VOL. XCIV, NO. 247

★ WIDE MOAT STOCKS COMPARISON ★

Stock Comparison

Deutsche Boerse AG vs FactSet Research Systems Inc.

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

Deutsche Boerse AG

DB1 · Xetra

Market cap (USD)$53.4B
Gross margin (TTM)67.9%
Operating margin (TTM)40.8%
Net margin (TTM)27.1%
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

FactSet Research Systems Inc.

FDS · New York Stock Exchange

Market cap (USD)$8.5B
Gross margin (TTM)51.9%
Operating margin (TTM)31.2%
Net margin (TTM)24.5%
SectorFinancials
IndustryFinancial - Data & Stock Exchanges
CountryUS
Data as of2026-05-27
Moat score
72/ 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 FactSet Research Systems Inc.'s moat claims, evidence, and risks.

View FDS analysis

Comparison highlights

  • Moat score gap: Deutsche Boerse AG leads (81 / 100 vs 72 / 100 for FactSet Research Systems Inc.).
  • Segment focus: Deutsche Boerse AG has 8 segments (28.2% in Securities Services (Clearstream: ICSD/CSD settlement + custody)); FactSet Research Systems Inc. has 3 segments (65.3% in Americas).
  • Primary market structure: Duopoly vs Oligopoly. Pricing power: Moderate vs Moderate.
  • Moat breadth: Deutsche Boerse AG has 12 moat types across 5 domains; FactSet Research Systems Inc. has 5 across 3.

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%

FactSet Research Systems Inc.

Americas

Market

Americas financial market data, analytics, workstations and enterprise data solutions

Geography

North, Central and South America

Customer

Institutional asset managers, wealth managers, bankers, asset owners, hedge funds, private equity, corporate users and market-infrastructure partners

Role

Subscription data, analytics, workstation, portfolio, enterprise data, API and identifier provider

Revenue share

65.3%

Side-by-side metrics

Deutsche Boerse AG
FactSet Research Systems Inc.
Ticker / Exchange
DB1 - Xetra
FDS - New York Stock Exchange
Market cap (USD)
$53.4B
$8.5B
Gross margin (TTM)
67.9%
51.9%
Operating margin (TTM)
40.8%
31.2%
Net margin (TTM)
27.1%
24.5%
Sector
Financials
Financials
Industry
Financial - Data & Stock Exchanges
Financial - Data & Stock Exchanges
HQ country
DE
US
Primary segment
Securities Services (Clearstream: ICSD/CSD settlement + custody)
Americas
Market structure
Duopoly
Oligopoly
Market share
n/a
5.5%-6.5% (implied)
HHI estimate
n/a
n/a
Pricing power
Moderate
Moderate
Moat score
81 / 100
72 / 100
Moat domains
Legal, Network, Demand, Financial, Supply
Demand, Network, Supply
Last update
2026-01-03
2026-05-27

Moat coverage

Shared moat types

Interoperability HubData Workflow Lockin

Deutsche Boerse AG strengths

Regulated Standards PipeTwo Sided NetworkDe Facto StandardClearing SettlementBrand TrustFloat PrepaymentSwitching Costs GeneralScale Economies Unit CostSuite BundlingFormat Lock In

FactSet Research Systems Inc. strengths

Procurement InertiaStandards RegistryOperational Excellence

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%

FactSet Research Systems Inc. segments

Full profile >

Americas

Oligopoly

65.3%

EMEA

Oligopoly

24.5%

Asia Pacific

Oligopoly

10.2%

Want the full wide moat stocks list?

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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.