VOL. XCIV, NO. 247

★ WIDE MOAT STOCKS COMPARISON ★

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Thursday, January 8, 2026

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Stock Comparison

S&P Global Inc. vs Tradeweb Markets Inc.

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

S&P Global Inc.

SPGI · New York Stock Exchange

Market cap (USD)$161.4B
Gross margin (TTM)70%
Operating margin (TTM)40.7%
Net margin (TTM)27.5%
SectorFinancials
IndustryFinancial - Data & Stock Exchanges
CountryUS
Data as of2025-12-21
Moat score
77/ 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 S&P Global Inc.'s moat claims, evidence, and risks.

View SPGI 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: S&P Global Inc. leads (77 / 100 vs 70 / 100 for Tradeweb Markets Inc.).
  • Segment focus: S&P Global Inc. has 5 segments (32.6% in S&P Global Market Intelligence); Tradeweb Markets Inc. has 6 segments (52.4% in Rates).
  • Moat breadth: S&P Global Inc. has 9 moat types across 5 domains; Tradeweb Markets Inc. has 7 across 4.

Primary market context

S&P Global Inc.

S&P Global Market Intelligence

Market

Financial market data, analytics, and workflow tools for institutions

Geography

Global

Customer

B2B (institutional investors, banks, insurers, corporates)

Role

Data/analytics and workflow software provider

Revenue share

32.6%

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

S&P Global Inc.
Tradeweb Markets Inc.
Ticker / Exchange
SPGI - New York Stock Exchange
TW - Nasdaq Global Select Market
Market cap (USD)
$161.4B
$23.6B
Gross margin (TTM)
70%
66.7%
Operating margin (TTM)
40.7%
40.3%
Net margin (TTM)
27.5%
31.6%
Sector
Financials
Financials
Industry
Financial - Data & Stock Exchanges
Financial - Capital Markets
HQ country
US
US
Primary segment
S&P Global Market Intelligence
Rates
Market structure
Oligopoly
Oligopoly
Market share
n/a
n/a
HHI estimate
n/a
n/a
Pricing power
Moderate
Moderate
Moat score
77 / 100
70 / 100
Moat domains
Demand, Supply, Legal, Network, Financial
Network, Demand, Legal, Supply
Last update
2025-12-21
2026-01-06

Moat coverage

Shared moat types

Data Workflow LockinScope EconomiesBrand TrustCompliance AdvantageEcosystem Complements

S&P Global Inc. strengths

Regulated Standards PipeDe Facto StandardSwitching Costs GeneralBenchmark Pricing Power

Tradeweb Markets Inc. strengths

Two Sided NetworkLong Term Contracts

Segment mix

S&P Global Inc. segments

Full profile >

S&P Global Market Intelligence

Oligopoly

32.6%

S&P Global Ratings

Oligopoly

29.6%

S&P Global Commodity Insights

Oligopoly

15.1%

S&P Global Mobility

Competitive

11.3%

S&P Dow Jones Indices

Oligopoly

11.4%

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.