VOL. XCIV, NO. 247

★ WIDE MOAT STOCKS COMPARISON ★

NO ADVICE

Stock Comparison

LPL Financial Holdings Inc. vs MarketAxess Holdings Inc.

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

LPL Financial Holdings Inc.

LPLA · Nasdaq

Market cap (USD)$25.5B
Gross margin (TTM)23.7%
Operating margin (TTM)9.6%
Net margin (TTM)5.1%
SectorFinancials
IndustryFinancial - Capital Markets
CountryUS
Data as of2025-12-26
Moat score
79/ 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 LPL Financial Holdings Inc.'s moat claims, evidence, and risks.

View LPLA analysis

MarketAxess Holdings Inc.

MKTX · NASDAQ Global Select Market

Market cap (USD)$6.8B
Gross margin (TTM)72.2%
Operating margin (TTM)40.4%
Net margin (TTM)29.2%
SectorFinancials
IndustryFinancial - Capital Markets
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.

Full stock profile

Dive deeper into MarketAxess Holdings Inc.'s moat claims, evidence, and risks.

View MKTX analysis

Comparison highlights

  • Moat score gap: LPL Financial Holdings Inc. leads (79 / 100 vs 74 / 100 for MarketAxess Holdings Inc.).
  • Segment focus: LPL Financial Holdings Inc. has 1 segment (100% in Advisor Platform); MarketAxess Holdings Inc. has 2 segments (87.1% in Trade Execution Solutions).
  • Moat breadth: LPL Financial Holdings Inc. has 6 moat types across 4 domains; MarketAxess Holdings Inc. has 6 across 3.

Primary market context

LPL Financial Holdings Inc.

Advisor Platform

Market

Advisor-mediated wealth management platform (independent broker-dealer + RIA custody/clearing)

Geography

United States

Customer

Financial advisors and financial institutions

Role

Platform / broker-dealer / custodian

Revenue share

100%

MarketAxess Holdings Inc.

Trade Execution Solutions

Market

Electronic fixed-income trade execution platforms (credit and rates)

Geography

Global

Customer

Institutional investors, broker-dealers, and alternative liquidity providers

Role

Electronic trading venue / marketplace operator

Revenue share

87.1%

Side-by-side metrics

LPL Financial Holdings Inc.
MarketAxess Holdings Inc.
Ticker / Exchange
LPLA - Nasdaq
MKTX - NASDAQ Global Select Market
Market cap (USD)
$25.5B
$6.8B
Gross margin (TTM)
23.7%
72.2%
Operating margin (TTM)
9.6%
40.4%
Net margin (TTM)
5.1%
29.2%
Sector
Financials
Financials
Industry
Financial - Capital Markets
Financial - Capital Markets
HQ country
US
US
Primary segment
Advisor Platform
Trade Execution Solutions
Market structure
Oligopoly
Oligopoly
Market share
23%-25% (reported)
19% (reported)
HHI estimate
n/a
n/a
Pricing power
Moderate
Moderate
Moat score
79 / 100
74 / 100
Moat domains
Supply, Demand, Legal, Network
Network, Demand, Legal
Last update
2025-12-26
2025-12-23

Moat coverage

Shared moat types

Compliance AdvantageTwo Sided NetworkSwitching Costs General

LPL Financial Holdings Inc. strengths

Scale Economies Unit CostSuite BundlingOperational Excellence

MarketAxess Holdings Inc. strengths

Data Workflow LockinData Network EffectsEcosystem Complements

Segment mix

LPL Financial Holdings Inc. segments

Full profile >

Advisor Platform

Oligopoly

100%

MarketAxess Holdings Inc. segments

Full profile >

Trade Execution Solutions

Oligopoly

87.1%

Services (Data, Post-Trade and Technology)

Competitive

12.9%

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.