VOL. XCIV, NO. 247

★ WIDE MOAT STOCKS COMPARISON ★

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Sunday, January 11, 2026

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Stock Comparison

Bentley Systems, Incorporated vs Mastercard Incorporated

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

Mastercard Incorporated

MA · New York Stock Exchange

Market cap (USD)$516.8B
Gross margin (TTM)77.5%
Operating margin (TTM)57%
Net margin (TTM)45.3%
SectorFinancials
IndustryFinancial - Credit Services
CountryUS
Data as of2025-12-21
Moat score
77/ 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 Mastercard Incorporated's moat claims, evidence, and risks.

View MA analysis

Comparison highlights

  • Moat score gap: Mastercard Incorporated leads (77 / 100 vs 64 / 100 for Bentley Systems, Incorporated).
  • Segment focus: Bentley Systems, Incorporated has 4 segments; Mastercard Incorporated has 2 segments (61.5% in Payment Network).
  • Moat breadth: Bentley Systems, Incorporated has 7 moat types across 2 domains; Mastercard Incorporated 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

Mastercard Incorporated

Payment Network

Market

Four-party card payment network (switching, acceptance, and network-related services)

Geography

Global

Customer

Issuers, acquirers, merchants, account holders

Role

Network operator (authorization, clearing, settlement) and rules/standards steward

Revenue share

61.5%

Side-by-side metrics

Bentley Systems, Incorporated
Mastercard Incorporated
Ticker / Exchange
BSY - NASDAQ
MA - New York Stock Exchange
Market cap (USD)
$12.5B
$516.8B
Gross margin (TTM)
n/a
77.5%
Operating margin (TTM)
n/a
57%
Net margin (TTM)
n/a
45.3%
Sector
Technology
Financials
Industry
n/a
Financial - Credit Services
HQ country
US
US
Primary segment
Engineering Applications (Bentley Open)
Payment Network
Market structure
Oligopoly
Oligopoly
Market share
n/a
29.7% (reported)
HHI estimate
n/a
n/a
Pricing power
Moderate
Moderate
Moat score
64 / 100
77 / 100
Moat domains
Demand, Network
Network, Demand, Legal
Last update
2026-01-10
2025-12-21

Moat coverage

Shared moat types

Data Workflow Lockin

Bentley Systems, Incorporated strengths

Training Org Change CostsSuite BundlingInteroperability HubProcurement InertiaDe Facto StandardEcosystem Complements

Mastercard Incorporated strengths

Two Sided NetworkClearing SettlementBrand TrustRegulated Standards PipeData Network Effects

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

Mastercard Incorporated segments

Full profile >

Payment Network

Oligopoly

61.5%

Value-Added Services and Solutions

Competitive

38.5%

Want the full wide moat stocks list?

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

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Looking for expansion-stage stocks?

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.