VOL. XCIV, NO. 247

★ WIDE MOAT STOCKS COMPARISON ★

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Thursday, January 8, 2026

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Stock Comparison

PDD Holdings Inc. vs Tradeweb Markets Inc.

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

PDD Holdings Inc.

PDD · NASDAQ

Market cap (USD)$166.7B
Gross margin (TTM)56.7%
Operating margin (TTM)22.1%
Net margin (TTM)24.4%
SectorConsumer
IndustrySpecialty Retail
CountryKY
Data as of2025-12-29
Moat score
44/ 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 PDD Holdings Inc.'s moat claims, evidence, and risks.

View PDD 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: Tradeweb Markets Inc. leads (70 / 100 vs 44 / 100 for PDD Holdings Inc.).
  • Segment focus: PDD Holdings Inc. has 2 segments; Tradeweb Markets Inc. has 6 segments (52.4% in Rates).
  • Moat breadth: PDD Holdings Inc. has 4 moat types across 4 domains; Tradeweb Markets Inc. has 7 across 4.

Primary market context

PDD Holdings Inc.

Pinduoduo China marketplace

Market

China online retail marketplace (value-for-money focus)

Geography

China

Customer

Consumers & third-party merchants

Role

Online marketplace platform

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

PDD Holdings Inc.
Tradeweb Markets Inc.
Ticker / Exchange
PDD - NASDAQ
TW - Nasdaq Global Select Market
Market cap (USD)
$166.7B
$23.6B
Gross margin (TTM)
56.7%
66.7%
Operating margin (TTM)
22.1%
40.3%
Net margin (TTM)
24.4%
31.6%
Sector
Consumer
Financials
Industry
Specialty Retail
Financial - Capital Markets
HQ country
KY
US
Primary segment
Pinduoduo China marketplace
Rates
Market structure
Oligopoly
Oligopoly
Market share
n/a
n/a
HHI estimate
n/a
n/a
Pricing power
Moderate
Moderate
Moat score
44 / 100
70 / 100
Moat domains
Network, Supply, Financial, Legal
Network, Demand, Legal, Supply
Last update
2025-12-29
2026-01-06

Moat coverage

Shared moat types

Two Sided NetworkCompliance Advantage

PDD Holdings Inc. strengths

Scale Economies Unit CostFloat Prepayment

Tradeweb Markets Inc. strengths

Data Workflow LockinEcosystem ComplementsLong Term ContractsBrand TrustScope Economies

Segment mix

PDD Holdings Inc. segments

Full profile >

Pinduoduo China marketplace

Oligopoly

n/a

Temu international marketplace

Competitive

n/a

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.