VOL. XCIV, NO. 247

★ WIDE MOAT STOCKS COMPARISON ★

NO ADVICE

Sunday, January 11, 2026

Stock Comparison

Bentley Systems, Incorporated vs The Sherwin-Williams Company

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

The Sherwin-Williams Company

SHW · New York Stock Exchange

Market cap (USD)$87.7B
Gross margin (TTM)48.9%
Operating margin (TTM)15.9%
Net margin (TTM)11.1%
SectorMaterials
IndustryChemicals - Specialty
CountryUS
Data as of2025-12-31
Moat score
84/ 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 The Sherwin-Williams Company's moat claims, evidence, and risks.

View SHW analysis

Comparison highlights

  • Moat score gap: The Sherwin-Williams Company leads (84 / 100 vs 64 / 100 for Bentley Systems, Incorporated).
  • Segment focus: Bentley Systems, Incorporated has 4 segments; The Sherwin-Williams Company has 3 segments (57.1% in Paint Stores Group).
  • Primary market structure: Oligopoly vs Quasi-Monopoly. Pricing power: Moderate vs Strong.
  • Moat breadth: Bentley Systems, Incorporated has 7 moat types across 2 domains; The Sherwin-Williams Company 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

The Sherwin-Williams Company

Paint Stores Group

Market

Company-operated paint & coatings retail (architectural + related products)

Geography

United States, Canada, Caribbean

Customer

Professional contractors and DIY homeowners

Role

Manufacturer-owned retail / distribution

Revenue share

57.1%

Side-by-side metrics

Bentley Systems, Incorporated
The Sherwin-Williams Company
Ticker / Exchange
BSY - NASDAQ
SHW - New York Stock Exchange
Market cap (USD)
$12.5B
$87.7B
Gross margin (TTM)
n/a
48.9%
Operating margin (TTM)
n/a
15.9%
Net margin (TTM)
n/a
11.1%
Sector
Technology
Materials
Industry
n/a
Chemicals - Specialty
HQ country
US
US
Primary segment
Engineering Applications (Bentley Open)
Paint Stores Group
Market structure
Oligopoly
Quasi-Monopoly
Market share
n/a
69.4% (estimated)
HHI estimate
n/a
n/a
Pricing power
Moderate
Strong
Moat score
64 / 100
84 / 100
Moat domains
Demand, Network
Supply, Demand, Legal
Last update
2026-01-10
2025-12-31

Moat coverage

Shared moat types

No overlap yet.

Bentley Systems, Incorporated strengths

Training Org Change CostsSuite BundlingInteroperability HubData Workflow LockinProcurement InertiaDe Facto StandardEcosystem Complements

The Sherwin-Williams Company strengths

Distribution ControlService Field NetworkBrand TrustScope EconomiesSwitching Costs GeneralCompliance Advantage

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

The Sherwin-Williams Company segments

Full profile >

Paint Stores Group

Quasi-Monopoly

57.1%

Consumer Brands Group

Oligopoly

13.5%

Performance Coatings Group

Oligopoly

29.4%

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.