VOL. XCIV, NO. 247

★ WIDE MOAT STOCKS COMPARISON ★

NO ADVICE

Wednesday, January 7, 2026

Stock Comparison

The Hershey Company vs Tradeweb Markets Inc.

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

The Hershey Company

HSY · New York Stock Exchange

Market cap (USD)$36.5B
Gross margin (TTM)37.5%
Operating margin (TTM)16.6%
Net margin (TTM)11.8%
SectorConsumer
IndustryFood Confectioners
CountryUS
Data as of2025-12-26
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 The Hershey Company's moat claims, evidence, and risks.

View HSY 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: The Hershey Company leads (75 / 100 vs 70 / 100 for Tradeweb Markets Inc.).
  • Segment focus: The Hershey Company has 3 segments (81.4% in North America Confectionery); Tradeweb Markets Inc. has 6 segments (52.4% in Rates).
  • Moat breadth: The Hershey Company has 4 moat types across 2 domains; Tradeweb Markets Inc. has 7 across 4.

Primary market context

The Hershey Company

North America Confectionery

Market

Branded chocolate and non-chocolate confectionery

Geography

United States and Canada

Customer

Retail consumers via grocery, mass, club and convenience

Role

Branded manufacturer and marketer

Revenue share

81.4%

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

The Hershey Company
Tradeweb Markets Inc.
Ticker / Exchange
HSY - New York Stock Exchange
TW - Nasdaq Global Select Market
Market cap (USD)
$36.5B
$23.6B
Gross margin (TTM)
37.5%
66.7%
Operating margin (TTM)
16.6%
40.3%
Net margin (TTM)
11.8%
31.6%
Sector
Consumer
Financials
Industry
Food Confectioners
Financial - Capital Markets
HQ country
US
US
Primary segment
North America Confectionery
Rates
Market structure
Oligopoly
Oligopoly
Market share
34%-38% (reported)
n/a
HHI estimate
n/a
n/a
Pricing power
Moderate
Moderate
Moat score
75 / 100
70 / 100
Moat domains
Demand, Supply
Network, Demand, Legal, Supply
Last update
2025-12-26
2026-01-06

Moat coverage

Shared moat types

Brand TrustScope Economies

The Hershey Company strengths

Distribution ControlOperational Excellence

Tradeweb Markets Inc. strengths

Two Sided NetworkData Workflow LockinCompliance AdvantageEcosystem ComplementsLong Term Contracts

Segment mix

The Hershey Company segments

Full profile >

North America Confectionery

Oligopoly

81.4%

North America Salty Snacks

Oligopoly

10.1%

International

Competitive

8.5%

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.

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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.