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 Hermes International Societe en commandite par actions

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

Hermes International Societe en commandite par actions

RMS · Euronext Paris

Market cap (USD)$220.6B

Gross margin (TTM)68.6%

Operating margin (TTM)41%

Net margin (TTM)29.9%

SectorConsumer

IndustryLuxury Goods

CountryFR

Data as of2025-12-30

Moat score

79/ 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 Hermes International Societe en commandite par actions's moat claims, evidence, and risks.

View RMS analysis

Comparison highlights

Moat score gap: Deutsche Boerse AG leads (81 / 100 vs 79 / 100 for Hermes International Societe en commandite par actions).
Segment focus: Deutsche Boerse AG has 8 segments (28.2% in Securities Services (Clearstream: ICSD/CSD settlement + custody)); Hermes International Societe en commandite par actions has 7 segments (42.6% in Leather Goods and Saddlery).
Primary market structure: Duopoly vs Oligopoly. Pricing power: Moderate vs Strong.
Moat breadth: Deutsche Boerse AG has 12 moat types across 5 domains; Hermes International Societe en commandite par actions has 5 across 2.

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%

Hermes International Societe en commandite par actions

Leather Goods and Saddlery

Market

Ultra-premium leather goods and luxury handbags

Geography

Global

Customer

Affluent consumers

Role

Brand owner, artisan manufacturer, direct retailer

Revenue share

42.6%

Side-by-side metrics

Deutsche Boerse AG

Hermes International Societe en commandite par actions

Ticker / Exchange

DB1 - Xetra

RMS - Euronext Paris

Market cap (USD)

n/a

$220.6B

Gross margin (TTM)

n/a

68.6%

Operating margin (TTM)

n/a

41%

Net margin (TTM)

n/a

29.9%

Sector

Financials

Consumer

Industry

n/a

Luxury Goods

HQ country

Primary segment

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

Leather Goods and Saddlery

Market structure

Duopoly

Oligopoly

Market share

n/a

HHI estimate

n/a

Pricing power

Moderate

Strong

Moat score

81 / 100

79 / 100

Moat domains

Legal, Network, Demand, Financial, Supply

Demand, Supply

Last update

2026-01-03

2025-12-30

Moat coverage

Shared moat types

Brand Trust

Deutsche Boerse AG strengths

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

Hermes International Societe en commandite par actions strengths

Capacity MoatSupply Chain ControlDistribution ControlOperational Excellence

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%

Hermes International Societe en commandite par actions segments

Full profile >

Leather Goods and Saddlery

Oligopoly

42.6%

Ready-to-wear and Accessories

Competitive

29%

Silk and Textiles

Competitive

6.3%

Other Hermes sectors (Jewelry, Home, etc.)

Competitive

12.6%

Perfume and Beauty

Competitive

3.5%

Watches

Competitive

3.8%

Other products (Third-party production)

Competitive

2.2%

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.