VOL. XCIV, NO. 247

★ WIDE MOAT STOCKS COMPARISON ★

NO ADVICE

Wednesday, January 7, 2026

Stock Comparison

Pro Medicus Limited vs Tradeweb Markets Inc.

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

Pro Medicus Limited

PME · ASX

Market cap (USD)$22.3B
Gross margin (TTM)77.8%
Operating margin (TTM)72.1%
Net margin (TTM)52.9%
SectorHealthcare
IndustryMedical - Healthcare Information Services
CountryAU
Data as of
Moat score
80/ 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 Pro Medicus Limited's moat claims, evidence, and risks.

View PME 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: Pro Medicus Limited leads (80 / 100 vs 70 / 100 for Tradeweb Markets Inc.).
  • Segment focus: Pro Medicus Limited has 2 segments (92.5% in Visage 7 Enterprise Imaging Platform (PACS / CloudPACS)); Tradeweb Markets Inc. has 6 segments (52.4% in Rates).
  • Primary market structure: Oligopoly vs Oligopoly. Pricing power: Strong vs Moderate.
  • Moat breadth: Pro Medicus Limited has 6 moat types across 2 domains; Tradeweb Markets Inc. has 7 across 4.

Primary market context

Pro Medicus Limited

Visage 7 Enterprise Imaging Platform (PACS / CloudPACS)

Market

Enterprise imaging / PACS and related modules for hospitals and integrated delivery networks (IDNs)

Geography

Primarily North America; also Europe and Australia

Customer

Hospitals, imaging centers, integrated delivery networks (IDNs)

Role

Healthcare IT software vendor / platform provider

Revenue share

92.5%

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

Pro Medicus Limited
Tradeweb Markets Inc.
Ticker / Exchange
PME - ASX
TW - Nasdaq Global Select Market
Market cap (USD)
$22.3B
$23.6B
Gross margin (TTM)
77.8%
66.7%
Operating margin (TTM)
72.1%
40.3%
Net margin (TTM)
52.9%
31.6%
Sector
Healthcare
Financials
Industry
Medical - Healthcare Information Services
Financial - Capital Markets
HQ country
AU
US
Primary segment
Visage 7 Enterprise Imaging Platform (PACS / CloudPACS)
Rates
Market structure
Oligopoly
Oligopoly
Market share
55% (implied)
n/a
HHI estimate
n/a
n/a
Pricing power
Strong
Moderate
Moat score
80 / 100
70 / 100
Moat domains
Demand, Supply
Network, Demand, Legal, Supply
Last update
2026-01-07
2026-01-06

Moat coverage

Shared moat types

Data Workflow LockinLong Term Contracts

Pro Medicus Limited strengths

Keystone ComponentOperational ExcellenceSuite BundlingSwitching Costs General

Tradeweb Markets Inc. strengths

Two Sided NetworkCompliance AdvantageEcosystem ComplementsBrand TrustScope Economies

Segment mix

Pro Medicus Limited segments

Full profile >

Visage 7 Enterprise Imaging Platform (PACS / CloudPACS)

Oligopoly

92.5%

Visage RIS (Radiology Information System) and Promedicus.net

Oligopoly

7.5%

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.

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.