VOL. XCIV, NO. 247

* MOAT STOCKS COMPARISON *

NO ADVICE

Friday, December 26, 2025

Stock Comparison

Fortinet, Inc. vs MarketAxess Holdings Inc.

Compare moat strength, market structure, and segment coverage to understand how each company defends its edge.

Fortinet, Inc.

FTNT · NASDAQ

Market cap (USD)
SectorTechnology
CountryUS
Data as of2025-12-26
Moat score
84/ 100

Weighted average of segment moat scores, combining moat strength, durability, confidence, market structure, pricing power, and market share.

View full moat analysis >

MarketAxess Holdings Inc.

MKTX · NASDAQ Global Select Market

Market cap (USD)$6.7B
SectorFinancials
CountryUS
Data as of2025-12-23
Moat score
74/ 100

Weighted average of segment moat scores, combining moat strength, durability, confidence, market structure, pricing power, and market share.

View full moat analysis >

Side-by-side metrics

Fortinet, Inc.
MarketAxess Holdings Inc.
Ticker / Exchange
FTNT - NASDAQ
MKTX - NASDAQ Global Select Market
Market cap (USD)
n/a
$6.7B
Sector
Technology
Financials
HQ country
US
US
Primary segment
Subscriptions & Support Services
Trade Execution Solutions
Market structure
Quasi-Monopoly
Oligopoly
Market share
n/a
19% (reported)
HHI estimate
n/a
n/a
Pricing power
Strong
Moderate
Moat score
84 / 100
74 / 100
Moat domains
Demand, Supply, Financial
Network, Demand, Legal
Last update
2025-12-26
2025-12-23

Moat coverage

Shared moat types

Switching Costs General

Fortinet, Inc. strengths

Suite BundlingKeystone ComponentScope EconomiesBenchmark Pricing PowerInstalled Base ConsumablesLong Term Contracts

MarketAxess Holdings Inc. strengths

Two Sided NetworkData Workflow LockinData Network EffectsCompliance AdvantageEcosystem Complements

Segment mix

Fortinet, Inc. segments

Full profile >

Secure Networking Products

Oligopoly

32%

Subscriptions & Support Services

Quasi-Monopoly

68%

MarketAxess Holdings Inc. segments

Full profile >

Trade Execution Solutions

Oligopoly

87.1%

Services (Data, Post-Trade and Technology)

Competitive

12.9%

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 Pricing, features, and availability may be incomplete or out of date.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.