VOL. XCIV, NO. 247

★ WIDE MOAT STOCKS COMPARISON ★

NO ADVICE

Monday, January 5, 2026

Stock Comparison

Deutsche Boerse AG vs QUALCOMM Incorporated

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

QUALCOMM Incorporated

QCOM · NASDAQ Global Select Market

Market cap (USD)$186.1B
Gross margin (TTM)55.4%
Operating margin (TTM)27.9%
Net margin (TTM)12.5%
SectorTechnology
IndustrySemiconductors
CountryUS
Data as of2025-12-30
Moat score
70/ 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 QUALCOMM Incorporated's moat claims, evidence, and risks.

View QCOM analysis

Comparison highlights

  • Moat score gap: Deutsche Boerse AG leads (81 / 100 vs 70 / 100 for QUALCOMM Incorporated).
  • Segment focus: Deutsche Boerse AG has 8 segments (28.2% in Securities Services (Clearstream: ICSD/CSD settlement + custody)); QUALCOMM Incorporated has 4 segments (62.8% in Handset chipsets (Snapdragon platforms)).
  • Primary market structure: Duopoly vs Oligopoly. Pricing power: Moderate vs Moderate.
  • Moat breadth: Deutsche Boerse AG has 12 moat types across 5 domains; QUALCOMM Incorporated 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%

QUALCOMM Incorporated

Handset chipsets (Snapdragon platforms)

Market

Smartphone application processors and cellular modem/RF platforms

Geography

Global

Customer

Smartphone OEMs

Role

fabless semiconductor/platform supplier

Revenue share

62.8%

Side-by-side metrics

Deutsche Boerse AG
QUALCOMM Incorporated
Ticker / Exchange
DB1 - Xetra
QCOM - NASDAQ Global Select Market
Market cap (USD)
n/a
$186.1B
Gross margin (TTM)
n/a
55.4%
Operating margin (TTM)
n/a
27.9%
Net margin (TTM)
n/a
12.5%
Sector
Financials
Technology
Industry
n/a
Semiconductors
HQ country
DE
US
Primary segment
Securities Services (Clearstream: ICSD/CSD settlement + custody)
Handset chipsets (Snapdragon platforms)
Market structure
Duopoly
Oligopoly
Market share
n/a
22%-26% (estimated)
HHI estimate
n/a
n/a
Pricing power
Moderate
Moderate
Moat score
81 / 100
70 / 100
Moat domains
Legal, Network, Demand, Financial, Supply
Supply, Network, Demand, Legal
Last update
2026-01-03
2025-12-30

Moat coverage

Shared moat types

No overlap yet.

Deutsche Boerse AG strengths

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

QUALCOMM Incorporated strengths

Keystone ComponentCapex Knowhow ScaleEcosystem ComplementsDesign In QualificationScope EconomiesIP Choke PointLong Term Contracts

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%

QUALCOMM Incorporated segments

Full profile >

Handset chipsets (Snapdragon platforms)

Oligopoly

62.8%

Automotive silicon (connectivity, digital cockpit, ADAS/AD)

Oligopoly

8.9%

IoT silicon (consumer, industrial, edge networking)

Competitive

14.9%

Wireless technology licensing (cellular SEPs, royalties)

Oligopoly

12.6%

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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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.