VOL. XCIV, NO. 247

★ WIDE MOAT STOCKS COMPARISON ★

NO ADVICE

Monday, January 5, 2026

Stock Comparison

Deutsche Boerse AG vs Kenvue 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)
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

Kenvue Inc.

KVUE · New York Stock Exchange

Market cap (USD)$33.3B
Gross margin (TTM)58.1%
Operating margin (TTM)15.7%
Net margin (TTM)9.6%
SectorConsumer
IndustryHousehold & Personal Products
CountryUS
Data as of2025-12-25
Moat score
66/ 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 Kenvue Inc.'s moat claims, evidence, and risks.

View KVUE analysis

Comparison highlights

  • Moat score gap: Deutsche Boerse AG leads (81 / 100 vs 66 / 100 for Kenvue Inc.).
  • Segment focus: Deutsche Boerse AG has 8 segments (28.2% in Securities Services (Clearstream: ICSD/CSD settlement + custody)); Kenvue Inc. has 3 segments (42.3% in Self Care).
  • Primary market structure: Duopoly vs Oligopoly. Pricing power: Moderate vs Moderate.
  • Moat breadth: Deutsche Boerse AG has 12 moat types across 5 domains; Kenvue Inc. has 6 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%

Kenvue Inc.

Self Care

Market

OTC self-care consumer health products (pain care, cough/cold/allergy, digestive health, smoking cessation, eye care)

Geography

Global

Customer

Consumers via retailers, pharmacies, and e-commerce

Role

Branded consumer health products manufacturer

Revenue share

42.3%

Side-by-side metrics

Deutsche Boerse AG
Kenvue Inc.
Ticker / Exchange
DB1 - Xetra
KVUE - New York Stock Exchange
Market cap (USD)
n/a
$33.3B
Gross margin (TTM)
n/a
58.1%
Operating margin (TTM)
n/a
15.7%
Net margin (TTM)
n/a
9.6%
Sector
Financials
Consumer
Industry
n/a
Household & Personal Products
HQ country
DE
US
Primary segment
Securities Services (Clearstream: ICSD/CSD settlement + custody)
Self Care
Market structure
Duopoly
Oligopoly
Market share
n/a
n/a
HHI estimate
n/a
n/a
Pricing power
Moderate
Moderate
Moat score
81 / 100
66 / 100
Moat domains
Legal, Network, Demand, Financial, Supply
Demand, Supply, Legal
Last update
2026-01-03
2025-12-25

Moat coverage

Shared moat types

Brand TrustScale Economies Unit Cost

Deutsche Boerse AG strengths

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

Kenvue Inc. strengths

Compliance AdvantageScope EconomiesDistribution ControlHabit Default

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%

Kenvue Inc. segments

Full profile >

Self Care

Oligopoly

42.3%

Skin Health and Beauty

Competitive

27.4%

Essential Health

Competitive

30.3%

Want the full wide moat stocks list?

Browse the full ranking of wide moat stocks, updated with moat scores and segment context.

View the moat stocks list

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.