VOL. XCIV, NO. 247

★ WIDE MOAT STOCKS COMPARISON ★

NO ADVICE

Sunday, January 11, 2026

Stock Comparison

Bentley Systems, Incorporated vs Pro Medicus Limited

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

Pro Medicus Limited

PME · ASX

Market cap (USD)$22B
Gross margin (TTM)77.8%
Operating margin (TTM)72.1%
Net margin (TTM)52.9%
SectorHealthcare
IndustryMedical - Healthcare Information Services
CountryAU
Data as of
Moat score
80/ 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 Pro Medicus Limited's moat claims, evidence, and risks.

View PME analysis

Comparison highlights

  • Moat score gap: Pro Medicus Limited leads (80 / 100 vs 64 / 100 for Bentley Systems, Incorporated).
  • Segment focus: Bentley Systems, Incorporated has 4 segments; Pro Medicus Limited has 2 segments (92.5% in Visage 7 Enterprise Imaging Platform (PACS / CloudPACS)).
  • Primary market structure: Oligopoly vs Oligopoly. Pricing power: Moderate vs Strong.
  • Moat breadth: Bentley Systems, Incorporated has 7 moat types across 2 domains; Pro Medicus Limited has 6 across 2.

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

Pro Medicus Limited

Visage 7 Enterprise Imaging Platform (PACS / CloudPACS)

Market

Enterprise imaging / PACS and related modules for hospitals and integrated delivery networks (IDNs)

Geography

Primarily North America; also Europe and Australia

Customer

Hospitals, imaging centers, integrated delivery networks (IDNs)

Role

Healthcare IT software vendor / platform provider

Revenue share

92.5%

Side-by-side metrics

Bentley Systems, Incorporated
Pro Medicus Limited
Ticker / Exchange
BSY - NASDAQ
PME - ASX
Market cap (USD)
$12.5B
$22B
Gross margin (TTM)
n/a
77.8%
Operating margin (TTM)
n/a
72.1%
Net margin (TTM)
n/a
52.9%
Sector
Technology
Healthcare
Industry
n/a
Medical - Healthcare Information Services
HQ country
US
AU
Primary segment
Engineering Applications (Bentley Open)
Visage 7 Enterprise Imaging Platform (PACS / CloudPACS)
Market structure
Oligopoly
Oligopoly
Market share
n/a
55% (implied)
HHI estimate
n/a
n/a
Pricing power
Moderate
Strong
Moat score
64 / 100
80 / 100
Moat domains
Demand, Network
Demand, Supply
Last update
2026-01-10
2026-01-11

Moat coverage

Shared moat types

Suite BundlingData Workflow Lockin

Bentley Systems, Incorporated strengths

Training Org Change CostsInteroperability HubProcurement InertiaDe Facto StandardEcosystem Complements

Pro Medicus Limited strengths

Keystone ComponentOperational ExcellenceSwitching Costs GeneralLong Term Contracts

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

Pro Medicus Limited segments

Full profile >

Visage 7 Enterprise Imaging Platform (PACS / CloudPACS)

Oligopoly

92.5%

Visage RIS (Radiology Information System) and Promedicus.net

Oligopoly

7.5%

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.