VOL. XCIV, NO. 247

★ WIDE MOAT STOCKS COMPARISON ★

NO ADVICE

Friday, January 2, 2026

Stock Comparison

MarketAxess Holdings Inc. vs SBA Communications Corporation

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

MarketAxess Holdings Inc.

MKTX · NASDAQ Global Select Market

Market cap (USD)$6.7B
Gross margin (TTM)66.2%
Operating margin (TTM)41.2%
Net margin (TTM)26.2%
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

SBA Communications Corporation

SBAC · NASDAQ

Market cap (USD)
Gross margin (TTM)
Operating margin (TTM)
Net margin (TTM)
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: MarketAxess Holdings Inc. leads (74 / 100 vs 71 / 100 for SBA Communications Corporation).
  • Segment focus: MarketAxess Holdings Inc. has 2 segments (87.1% in Trade Execution Solutions); SBA Communications Corporation has 3 segments (69.5% in Domestic Site Leasing).
  • Moat breadth: MarketAxess Holdings Inc. has 6 moat types across 3 domains; SBA Communications Corporation has 4 across 2.

Primary market context

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%

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

MarketAxess Holdings Inc.
SBA Communications Corporation
Ticker / Exchange
MKTX - NASDAQ Global Select Market
SBAC - NASDAQ
Market cap (USD)
$6.7B
n/a
Gross margin (TTM)
66.2%
n/a
Operating margin (TTM)
41.2%
n/a
Net margin (TTM)
26.2%
n/a
Sector
Financials
Real Estate
Industry
Financial - Capital Markets
REIT - Specialty
HQ country
US
US
Primary segment
Trade Execution Solutions
Domestic Site Leasing
Market structure
Oligopoly
Oligopoly
Market share
19% (reported)
16%-19% (implied)
HHI estimate
n/a
3,710
Pricing power
Moderate
Moderate
Moat score
74 / 100
71 / 100
Moat domains
Network, Demand, Legal
Supply, Demand
Last update
2025-12-23
2026-01-02

Moat coverage

Shared moat types

No overlap yet.

MarketAxess Holdings Inc. strengths

Two Sided NetworkData Workflow LockinData Network EffectsCompliance AdvantageSwitching Costs GeneralEcosystem Complements

SBA Communications Corporation strengths

Physical Network DensityLong Term ContractsScale Economies Unit CostOperational Excellence

Segment mix

MarketAxess Holdings Inc. segments

Full profile >

Trade Execution Solutions

Oligopoly

87.1%

Services (Data, Post-Trade and Technology)

Competitive

12.9%

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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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.