/a
23%-25% (reported)
HHI estimate
n/a
n/a
Pricing power
Moderate
Moderate
Moat score
64 / 100
79 / 100
Moat domains
Demand, Network
Supply, Demand, Legal, Network
Last update
2026-01-10
2025-12-26

Moat coverage

Shared moat types

Suite Bundling

Bentley Systems, Incorporated strengths

Training Org Change CostsInteroperability HubData Workflow LockinProcurement InertiaDe Facto StandardEcosystem Complements

LPL Financial Holdings Inc. strengths

Scale Economies Unit CostOperational ExcellenceCompliance AdvantageTwo Sided NetworkSwitching Costs General

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

LPL Financial Holdings Inc. segments

Full profile >

Advisor Platform

Oligopoly

100%

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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.