VOL. XCIV, NO. 247

★ WIDE MOAT STOCKS COMPARISON ★

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Monday, January 5, 2026

Wide Moat Stocks Home My Collections

Stock Comparison

Deutsche Boerse AG vs S&P Global 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

S&P Global Inc.

SPGI · New York Stock Exchange

Market cap (USD)$156.2B

Gross margin (TTM)70%

Operating margin (TTM)40.7%

Net margin (TTM)27.5%

SectorFinancials

IndustryFinancial - Data & Stock Exchanges

CountryUS

Data as of2025-12-21

Moat score

77/ 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 S&P Global Inc.'s moat claims, evidence, and risks.

View SPGI analysis

Comparison highlights

Moat score gap: Deutsche Boerse AG leads (81 / 100 vs 77 / 100 for S&P Global Inc.).
Segment focus: Deutsche Boerse AG has 8 segments (28.2% in Securities Services (Clearstream: ICSD/CSD settlement + custody)); S&P Global Inc. has 5 segments (32.6% in S&P Global Market Intelligence).
Primary market structure: Duopoly vs Oligopoly. Pricing power: Moderate vs Moderate.
Moat breadth: Deutsche Boerse AG has 12 moat types across 5 domains; S&P Global Inc. has 9 across 5.

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%

S&P Global Inc.

S&P Global Market Intelligence

Market

Financial market data, analytics, and workflow tools for institutions

Geography

Global

Customer

B2B (institutional investors, banks, insurers, corporates)

Role

Data/analytics and workflow software provider

Revenue share

32.6%

Side-by-side metrics

Deutsche Boerse AG

S&P Global Inc.

Ticker / Exchange

DB1 - Xetra

SPGI - New York Stock Exchange

Market cap (USD)

n/a

$156.2B

Gross margin (TTM)

n/a

70%

Operating margin (TTM)

n/a

40.7%

Net margin (TTM)

n/a

27.5%

Sector

Financials

Industry

n/a

Financial - Data & Stock Exchanges

HQ country

Primary segment

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

S&P Global Market Intelligence

Market structure

Duopoly

Oligopoly

Market share

n/a

HHI estimate

n/a

Pricing power

Moderate

Moat score

81 / 100

77 / 100

Moat domains

Legal, Network, Demand, Financial, Supply

Demand, Supply, Legal, Network, Financial

Last update

2026-01-03

2025-12-21

Moat coverage

Shared moat types

Regulated Standards PipeDe Facto StandardBrand TrustSwitching Costs GeneralData Workflow Lockin

Deutsche Boerse AG strengths

Two Sided NetworkClearing SettlementInteroperability HubFloat PrepaymentScale Economies Unit CostSuite BundlingFormat Lock In

S&P Global Inc. strengths

Scope EconomiesCompliance AdvantageEcosystem ComplementsBenchmark Pricing Power

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%

S&P Global Inc. segments

Full profile >

S&P Global Market Intelligence

Oligopoly

32.6%

S&P Global Ratings

Oligopoly

29.6%

S&P Global Commodity Insights

Oligopoly

15.1%

S&P Global Mobility

Competitive

11.3%

S&P Dow Jones Indices

Oligopoly

11.4%

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.