VOL. XCIV, NO. 247

★ WIDE MOAT STOCKS COMPARISON ★

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Monday, January 5, 2026

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Stock Comparison

Costco Wholesale Corporation vs Deutsche Boerse AG

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

Costco Wholesale Corporation

COST · Nasdaq Global Select Market

Market cap (USD)$380.7B

Gross margin (TTM)12.9%

Operating margin (TTM)3.8%

Net margin (TTM)3%

SectorConsumer

IndustryDiscount Stores

CountryUS

Data as of2025-12-21

Moat score

80/ 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 Costco Wholesale Corporation's moat claims, evidence, and risks.

View COST analysis

Deutsche Boerse AG

DB1 · Xetra

Market cap (USD)—

Gross margin (TTM)—

Operating margin (TTM)—

Net margin (TTM)—

SectorFinancials

Industry—

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 80 / 100 for Costco Wholesale Corporation).
Segment focus: Costco Wholesale Corporation has 2 segments (98.1% in Warehouse club retail); Deutsche Boerse AG has 8 segments (28.2% in Securities Services (Clearstream: ICSD/CSD settlement + custody)).
Primary market structure: Oligopoly vs Duopoly. Pricing power: Weak vs Moderate.
Moat breadth: Costco Wholesale Corporation has 6 moat types across 3 domains; Deutsche Boerse AG has 12 across 5.

Primary market context

Costco Wholesale Corporation

Warehouse club retail

Market

Membership warehouse club retail (warehouse clubs, ancillary services, and e-commerce)

Geography

Global

Customer

Households and small businesses

Role

Retailer (membership club)

Revenue share

98.1%

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

Costco Wholesale Corporation

Deutsche Boerse AG

Ticker / Exchange

COST - Nasdaq Global Select Market

DB1 - Xetra

Market cap (USD)

$380.7B

n/a

Gross margin (TTM)

12.9%

n/a

Operating margin (TTM)

3.8%

n/a

Net margin (TTM)

n/a

Sector

Consumer

Financials

Industry

Discount Stores

n/a

HQ country

Primary segment

Warehouse club retail

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

Market structure

Oligopoly

Duopoly

Market share

n/a

HHI estimate

n/a

Pricing power

Weak

Moderate

Moat score

80 / 100

81 / 100

Moat domains

Supply, Financial, Demand

Legal, Network, Demand, Financial, Supply

Last update

2025-12-21

2026-01-03

Moat coverage

Shared moat types

Scale Economies Unit CostBrand TrustFloat Prepayment

Costco Wholesale Corporation strengths

Operational ExcellenceNegative Working CapitalHabit Default

Deutsche Boerse AG strengths

Regulated Standards PipeTwo Sided NetworkDe Facto StandardClearing SettlementInteroperability HubSwitching Costs GeneralData Workflow LockinSuite BundlingFormat Lock In

Segment mix

Costco Wholesale Corporation segments

Full profile >

Warehouse club retail

Oligopoly

98.1%

Membership fees (subscription)

Oligopoly

1.9%

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?

Browse the full ranking of wide moat stocks, updated with moat scores and segment context.

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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.