VOL. XCIV, NO. 247

★ WIDE MOAT STOCKS COMPARISON ★

NO ADVICE

Thursday, January 8, 2026

Stock Comparison

Tradeweb Markets Inc. vs Tyler Technologies, Inc.

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

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

Tyler Technologies, Inc.

TYL · New York Stock Exchange

Market cap (USD)$19B
Gross margin (TTM)44.2%
Operating margin (TTM)15.4%
Net margin (TTM)13.7%
SectorTechnology
IndustrySoftware - Application
CountryUS
Data as of2025-12-26
Moat score
66/ 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 Tyler Technologies, Inc.'s moat claims, evidence, and risks.

View TYL analysis

Comparison highlights

  • Moat score gap: Tradeweb Markets Inc. leads (70 / 100 vs 66 / 100 for Tyler Technologies, Inc.).
  • Segment focus: Tradeweb Markets Inc. has 6 segments (52.4% in Rates); Tyler Technologies, Inc. has 2 segments (70.7% in Enterprise Software).
  • Primary market structure: Oligopoly vs Competitive. Pricing power: Moderate vs Moderate.
  • Moat breadth: Tradeweb Markets Inc. has 7 moat types across 4 domains; Tyler Technologies, Inc. has 7 across 2.

Primary market context

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%

Tyler Technologies, Inc.

Enterprise Software

Market

Public sector enterprise application software for mission-critical back-office functions (ERP/public administration, courts & justice, public safety, education, property & recording)

Geography

Primarily United States; also Canada and other international locations

Customer

Government agencies and other public entities (state/local/federal), school districts

Role

Vertical software vendor + implementation/services

Revenue share

70.7%

Side-by-side metrics

Tradeweb Markets Inc.
Tyler Technologies, Inc.
Ticker / Exchange
TW - Nasdaq Global Select Market
TYL - New York Stock Exchange
Market cap (USD)
$23.6B
$19B
Gross margin (TTM)
66.7%
44.2%
Operating margin (TTM)
40.3%
15.4%
Net margin (TTM)
31.6%
13.7%
Sector
Financials
Technology
Industry
Financial - Capital Markets
Software - Application
HQ country
US
US
Primary segment
Rates
Enterprise Software
Market structure
Oligopoly
Competitive
Market share
n/a
5%-7% (reported)
HHI estimate
n/a
n/a
Pricing power
Moderate
Moderate
Moat score
70 / 100
66 / 100
Moat domains
Network, Demand, Legal, Supply
Demand, Supply
Last update
2026-01-06
2025-12-26

Moat coverage

Shared moat types

Data Workflow LockinLong Term ContractsBrand Trust

Tradeweb Markets Inc. strengths

Two Sided NetworkCompliance AdvantageEcosystem ComplementsScope Economies

Tyler Technologies, Inc. strengths

Training Org Change CostsProcurement InertiaSuite BundlingScale Economies Unit Cost

Segment mix

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%

Tyler Technologies, Inc. segments

Full profile >

Enterprise Software

Competitive

70.7%

Platform Technologies

Competitive

29%

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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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.