VOL. XCIV, NO. 247

★ WIDE MOAT STOCKS COMPARISON ★

NO ADVICE

Wednesday, January 7, 2026

Stock Comparison

Interactive Brokers Group, Inc. vs SBA Communications Corporation

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

Interactive Brokers Group, Inc.

IBKR · NASDAQ

Market cap (USD)$123.6B
Gross margin (TTM)89%
Operating margin (TTM)82.7%
Net margin (TTM)9.2%
SectorFinancials
IndustryInvestment - Banking & Investment Services
CountryUS
Data as of2026-01-06
Moat score
60/ 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 Interactive Brokers Group, Inc.'s moat claims, evidence, and risks.

View IBKR analysis

SBA Communications Corporation

SBAC · NASDAQ

Market cap (USD)$20.4B
Gross margin (TTM)75.4%
Operating margin (TTM)51.1%
Net margin (TTM)30.7%
SectorReal Estate
IndustryREIT - Specialty
CountryUS
Data as of2026-01-02
Moat score
71/ 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 SBA Communications Corporation's moat claims, evidence, and risks.

View SBAC analysis

Comparison highlights

  • Moat score gap: SBA Communications Corporation leads (71 / 100 vs 60 / 100 for Interactive Brokers Group, Inc.).
  • Segment focus: Interactive Brokers Group, Inc. has 1 segment (100% in Electronic brokerage); SBA Communications Corporation has 3 segments (69.5% in Domestic Site Leasing).
  • Primary market structure: Competitive vs Oligopoly. Pricing power: Weak vs Moderate.
  • Moat breadth: Interactive Brokers Group, Inc. has 4 moat types across 4 domains; SBA Communications Corporation has 4 across 2.

Primary market context

Interactive Brokers Group, Inc.

Electronic brokerage

Market

Multi-asset electronic brokerage, clearing, custody, and financing (self-directed and institutional)

Geography

Global

Customer

Individual investors and institutional clients (e.g., hedge funds, advisors, proprietary trading firms, introducing brokers)

Role

Broker-dealer / clearing broker / platform operator

Revenue share

100%

SBA Communications Corporation

Domestic Site Leasing

Market

U.S. wireless macro tower leasing (multi-tenant co-location on communications towers)

Geography

United States and territories

Customer

Wireless service providers and other wireless network operators/tenants

Role

Independent tower owner/operator (REIT)

Revenue share

69.5%

Side-by-side metrics

Interactive Brokers Group, Inc.
SBA Communications Corporation
Ticker / Exchange
IBKR - NASDAQ
SBAC - NASDAQ
Market cap (USD)
$123.6B
$20.4B
Gross margin (TTM)
89%
75.4%
Operating margin (TTM)
82.7%
51.1%
Net margin (TTM)
9.2%
30.7%
Sector
Financials
Real Estate
Industry
Investment - Banking & Investment Services
REIT - Specialty
HQ country
US
US
Primary segment
Electronic brokerage
Domestic Site Leasing
Market structure
Competitive
Oligopoly
Market share
n/a
16%-19% (implied)
HHI estimate
n/a
3,710
Pricing power
Weak
Moderate
Moat score
60 / 100
71 / 100
Moat domains
Supply, Network, Legal, Demand
Supply, Demand
Last update
2026-01-06
2026-01-02

Moat coverage

Shared moat types

Operational Excellence

Interactive Brokers Group, Inc. strengths

Interoperability HubCompliance AdvantageData Workflow Lockin

SBA Communications Corporation strengths

Physical Network DensityLong Term ContractsScale Economies Unit Cost

Segment mix

Interactive Brokers Group, Inc. segments

Full profile >

Electronic brokerage

Competitive

100%

SBA Communications Corporation segments

Full profile >

Domestic Site Leasing

Oligopoly

69.5%

International Site Leasing

Oligopoly

24.8%

Site Development

Competitive

5.7%

Want the full wide moat stocks list?

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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.