VOL. XCIV, NO. 247

★ WIDE MOAT STOCKS COMPARISON ★

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Thursday, January 8, 2026

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Stock Comparison

Alphabet Inc. vs Tradeweb Markets Inc.

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

Alphabet Inc.

GOOGL · The Nasdaq Stock Market

Market cap (USD)$3.8T
Gross margin (TTM)59.2%
Operating margin (TTM)32.2%
Net margin (TTM)32.2%
SectorCommunication Services
IndustryInternet Content & Information
CountryUS
Data as of2025-12-21
Moat score
86/ 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 Alphabet Inc.'s moat claims, evidence, and risks.

View GOOGL analysis

Tradeweb Markets Inc.

TW · Nasdaq Global Select Market

Market cap (USD)$23.6B
Gross margin (TTM)66.7%
Operating margin (TTM)40.3%
Net margin (TTM)31.6%
SectorFinancials
IndustryFinancial - Capital Markets
CountryUS
Data as of2026-01-06
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 Tradeweb Markets Inc.'s moat claims, evidence, and risks.

View TW analysis

Comparison highlights

  • Moat score gap: Alphabet Inc. leads (86 / 100 vs 70 / 100 for Tradeweb Markets Inc.).
  • Segment focus: Alphabet Inc. has 6 segments (56.6% in Google Search & other (Advertising)); Tradeweb Markets Inc. has 6 segments (52.4% in Rates).
  • Primary market structure: Quasi-Monopoly vs Oligopoly. Pricing power: Strong vs Moderate.
  • Moat breadth: Alphabet Inc. has 10 moat types across 4 domains; Tradeweb Markets Inc. has 7 across 4.

Primary market context

Alphabet Inc.

Google Search & other (Advertising)

Market

Search advertising (intent-based digital ads)

Geography

Global

Customer

Advertisers (SMB to enterprise)

Role

Ad platform / publisher

Revenue share

56.6%

Tradeweb Markets Inc.

Rates

Market

Electronic dealer-to-client and all-to-all trading in rates (government bonds, mortgages/TBA MBS, interest rate swaps)

Geography

Global

Customer

Institutional, wholesale dealers, and retail via ATS

Role

Electronic marketplace / trading venue

Revenue share

52.4%

Side-by-side metrics

Alphabet Inc.
Tradeweb Markets Inc.
Ticker / Exchange
GOOGL - The Nasdaq Stock Market
TW - Nasdaq Global Select Market
Market cap (USD)
$3.8T
$23.6B
Gross margin (TTM)
59.2%
66.7%
Operating margin (TTM)
32.2%
40.3%
Net margin (TTM)
32.2%
31.6%
Sector
Communication Services
Financials
Industry
Internet Content & Information
Financial - Capital Markets
HQ country
US
US
Primary segment
Google Search & other (Advertising)
Rates
Market structure
Quasi-Monopoly
Oligopoly
Market share
88%-91% (reported)
n/a
HHI estimate
8,115
n/a
Pricing power
Strong
Moderate
Moat score
86 / 100
70 / 100
Moat domains
Network, Demand, Legal, Supply
Network, Demand, Legal, Supply
Last update
2025-12-21
2026-01-06

Moat coverage

Shared moat types

Two Sided NetworkEcosystem Complements

Alphabet Inc. strengths

Data Network EffectsHabit DefaultContent Rights CurrencyOperational ExcellenceDefault OS GatewaySwitching Costs GeneralCapex Knowhow ScaleIncubation & patient capital

Tradeweb Markets Inc. strengths

Data Workflow LockinCompliance AdvantageLong Term ContractsBrand TrustScope Economies

Segment mix

Alphabet Inc. segments

Full profile >

Google Search & other (Advertising)

Quasi-Monopoly

56.6%

YouTube (Advertising)

Oligopoly

10.3%

Google Network (Advertising)

Competitive

8.7%

Google Subscriptions, Platforms & Devices

Quasi-Monopoly

11.5%

Google Cloud

Oligopoly

12.4%

Other Bets

Competitive

0.5%

Tradeweb Markets Inc. segments

Full profile >

Rates

Oligopoly

52.4%

Credit

Oligopoly

26.6%

Equities

Competitive

6%

Money Markets

Oligopoly

6.7%

Market Data

Competitive

6.8%

Other

Competitive

1.4%

Want the full wide moat stocks list?

Browse the full ranking of wide moat stocks, updated with moat scores and segment context.

View the moat stocks list

Looking for expansion-stage stocks?

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

View expansion-stage stocks

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.