VOL. XCIV, NO. 247

★ WIDE MOAT STOCKS COMPARISON ★

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Monday, January 5, 2026

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Stock Comparison

Deutsche Boerse AG vs Kongsberg Gruppen ASA

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

Kongsberg Gruppen ASA

KOG · Euronext Oslo Bors

Market cap (USD)$236.8B

Gross margin (TTM)38.1%

Operating margin (TTM)13.5%

Net margin (TTM)12.9%

SectorIndustrials

IndustryAerospace & Defense

CountryNO

Data as of2025-12-28

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 Kongsberg Gruppen ASA's moat claims, evidence, and risks.

View KOG analysis

Comparison highlights

Moat score: both at 81 / 100.
Segment focus: Deutsche Boerse AG has 8 segments (28.2% in Securities Services (Clearstream: ICSD/CSD settlement + custody)); Kongsberg Gruppen ASA has 4 segments (49.5% in Kongsberg Maritime).
Primary market structure: Duopoly vs Oligopoly. Pricing power: Moderate vs Moderate.
Moat breadth: Deutsche Boerse AG has 12 moat types across 5 domains; Kongsberg Gruppen ASA has 9 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%

Kongsberg Gruppen ASA

Kongsberg Maritime

Market

Maritime technology & integrated ship systems (propulsion, automation, bridge, energy efficiency, service)

Geography

Global

Customer

Shipyards, shipowners, offshore operators, naval customers

Role

OEM and systems integrator; aftermarket service provider

Revenue share

49.5%

Side-by-side metrics

Deutsche Boerse AG

Kongsberg Gruppen ASA

Ticker / Exchange

DB1 - Xetra

KOG - Euronext Oslo Bors

Market cap (USD)

n/a

$236.8B

Gross margin (TTM)

n/a

38.1%

Operating margin (TTM)

n/a

13.5%

Net margin (TTM)

n/a

12.9%

Sector

Financials

Industrials

Industry

n/a

Aerospace & Defense

HQ country

Primary segment

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

Kongsberg Maritime

Market structure

Duopoly

Oligopoly

Market share

n/a

30%-35% (reported)

HHI estimate

n/a

Pricing power

Moderate

Moat score

81 / 100

Moat domains

Legal, Network, Demand, Financial, Supply

Demand, Supply, Legal, Network

Last update

2026-01-03

2025-12-28

Moat coverage

Shared moat types

Data Workflow Lockin

Deutsche Boerse AG strengths

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

Kongsberg Gruppen ASA strengths

Installed Base ConsumablesService Field NetworkCompliance AdvantageGovernment Contracting RelationshipsDesign In QualificationLong Term ContractsCapex Knowhow ScaleEcosystem Complements

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%

Kongsberg Gruppen ASA segments

Full profile >

Kongsberg Maritime

Oligopoly

49.5%

Kongsberg Defence & Aerospace

Oligopoly

38.2%

Kongsberg Discovery

Competitive

8.8%

Kongsberg Digital

Competitive

3.5%

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.