VOL. XCIV, NO. 247

★ WIDE MOAT STOCKS COMPARISON ★

NO ADVICE

Stock Comparison

Bentley Systems, Incorporated vs Shopify 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)$9.5B
Gross margin (TTM)81.5%
Operating margin (TTM)24.2%
Net margin (TTM)18.5%
SectorTechnology
IndustrySoftware - Application
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

Shopify Inc.

SHOP · Nasdaq Global Select Market

Market cap (USD)$163.7B
Gross margin (TTM)48.1%
Operating margin (TTM)12.7%
Net margin (TTM)10.7%
SectorTechnology
IndustrySoftware - Application
CountryCA
Data as of2026-04-25
Moat score
73/ 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 Shopify Inc.'s moat claims, evidence, and risks.

View SHOP analysis

Comparison highlights

  • Moat score gap: Shopify Inc. leads (73 / 100 vs 64 / 100 for Bentley Systems, Incorporated).
  • Segment focus: Bentley Systems, Incorporated has 4 segments; Shopify Inc. has 2 segments (76.2% in Merchant Solutions).
  • Primary market structure: Oligopoly vs Competitive. Pricing power: Moderate vs Moderate.
  • Moat breadth: Bentley Systems, Incorporated has 7 moat types across 2 domains; Shopify Inc. has 7 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

Shopify Inc.

Merchant Solutions

Market

Integrated merchant payments, checkout, lending, shipping, POS hardware, partner referrals, ads and buyer-acquisition services for Shopify merchants

Geography

Global, with Shopify Payments and related solutions available across selected countries

Customer

Shopify merchants, Shopify Plus merchants, retail operators and buyers using Shop Pay or Shop App

Role

Embedded payments, checkout, fintech, fulfillment-adjacent and commerce-services layer attached to Shopify storefronts

Revenue share

76.2%

Side-by-side metrics

Bentley Systems, Incorporated
Shopify Inc.
Ticker / Exchange
BSY - NASDAQ
SHOP - Nasdaq Global Select Market
Market cap (USD)
$9.5B
$163.7B
Gross margin (TTM)
81.5%
48.1%
Operating margin (TTM)
24.2%
12.7%
Net margin (TTM)
18.5%
10.7%
Sector
Technology
Technology
Industry
Software - Application
Software - Application
HQ country
US
CA
Primary segment
Engineering Applications (Bentley Open)
Merchant Solutions
Market structure
Oligopoly
Competitive
Market share
n/a
65.6% (reported)
HHI estimate
n/a
n/a
Pricing power
Moderate
Moderate
Moat score
64 / 100
73 / 100
Moat domains
Demand, Network
Network, Demand, Supply
Last update
2026-01-10
2026-04-25

Moat coverage

Shared moat types

Suite BundlingData Workflow LockinEcosystem Complements

Bentley Systems, Incorporated strengths

Training Org Change CostsInteroperability HubProcurement InertiaDe Facto Standard

Shopify Inc. strengths

Brand TrustKeystone ComponentHabit DefaultScale 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

Shopify Inc. segments

Full profile >

Subscription Solutions

Competitive

23.8%

Merchant Solutions

Competitive

76.2%

Want the full wide moat stocks list?

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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.