VOL. XCIV, NO. 247

★ WIDE MOAT STOCKS COMPARISON ★

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Thursday, January 8, 2026

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Stock Comparison

MSCI Inc. vs Tradeweb Markets Inc.

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

MSCI Inc.

MSCI · New York Stock Exchange

Market cap (USD)$44.7B
Gross margin (TTM)82.4%
Operating margin (TTM)54.2%
Net margin (TTM)40%
SectorFinancials
IndustryFinancial - Data & Stock Exchanges
CountryUS
Data as of2025-12-28
Moat score
76/ 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 MSCI Inc.'s moat claims, evidence, and risks.

View MSCI 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: MSCI Inc. leads (76 / 100 vs 70 / 100 for Tradeweb Markets Inc.).
  • Segment focus: MSCI Inc. has 4 segments (55.9% in Index); Tradeweb Markets Inc. has 6 segments (52.4% in Rates).
  • Primary market structure: Oligopoly vs Oligopoly. Pricing power: Strong vs Moderate.
  • Moat breadth: MSCI Inc. has 4 moat types across 3 domains; Tradeweb Markets Inc. has 7 across 4.

Primary market context

MSCI Inc.

Index

Market

Investment indexes and index licensing

Geography

Global

Customer

Institutional investors and asset managers

Role

Index provider / benchmark administrator

Revenue share

55.9%

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

MSCI Inc.
Tradeweb Markets Inc.
Ticker / Exchange
MSCI - New York Stock Exchange
TW - Nasdaq Global Select Market
Market cap (USD)
$44.7B
$23.6B
Gross margin (TTM)
82.4%
66.7%
Operating margin (TTM)
54.2%
40.3%
Net margin (TTM)
40%
31.6%
Sector
Financials
Financials
Industry
Financial - Data & Stock Exchanges
Financial - Capital Markets
HQ country
US
US
Primary segment
Index
Rates
Market structure
Oligopoly
Oligopoly
Market share
23%-27% (implied)
n/a
HHI estimate
n/a
n/a
Pricing power
Strong
Moderate
Moat score
76 / 100
70 / 100
Moat domains
Network, Demand, Legal
Network, Demand, Legal, Supply
Last update
2025-12-28
2026-01-06

Moat coverage

Shared moat types

Compliance AdvantageData Workflow Lockin

MSCI Inc. strengths

De Facto StandardSwitching Costs General

Tradeweb Markets Inc. strengths

Two Sided NetworkEcosystem ComplementsLong Term ContractsBrand TrustScope Economies

Segment mix

MSCI Inc. segments

Full profile >

Index

Oligopoly

55.9%

Analytics

Oligopoly

23.6%

Sustainability and Climate

Competitive

11.4%

Private Assets

Competitive

9%

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.

View the moat stocks list

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.