VOL. XCIV, NO. 247

★ WIDE MOAT STOCKS COMPARISON ★

NO ADVICE

Wednesday, January 7, 2026

Stock Comparison

Teradyne, Inc. vs Tradeweb Markets Inc.

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

Teradyne, Inc.

TER · Nasdaq Stock Market

Market cap (USD)$35.3B
Gross margin (TTM)58.9%
Operating margin (TTM)17.9%
Net margin (TTM)15.5%
SectorTechnology
IndustrySemiconductors
CountryUS
Data as of2025-12-23
Moat score
79/ 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 Teradyne, Inc.'s moat claims, evidence, and risks.

View TER 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: Teradyne, Inc. leads (79 / 100 vs 70 / 100 for Tradeweb Markets Inc.).
  • Segment focus: Teradyne, Inc. has 3 segments (77.9% in Semiconductor Test); Tradeweb Markets Inc. has 6 segments (52.4% in Rates).
  • Primary market structure: Duopoly vs Oligopoly. Pricing power: Moderate vs Moderate.
  • Moat breadth: Teradyne, Inc. has 6 moat types across 3 domains; Tradeweb Markets Inc. has 7 across 4.

Primary market context

Teradyne, Inc.

Semiconductor Test

Market

Semiconductor automated test equipment (ATE) and system-level test (SLT)

Geography

Global

Customer

IDMs, foundries, fabless, OSATs

Role

Capital equipment supplier

Revenue share

77.9%

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

Teradyne, Inc.
Tradeweb Markets Inc.
Ticker / Exchange
TER - Nasdaq Stock Market
TW - Nasdaq Global Select Market
Market cap (USD)
$35.3B
$23.6B
Gross margin (TTM)
58.9%
66.7%
Operating margin (TTM)
17.9%
40.3%
Net margin (TTM)
15.5%
31.6%
Sector
Technology
Financials
Industry
Semiconductors
Financial - Capital Markets
HQ country
US
US
Primary segment
Semiconductor Test
Rates
Market structure
Duopoly
Oligopoly
Market share
27%-30% (implied)
n/a
HHI estimate
3,565
n/a
Pricing power
Moderate
Moderate
Moat score
79 / 100
70 / 100
Moat domains
Demand, Supply, Network
Network, Demand, Legal, Supply
Last update
2025-12-23
2026-01-06

Moat coverage

Shared moat types

Ecosystem ComplementsBrand Trust

Teradyne, Inc. strengths

Format Lock InCapex Knowhow ScaleDesign In QualificationSwitching Costs General

Tradeweb Markets Inc. strengths

Two Sided NetworkData Workflow LockinCompliance AdvantageLong Term ContractsScope Economies

Segment mix

Teradyne, Inc. segments

Full profile >

Semiconductor Test

Duopoly

77.9%

Product Test

Competitive

11.7%

Robotics

Competitive

10.4%

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.

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Proven models entering the expansion stage with unit economics that work.

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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.