VOL. XCIV, NO. 247

★ WIDE MOAT STOCKS COMPARISON ★

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Wednesday, January 7, 2026

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Stock Comparison

Deutsche Boerse AG vs VINCI SA

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

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

VINCI SA

DG · Euronext Paris

Market cap (USD)$67.5B

Gross margin (TTM)16%

Operating margin (TTM)12.1%

Net margin (TTM)6.5%

SectorIndustrials

IndustryEngineering & Construction

CountryFR

Data as of2026-01-03

Moat score

57/ 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 VINCI SA's moat claims, evidence, and risks.

View DG analysis

Comparison highlights

Moat score gap: Deutsche Boerse AG leads (81 / 100 vs 57 / 100 for VINCI SA).
Segment focus: Deutsche Boerse AG has 8 segments (28.2% in Securities Services (Clearstream: ICSD/CSD settlement + custody)); VINCI SA has 7 segments (44.4% in VINCI Construction).
Primary market structure: Duopoly vs Competitive. Pricing power: Moderate vs Weak.
Moat breadth: Deutsche Boerse AG has 12 moat types across 5 domains; VINCI SA has 7 across 2.

Primary market context

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%

VINCI SA

VINCI Construction

Market

Construction and civil engineering contracting (buildings, infrastructure and specialty networks)

Geography

Global

Customer

Public-sector project owners and private developers/industrial clients

Role

General contractor / civil engineering contractor

Revenue share

44.4%

Side-by-side metrics

Deutsche Boerse AG

VINCI SA

Ticker / Exchange

DB1 - Xetra

DG - Euronext Paris

Market cap (USD)

$40.6B

$67.5B

Gross margin (TTM)

54.3%

16%

Operating margin (TTM)

40.7%

12.1%

Net margin (TTM)

27.5%

6.5%

Sector

Financials

Industrials

Industry

Financial - Data & Stock Exchanges

Engineering & Construction

HQ country

Primary segment

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

VINCI Construction

Market structure

Duopoly

Competitive

Market share

n/a

HHI estimate

n/a

Pricing power

Moderate

Weak

Moat score

81 / 100

57 / 100

Moat domains

Legal, Network, Demand, Financial, Supply

Legal, Supply

Last update

2026-01-03

Moat coverage

Shared moat types

No overlap yet.

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

VINCI SA strengths

Concession LicensePermits Rights Of WayOperational ExcellenceService Field NetworkCapex Knowhow ScaleCapacity MoatCompliance Advantage

Segment mix

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%

VINCI SA segments

Full profile >

VINCI Autoroutes

Monopoly

9.2%

VINCI Airports

Oligopoly

6.3%

Other concessions (incl. VINCI Highways and PPP assets)

Competitive

0.8%

VINCI Energies

Competitive

28.4%

Cobra IS

Competitive

9.9%

VINCI Construction

Competitive

44.4%

VINCI Immobilier

Competitive

1.6%

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.