VOL. XCIV, NO. 247

★ WIDE MOAT STOCKS COMPARISON ★

NO ADVICE

Saturday, January 10, 2026

Stock Comparison

SAP SE vs Teqnion AB (publ)

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

SAP SE

SAP · XETRA

Market cap (USD)$247.3B
Gross margin (TTM)73.6%
Operating margin (TTM)25.8%
Net margin (TTM)19.4%
SectorTechnology
IndustrySoftware - Application
CountryDE
Data as of2025-12-30
Moat score
65/ 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 SAP SE's moat claims, evidence, and risks.

View SAP analysis

Teqnion AB (publ)

TEQ · Nasdaq First North Growth Market Sweden

Market cap (USD)$3.1B
Gross margin (TTM)
Operating margin (TTM)
Net margin (TTM)
SectorFinancials
IndustryIndustrial - Distribution
CountrySE
Data as of2026-01-08
Moat score
47/ 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 Teqnion AB (publ)'s moat claims, evidence, and risks.

View TEQ analysis

Comparison highlights

  • Moat score gap: SAP SE leads (65 / 100 vs 47 / 100 for Teqnion AB (publ)).
  • Segment focus: SAP SE has 2 segments (87.3% in Cloud and Software); Teqnion AB (publ) has 4 segments.
  • Primary market structure: Oligopoly vs Competitive. Pricing power: Moderate vs n/a.
  • Moat breadth: SAP SE has 6 moat types across 3 domains; Teqnion AB (publ) has 8 across 2.

Primary market context

SAP SE

Cloud and Software

Market

Enterprise application software suites and cloud subscriptions (ERP-centric) plus platform services

Geography

Global

Customer

Large enterprises and upper mid-market

Role

Software vendor (SaaS + on-prem support + platform)

Revenue share

87.3%

Teqnion AB (publ)

Acquisition & Portfolio Platform (Active, long-term ownership)

Market

Acquisition and long-term ownership of profitable niche industrial SMEs

Geography

Nordics, UK, Ireland

Customer

Business owners / sellers; subsidiary management teams

Role

Acquirer / holding company / active owner

Side-by-side metrics

SAP SE
Teqnion AB (publ)
Ticker / Exchange
SAP - XETRA
TEQ - Nasdaq First North Growth Market Sweden
Market cap (USD)
$247.3B
$3.1B
Gross margin (TTM)
73.6%
n/a
Operating margin (TTM)
25.8%
n/a
Net margin (TTM)
19.4%
n/a
Sector
Technology
Financials
Industry
Software - Application
Industrial - Distribution
HQ country
DE
SE
Primary segment
Cloud and Software
Acquisition & Portfolio Platform (Active, long-term ownership)
Market structure
Oligopoly
Competitive
Market share
n/a
n/a
HHI estimate
n/a
n/a
Pricing power
Moderate
n/a
Moat score
65 / 100
47 / 100
Moat domains
Demand, Network, Legal
Supply, Demand
Last update
2025-12-30
2026-01-08

Moat coverage

Shared moat types

No overlap yet.

SAP SE strengths

Data Workflow LockinSuite BundlingEcosystem ComplementsLong Term ContractsCompliance AdvantageBrand Trust

Teqnion AB (publ) strengths

Operational ExcellencePreferential Input AccessScope EconomiesDistribution ControlProcurement InertiaDesign In QualificationSwitching Costs GeneralLearning Curve Yield

Segment mix

SAP SE segments

Full profile >

Cloud and Software

Oligopoly

87.3%

Services

Competitive

12.7%

Teqnion AB (publ) segments

Full profile >

Acquisition & Portfolio Platform (Active, long-term ownership)

Competitive

n/a

Agency & Distribution Businesses

Competitive

n/a

Niche Product & Service Companies

Competitive

n/a

Manufacturing (Own-brand and Contract/OEM)

Competitive

n/a

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.