VOL. XCIV, NO. 247

★ WIDE MOAT STOCKS COMPARISON ★

NO ADVICE

Monday, January 5, 2026

Stock Comparison

Deutsche Boerse AG vs General Dynamics Corporation

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

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

General Dynamics Corporation

GD · New York Stock Exchange

Market cap (USD)$92.1B
Gross margin (TTM)15.3%
Operating margin (TTM)10.3%
Net margin (TTM)8.2%
SectorIndustrials
IndustryAerospace & Defense
CountryUS
Data as of2025-12-29
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 General Dynamics Corporation's moat claims, evidence, and risks.

View GD analysis

Comparison highlights

  • Moat score gap: Deutsche Boerse AG leads (81 / 100 vs 80 / 100 for General Dynamics Corporation).
  • Segment focus: Deutsche Boerse AG has 8 segments (28.2% in Securities Services (Clearstream: ICSD/CSD settlement + custody)); General Dynamics Corporation has 4 segments (30.1% in Marine Systems (Nuclear subs + surface shipbuilding)).
  • Primary market structure: Duopoly vs Duopoly. Pricing power: Moderate vs Weak.
  • Moat breadth: Deutsche Boerse AG has 12 moat types across 5 domains; General Dynamics Corporation has 11 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%

General Dynamics Corporation

Marine Systems (Nuclear subs + surface shipbuilding)

Market

U.S. Navy nuclear-powered submarine construction and major surface combatant shipbuilding/lifecycle services

Geography

United States

Customer

Government (primarily U.S. Navy)

Role

Prime contractor / shipbuilder / lifecycle services

Revenue share

30.1%

Side-by-side metrics

Deutsche Boerse AG
General Dynamics Corporation
Ticker / Exchange
DB1 - Xetra
GD - New York Stock Exchange
Market cap (USD)
n/a
$92.1B
Gross margin (TTM)
n/a
15.3%
Operating margin (TTM)
n/a
10.3%
Net margin (TTM)
n/a
8.2%
Sector
Financials
Industrials
Industry
n/a
Aerospace & Defense
HQ country
DE
US
Primary segment
Securities Services (Clearstream: ICSD/CSD settlement + custody)
Marine Systems (Nuclear subs + surface shipbuilding)
Market structure
Duopoly
Duopoly
Market share
n/a
45%-55% (estimated)
HHI estimate
n/a
5,000
Pricing power
Moderate
Weak
Moat score
81 / 100
80 / 100
Moat domains
Legal, Network, Demand, Financial, Supply
Demand, Supply, Legal
Last update
2026-01-03
2025-12-29

Moat coverage

Shared moat types

Regulated Standards PipeBrand TrustSuite Bundling

Deutsche Boerse AG strengths

Two Sided NetworkDe Facto StandardClearing SettlementInteroperability HubFloat PrepaymentSwitching Costs GeneralScale Economies Unit CostData Workflow LockinFormat Lock In

General Dynamics Corporation strengths

Service Field NetworkCapex Knowhow ScaleLong Term ContractsGovernment Contracting RelationshipsDesign In QualificationProcurement InertiaCapacity 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%

General Dynamics Corporation segments

Full profile >

Aerospace (Gulfstream + Jet Aviation)

Oligopoly

23.6%

Marine Systems (Nuclear subs + surface shipbuilding)

Duopoly

30.1%

Combat Systems (Land vehicles + munitions)

Oligopoly

18.9%

Technologies (C5ISR + Federal IT)

Competitive

27.5%

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.