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 KKR & Co. 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)$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

KKR & Co. Inc.

KKR · New York Stock Exchange

Market cap (USD)$119.9B
Gross margin (TTM)19.5%
Operating margin (TTM)2.6%
Net margin (TTM)14.1%
SectorFinancials
IndustryAsset Management
CountryUS
Data as of2026-01-06
Moat score
67/ 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 KKR & Co. Inc.'s moat claims, evidence, and risks.

View KKR analysis

Comparison highlights

  • Moat score gap: Deutsche Boerse AG leads (81 / 100 vs 67 / 100 for KKR & Co. Inc.).
  • Segment focus: Deutsche Boerse AG has 8 segments (28.2% in Securities Services (Clearstream: ICSD/CSD settlement + custody)); KKR & Co. Inc. has 3 segments (52.3% in Asset Management).
  • Primary market structure: Duopoly vs Oligopoly. Pricing power: Moderate vs Moderate.
  • Moat breadth: Deutsche Boerse AG has 12 moat types across 5 domains; KKR & Co. Inc. has 7 across 4.

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%

KKR & Co. Inc.

Asset Management

Market

Alternative asset management (private equity, private credit, real assets, and related strategies)

Geography

Global

Customer

Institutional and wealth investors (LPs) allocating to private markets

Role

General partner / investment manager

Revenue share

52.3%

Side-by-side metrics

Deutsche Boerse AG
KKR & Co. Inc.
Ticker / Exchange
DB1 - Xetra
KKR - New York Stock Exchange
Market cap (USD)
$40.6B
$119.9B
Gross margin (TTM)
54.3%
19.5%
Operating margin (TTM)
40.7%
2.6%
Net margin (TTM)
27.5%
14.1%
Sector
Financials
Financials
Industry
Financial - Data & Stock Exchanges
Asset Management
HQ country
DE
US
Primary segment
Securities Services (Clearstream: ICSD/CSD settlement + custody)
Asset Management
Market structure
Duopoly
Oligopoly
Market share
n/a
3.5%-5% (implied)
HHI estimate
n/a
n/a
Pricing power
Moderate
Moderate
Moat score
81 / 100
67 / 100
Moat domains
Legal, Network, Demand, Financial, Supply
Demand, Supply, Financial, Legal
Last update
2026-01-03
2026-01-06

Moat coverage

Shared moat types

Brand TrustFloat PrepaymentScale Economies Unit Cost

Deutsche Boerse AG strengths

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

KKR & Co. Inc. strengths

Long Term ContractsDeal sourcing and origination relationshipsCompliance AdvantageCapital markets and exit execution capability

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%

KKR & Co. Inc. segments

Full profile >

Asset Management

Oligopoly

52.3%

Insurance

Competitive

46.5%

Strategic Holdings

Competitive

1.2%

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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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.