VOL. XCIV, NO. 247

★ WIDE MOAT STOCKS COMPARISON ★

NO ADVICE

Wednesday, January 7, 2026

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Stock Comparison

Mastercard Incorporated vs Tradeweb Markets Inc.

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

Mastercard Incorporated

MA · New York Stock Exchange

Market cap (USD)$510.6B
Gross margin (TTM)77.5%
Operating margin (TTM)57%
Net margin (TTM)45.3%
SectorFinancials
IndustryFinancial - Credit Services
CountryUS
Data as of2025-12-21
Moat score
77/ 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 Mastercard Incorporated's moat claims, evidence, and risks.

View MA 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: Mastercard Incorporated leads (77 / 100 vs 70 / 100 for Tradeweb Markets Inc.).
  • Segment focus: Mastercard Incorporated has 2 segments (61.5% in Payment Network); Tradeweb Markets Inc. has 6 segments (52.4% in Rates).
  • Moat breadth: Mastercard Incorporated has 6 moat types across 3 domains; Tradeweb Markets Inc. has 7 across 4.

Primary market context

Mastercard Incorporated

Payment Network

Market

Four-party card payment network (switching, acceptance, and network-related services)

Geography

Global

Customer

Issuers, acquirers, merchants, account holders

Role

Network operator (authorization, clearing, settlement) and rules/standards steward

Revenue share

61.5%

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

Mastercard Incorporated
Tradeweb Markets Inc.
Ticker / Exchange
MA - New York Stock Exchange
TW - Nasdaq Global Select Market
Market cap (USD)
$510.6B
$23.6B
Gross margin (TTM)
77.5%
66.7%
Operating margin (TTM)
57%
40.3%
Net margin (TTM)
45.3%
31.6%
Sector
Financials
Financials
Industry
Financial - Credit Services
Financial - Capital Markets
HQ country
US
US
Primary segment
Payment Network
Rates
Market structure
Oligopoly
Oligopoly
Market share
29.7% (reported)
n/a
HHI estimate
n/a
n/a
Pricing power
Moderate
Moderate
Moat score
77 / 100
70 / 100
Moat domains
Network, Demand, Legal
Network, Demand, Legal, Supply
Last update
2025-12-21
2026-01-06

Moat coverage

Shared moat types

Two Sided NetworkBrand TrustData Workflow Lockin

Mastercard Incorporated strengths

Clearing SettlementRegulated Standards PipeData Network Effects

Tradeweb Markets Inc. strengths

Compliance AdvantageEcosystem ComplementsLong Term ContractsScope Economies

Segment mix

Mastercard Incorporated segments

Full profile >

Payment Network

Oligopoly

61.5%

Value-Added Services and Solutions

Competitive

38.5%

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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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.