VOL. XCIV, NO. 247

★ WIDE MOAT STOCKS COMPARISON ★

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Thursday, January 8, 2026

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Stock Comparison

Merck & Co., Inc. vs Tradeweb Markets Inc.

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

Merck & Co., Inc.

MRK · New York Stock Exchange

Market cap (USD)$270B
Gross margin (TTM)78.3%
Operating margin (TTM)36.4%
Net margin (TTM)29.6%
SectorHealthcare
IndustryDrug Manufacturers - General
CountryUS
Data as of2025-12-22
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 Merck & Co., Inc.'s moat claims, evidence, and risks.

View MRK 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: Merck & Co., Inc. leads (71 / 100 vs 70 / 100 for Tradeweb Markets Inc.).
  • Segment focus: Merck & Co., Inc. has 2 segments (89.5% in Pharmaceutical); Tradeweb Markets Inc. has 6 segments (52.4% in Rates).
  • Primary market structure: Competitive vs Oligopoly. Pricing power: Moderate vs Moderate.
  • Moat breadth: Merck & Co., Inc. has 5 moat types across 3 domains; Tradeweb Markets Inc. has 7 across 4.

Primary market context

Merck & Co., Inc.

Pharmaceutical

Market

Branded prescription pharmaceuticals & human vaccines

Geography

Global

Customer

Wholesalers/retailers, managed care and government payers, hospitals/clinics

Role

R&D-intensive innovator, manufacturer, and marketer

Revenue share

89.5%

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

Merck & Co., Inc.
Tradeweb Markets Inc.
Ticker / Exchange
MRK - New York Stock Exchange
TW - Nasdaq Global Select Market
Market cap (USD)
$270B
$23.6B
Gross margin (TTM)
78.3%
66.7%
Operating margin (TTM)
36.4%
40.3%
Net margin (TTM)
29.6%
31.6%
Sector
Healthcare
Financials
Industry
Drug Manufacturers - General
Financial - Capital Markets
HQ country
US
US
Primary segment
Pharmaceutical
Rates
Market structure
Competitive
Oligopoly
Market share
n/a
n/a
HHI estimate
n/a
n/a
Pricing power
Moderate
Moderate
Moat score
71 / 100
70 / 100
Moat domains
Legal, Supply, Demand
Network, Demand, Legal, Supply
Last update
2025-12-22
2026-01-06

Moat coverage

Shared moat types

Scope EconomiesData Workflow Lockin

Merck & Co., Inc. strengths

IP Choke PointRegulated Standards PipeCapex Knowhow Scale

Tradeweb Markets Inc. strengths

Two Sided NetworkCompliance AdvantageEcosystem ComplementsLong Term ContractsBrand Trust

Segment mix

Merck & Co., Inc. segments

Full profile >

Pharmaceutical

Competitive

89.5%

Animal Health

Oligopoly

9.2%

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.