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 REA Group Ltd

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

REA Group Ltd

REA · ASX

Market cap (USD)—

Gross margin (TTM)—

Operating margin (TTM)—

Net margin (TTM)—

SectorCommunication Services

Industry—

CountryAU

Data as of2026-01-09

Moat score

91/ 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 REA Group Ltd's moat claims, evidence, and risks.

View REA analysis

Comparison highlights

Moat score gap: REA Group Ltd leads (91 / 100 vs 64 / 100 for Bentley Systems, Incorporated).
Segment focus: Bentley Systems, Incorporated has 4 segments; REA Group Ltd has 3 segments (87.5% in Australia - Property & Online Advertising).
Primary market structure: Oligopoly vs Duopoly. Pricing power: Moderate vs Strong.
Moat breadth: Bentley Systems, Incorporated has 7 moat types across 2 domains; REA Group Ltd 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

REA Group Ltd

Australia - Property & Online Advertising

Market

Australian online property classifieds & digital real estate advertising (residential + commercial listings)

Geography

Australia

Customer

Real estate agents/agencies and developers (advertisers) + property seekers (consumers)

Role

Marketplace operator / media & advertising platform

Revenue share

87.5%

Side-by-side metrics

Bentley Systems, Incorporated

REA Group Ltd

Ticker / Exchange

BSY - NASDAQ

REA - ASX

Market cap (USD)

$12.5B

n/a

Gross margin (TTM)

n/a

Operating margin (TTM)

n/a

Net margin (TTM)

n/a

Sector

Technology

Communication Services

Industry

n/a

HQ country

Primary segment

Engineering Applications (Bentley Open)

Australia - Property & Online Advertising

Market structure

Oligopoly

Duopoly

Market share

n/a

78%-82% (implied)

HHI estimate

n/a

6,800

Pricing power

Moderate

Strong

Moat score

64 / 100

91 / 100

Moat domains

Demand, Network

Network, Demand, Supply

Last update

2026-01-10

2026-01-09

Moat coverage

Shared moat types

Data Workflow Lockin

Bentley Systems, Incorporated strengths

Training Org Change CostsSuite BundlingInteroperability HubProcurement InertiaDe Facto StandardEcosystem Complements

REA Group Ltd strengths

Two Sided NetworkData Network EffectsBrand TrustDistribution ControlHabit Default

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

REA Group Ltd segments

Full profile >

Australia - Property & Online Advertising

Duopoly

87.5%

Australia - Financial Services

Competitive

4.8%

India - Online Property Classifieds

Oligopoly

7.7%

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.

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.