VOL. XCIV, NO. 247

★ WIDE MOAT STOCKS COMPARISON ★

NO ADVICE

Wednesday, January 7, 2026

Stock Comparison

Deutsche Boerse AG vs Tesla, 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)$40.6B
Gross margin (TTM)54.3%
Operating margin (TTM)40.7%
Net margin (TTM)27.5%
SectorFinancials
IndustryFinancial - Data & Stock Exchanges
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

Tesla, Inc.

TSLA · NASDAQ

Market cap (USD)$1.5T
Gross margin (TTM)17%
Operating margin (TTM)4.7%
Net margin (TTM)5.5%
SectorConsumer
IndustryAuto - Manufacturers
CountryUS
Data as of2026-01-05
Moat score
75/ 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 Tesla, Inc.'s moat claims, evidence, and risks.

View TSLA analysis

Comparison highlights

  • Moat score gap: Deutsche Boerse AG leads (81 / 100 vs 75 / 100 for Tesla, Inc.).
  • Segment focus: Deutsche Boerse AG has 8 segments (28.2% in Securities Services (Clearstream: ICSD/CSD settlement + custody)); Tesla, Inc. has 3 segments (78.9% in Automotive (vehicles + software + leasing + regulatory credits)).
  • Primary market structure: Duopoly vs Competitive. Pricing power: Moderate vs Moderate.
  • Moat breadth: Deutsche Boerse AG has 12 moat types across 5 domains; Tesla, Inc. has 9 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%

Tesla, Inc.

Automotive (vehicles + software + leasing + regulatory credits)

Market

Battery-electric passenger vehicles (BEV) and connected vehicle software

Geography

United States (market share datapoint); global competition

Customer

Consumers and small fleets

Role

OEM (design, manufacture, direct-to-consumer sales)

Revenue share

78.9%

Side-by-side metrics

Deutsche Boerse AG
Tesla, Inc.
Ticker / Exchange
DB1 - Xetra
TSLA - NASDAQ
Market cap (USD)
$40.6B
$1.5T
Gross margin (TTM)
54.3%
17%
Operating margin (TTM)
40.7%
4.7%
Net margin (TTM)
27.5%
5.5%
Sector
Financials
Consumer
Industry
Financial - Data & Stock Exchanges
Auto - Manufacturers
HQ country
DE
US
Primary segment
Securities Services (Clearstream: ICSD/CSD settlement + custody)
Automotive (vehicles + software + leasing + regulatory credits)
Market structure
Duopoly
Competitive
Market share
n/a
56.7% (reported)
HHI estimate
n/a
n/a
Pricing power
Moderate
Moderate
Moat score
81 / 100
75 / 100
Moat domains
Legal, Network, Demand, Financial, Supply
Network, Supply, Demand
Last update
2026-01-03
2026-01-05

Moat coverage

Shared moat types

Brand TrustSwitching Costs GeneralScale Economies Unit CostData Workflow Lockin

Deutsche Boerse AG strengths

Regulated Standards PipeTwo Sided NetworkDe Facto StandardClearing SettlementInteroperability HubFloat PrepaymentSuite BundlingFormat Lock In

Tesla, Inc. strengths

Data Network EffectsCapex Knowhow ScalePhysical Network DensityService Field NetworkScope Economies

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%

Tesla, Inc. segments

Full profile >

Automotive (vehicles + software + leasing + regulatory credits)

Competitive

78.9%

Services and Other (Supercharging + after-sales + used vehicles + insurance)

Quasi-Monopoly

10.8%

Energy Generation and Storage (Megapack + Powerwall + solar)

Oligopoly

10.3%

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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Looking for expansion-stage stocks?

Proven models entering the expansion stage with unit economics that work.

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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.