VOL. XCIV, NO. 247

★ WIDE MOAT STOCKS COMPARISON ★

NO ADVICE

Thursday, January 8, 2026

Stock Comparison

CDW Corporation vs Deutsche Boerse AG

Compare moat strength, market structure, and segment coverage to understand how each company defends its edge.

CDW Corporation

CDW · NASDAQ

Market cap (USD)$17.4B
Gross margin (TTM)21.6%
Operating margin (TTM)7.4%
Net margin (TTM)4.8%
SectorTechnology
IndustryInformation Technology Services
CountryUS
Data as of2026-01-06
Moat score
52/ 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 CDW Corporation's moat claims, evidence, and risks.

View CDW analysis

Deutsche Boerse AG

DB1 · Xetra

Market cap (USD)$40.6B
Gross margin (TTM)54.3%
Operating margin (TTM)40.7%
Net margin (TTM)27.5%
SectorFinancials
IndustryFinancial - Data & Stock Exchanges
CountryDE
Data as of2026-01-03
Moat score
81/ 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 Deutsche Boerse AG's moat claims, evidence, and risks.

View DB1 analysis

Comparison highlights

  • Moat score gap: Deutsche Boerse AG leads (81 / 100 vs 52 / 100 for CDW Corporation).
  • Segment focus: CDW Corporation has 4 segments (42.1% in Corporate); Deutsche Boerse AG has 8 segments (28.2% in Securities Services (Clearstream: ICSD/CSD settlement + custody)).
  • Primary market structure: Competitive vs Duopoly. Pricing power: Weak vs Moderate.
  • Moat breadth: CDW Corporation has 6 moat types across 3 domains; Deutsche Boerse AG has 12 across 5.

Primary market context

CDW Corporation

Corporate

Market

IT solutions provider / value-added reseller (VAR) + services for U.S. private-sector businesses (250+ employees)

Geography

United States

Customer

Private-sector enterprises (mid-market and large)

Role

Value-added reseller / systems integrator

Revenue share

42.1%

Deutsche Boerse AG

Securities Services (Clearstream: ICSD/CSD settlement + custody)

Market

Securities settlement and custody infrastructure (ICSD/CSD) for Eurobonds and domestic markets

Geography

Global (Eurobonds + multiple domestic markets)

Customer

Custodian banks, broker-dealers, central banks, institutional investors

Role

Settlement/custody infrastructure and asset servicing

Revenue share

28.2%

Side-by-side metrics

CDW Corporation
Deutsche Boerse AG
Ticker / Exchange
CDW - NASDAQ
DB1 - Xetra
Market cap (USD)
$17.4B
$40.6B
Gross margin (TTM)
21.6%
54.3%
Operating margin (TTM)
7.4%
40.7%
Net margin (TTM)
4.8%
27.5%
Sector
Technology
Financials
Industry
Information Technology Services
Financial - Data & Stock Exchanges
HQ country
US
DE
Primary segment
Corporate
Securities Services (Clearstream: ICSD/CSD settlement + custody)
Market structure
Competitive
Duopoly
Market share
n/a
n/a
HHI estimate
n/a
n/a
Pricing power
Weak
Moderate
Moat score
52 / 100
81 / 100
Moat domains
Supply, Demand, Legal
Legal, Network, Demand, Financial, Supply
Last update
2026-01-06
2026-01-03

Moat coverage

Shared moat types

No overlap yet.

CDW Corporation strengths

Service Field NetworkScope EconomiesPreferential Input AccessProcurement InertiaOperational ExcellenceGovernment Contracting Relationships

Deutsche Boerse AG strengths

Regulated Standards PipeTwo Sided NetworkDe Facto StandardClearing SettlementBrand TrustInteroperability HubFloat PrepaymentSwitching Costs GeneralScale Economies Unit CostData Workflow LockinSuite BundlingFormat Lock In

Segment mix

CDW Corporation segments

Full profile >

Corporate

Competitive

42.1%

Small Business

Competitive

7.3%

Public

Competitive

38.8%

Other (UK & Canada)

Competitive

11.8%

Deutsche Boerse AG segments

Full profile >

Financial Derivatives (Eurex trading + Eurex Clearing)

Oligopoly

22.4%

Commodities (EEX marketplaces + clearing)

Oligopoly

10.9%

Cash Equities (Xetra + Boerse Frankfurt)

Quasi-Monopoly

5.1%

FX & Digital Assets (360T + Crypto Finance)

Competitive

2.8%

Securities Services (Clearstream: ICSD/CSD settlement + custody)

Duopoly

28.2%

Fund Services (Vestima fund processing + Fund Centre distribution)

Oligopoly

8.5%

Software Solutions (SimCorp + Axioma Analytics)

Competitive

11.9%

ESG & Index (ISS STOXX: indices + ESG/governance data)

Oligopoly

10.1%

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.