VOL. XCIV, NO. 247

★ WIDE MOAT STOCKS COMPARISON ★

NO ADVICE

Monday, January 5, 2026

Stock Comparison

Deutsche Boerse AG vs GSK plc

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

GSK plc

GSK · London Stock Exchange

Market cap (USD)$73.6B
Gross margin (TTM)72.4%
Operating margin (TTM)23.5%
Net margin (TTM)17.1%
SectorHealthcare
IndustryDrug Manufacturers - General
CountryGB
Data as of2025-12-28
Moat score
62/ 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 GSK plc's moat claims, evidence, and risks.

View GSK analysis

Comparison highlights

  • Moat score gap: Deutsche Boerse AG leads (81 / 100 vs 62 / 100 for GSK plc).
  • Segment focus: Deutsche Boerse AG has 8 segments (28.2% in Securities Services (Clearstream: ICSD/CSD settlement + custody)); GSK plc has 3 segments (37.6% in Specialty Medicines).
  • Primary market structure: Duopoly vs Oligopoly. Pricing power: Moderate vs Strong.
  • Moat breadth: Deutsche Boerse AG has 12 moat types across 5 domains; GSK plc has 4 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%

GSK plc

Specialty Medicines

Market

Branded specialty pharmaceuticals (HIV, oncology, immunology/respiratory)

Geography

Global

Customer

Hospitals, specialist physicians, payers

Role

Innovator & branded manufacturer

Revenue share

37.6%

Side-by-side metrics

Deutsche Boerse AG
GSK plc
Ticker / Exchange
DB1 - Xetra
GSK - London Stock Exchange
Market cap (USD)
n/a
$73.6B
Gross margin (TTM)
n/a
72.4%
Operating margin (TTM)
n/a
23.5%
Net margin (TTM)
n/a
17.1%
Sector
Financials
Healthcare
Industry
n/a
Drug Manufacturers - General
HQ country
DE
GB
Primary segment
Securities Services (Clearstream: ICSD/CSD settlement + custody)
Specialty Medicines
Market structure
Duopoly
Oligopoly
Market share
n/a
n/a
HHI estimate
n/a
n/a
Pricing power
Moderate
Strong
Moat score
81 / 100
62 / 100
Moat domains
Legal, Network, Demand, Financial, Supply
Supply, Legal, Demand
Last update
2026-01-03
2025-12-28

Moat coverage

Shared moat types

Switching Costs General

Deutsche Boerse AG strengths

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

GSK plc strengths

Capex Knowhow ScaleCompliance AdvantageIP Choke Point

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%

GSK plc segments

Full profile >

Vaccines

Oligopoly

29.1%

Specialty Medicines

Oligopoly

37.6%

General Medicines

Competitive

33.2%

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.