VOL. XCIV, NO. 247

★ WIDE MOAT STOCKS COMPARISON ★

NO ADVICE

Saturday, January 3, 2026

Stock Comparison

London Stock Exchange Group plc vs Xero Limited

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

London Stock Exchange Group plc

LSEG · London Stock Exchange

Market cap (USD)$45B
Gross margin (TTM)51.5%
Operating margin (TTM)19.6%
Net margin (TTM)9.4%
SectorFinancials
IndustryFinancial - Data & Stock Exchanges
CountryGB
Data as of2025-12-30
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 London Stock Exchange Group plc's moat claims, evidence, and risks.

View LSEG analysis

Xero Limited

XRO · Australian Securities Exchange

Market cap (USD)
Gross margin (TTM)
Operating margin (TTM)
Net margin (TTM)
SectorTechnology
Industry
CountryNZ
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 Xero Limited's moat claims, evidence, and risks.

View XRO analysis

Comparison highlights

  • Moat score gap: London Stock Exchange Group plc leads (74 / 100 vs 71 / 100 for Xero Limited).
  • Segment focus: London Stock Exchange Group plc has 5 segments (51% in Data & Analytics); Xero Limited has 2 segments.
  • Moat breadth: London Stock Exchange Group plc has 8 moat types across 4 domains; Xero Limited has 7 across 3.

Primary market context

London Stock Exchange Group plc

Data & Analytics

Market

Financial market data, analytics and workflows (terminals and enterprise feeds)

Geography

Global

Customer

Financial institutions and corporates

Role

Data & analytics vendor

Revenue share

51%

Xero Limited

Core Accounting Subscription Platform

Market

Cloud accounting software for small businesses and their advisors

Geography

Global

Customer

SMB; accountants & bookkeepers

Role

Software platform (SaaS)

Side-by-side metrics

London Stock Exchange Group plc
Xero Limited
Ticker / Exchange
LSEG - London Stock Exchange
XRO - Australian Securities Exchange
Market cap (USD)
$45B
n/a
Gross margin (TTM)
51.5%
n/a
Operating margin (TTM)
19.6%
n/a
Net margin (TTM)
9.4%
n/a
Sector
Financials
Technology
Industry
Financial - Data & Stock Exchanges
n/a
HQ country
GB
NZ
Primary segment
Data & Analytics
Core Accounting Subscription Platform
Market structure
Oligopoly
Oligopoly
Market share
n/a
n/a
HHI estimate
n/a
n/a
Pricing power
Moderate
Moderate
Moat score
74 / 100
71 / 100
Moat domains
Demand, Supply, Network, Legal
Demand, Network, Financial
Last update
2025-12-30
2026-01-02

Moat coverage

Shared moat types

Data Workflow LockinTwo Sided Network

London Stock Exchange Group plc strengths

Scale Economies Unit CostDe Facto StandardBrand TrustCompliance AdvantageClearing SettlementConcession License

Xero Limited strengths

Switching Costs GeneralBenchmark Pricing PowerInteroperability HubEcosystem ComplementsSuite Bundling

Segment mix

London Stock Exchange Group plc segments

Full profile >

Data & Analytics

Oligopoly

51%

FTSE Russell

Oligopoly

10.7%

Risk Intelligence

Oligopoly

6.2%

Capital Markets

Oligopoly

21.3%

Post Trade

Quasi-Monopoly

10.8%

Xero Limited segments

Full profile >

Core Accounting Subscription Platform

Oligopoly

n/a

Platform Services (Payments, Payroll, App Ecosystem)

Competitive

n/a

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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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.