VOL. XCIV, NO. 247

★ WIDE MOAT STOCKS COMPARISON ★

NO ADVICE

Sunday, January 11, 2026

Stock Comparison

Bentley Systems, Incorporated vs U.S. Bancorp

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

U.S. Bancorp

USB · New York Stock Exchange

Market cap (USD)$85.9B
Gross margin (TTM)61.1%
Operating margin (TTM)21.4%
Net margin (TTM)16.9%
SectorFinancials
IndustryBanks - Regional
CountryUS
Data as of2025-12-23
Moat score
62/ 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 U.S. Bancorp's moat claims, evidence, and risks.

View USB analysis

Comparison highlights

  • Moat score gap: Bentley Systems, Incorporated leads (64 / 100 vs 62 / 100 for U.S. Bancorp).
  • Segment focus: Bentley Systems, Incorporated has 4 segments; U.S. Bancorp has 3 segments (42.8% in Wealth, Corporate, Commercial and Institutional Banking).
  • Primary market structure: Oligopoly vs Competitive. Pricing power: Moderate vs Moderate.
  • Moat breadth: Bentley Systems, Incorporated has 7 moat types across 2 domains; U.S. Bancorp has 8 across 4.

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

U.S. Bancorp

Wealth, Corporate, Commercial and Institutional Banking

Market

U.S. corporate, commercial, institutional and wealth banking & advisory services

Geography

United States

Customer

Commercial, institutional, government and wealth clients

Role

Bank / financial intermediary

Revenue share

42.8%

Side-by-side metrics

Bentley Systems, Incorporated
U.S. Bancorp
Ticker / Exchange
BSY - NASDAQ
USB - New York Stock Exchange
Market cap (USD)
$12.5B
$85.9B
Gross margin (TTM)
n/a
61.1%
Operating margin (TTM)
n/a
21.4%
Net margin (TTM)
n/a
16.9%
Sector
Technology
Financials
Industry
n/a
Banks - Regional
HQ country
US
US
Primary segment
Engineering Applications (Bentley Open)
Wealth, Corporate, Commercial and Institutional Banking
Market structure
Oligopoly
Competitive
Market share
n/a
n/a
HHI estimate
n/a
n/a
Pricing power
Moderate
Moderate
Moat score
64 / 100
62 / 100
Moat domains
Demand, Network
Demand, Supply, Legal, Financial
Last update
2026-01-10
2025-12-23

Moat coverage

Shared moat types

Suite BundlingData Workflow Lockin

Bentley Systems, Incorporated strengths

Training Org Change CostsInteroperability HubProcurement InertiaDe Facto StandardEcosystem Complements

U.S. Bancorp strengths

Scope EconomiesCompliance AdvantagePhysical Network DensityHabit DefaultCost Of Capital AdvantageScale 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

U.S. Bancorp segments

Full profile >

Wealth, Corporate, Commercial and Institutional Banking

Competitive

42.8%

Consumer and Business Banking

Oligopoly

32.5%

Payment Services

Oligopoly

24.7%

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.