VOL. XCIV, NO. 247

★ WIDE MOAT STOCKS COMPARISON ★

NO ADVICE

Wednesday, January 7, 2026

Stock Comparison

Tradeweb Markets Inc. vs Waste Management, 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

Waste Management, Inc.

WM · New York Stock Exchange

Market cap (USD)$88.4B
Gross margin (TTM)28.9%
Operating margin (TTM)17.6%
Net margin (TTM)10.4%
SectorIndustrials
IndustryWaste Management
CountryUS
Data as of2025-12-31
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 Waste Management, Inc.'s moat claims, evidence, and risks.

View WM analysis

Comparison highlights

  • Moat score gap: Waste Management, Inc. leads (79 / 100 vs 70 / 100 for Tradeweb Markets Inc.).
  • Segment focus: Tradeweb Markets Inc. has 6 segments (52.4% in Rates); Waste Management, Inc. has 4 segments (82.2% in Collection and Disposal).
  • Primary market structure: Oligopoly vs Oligopoly. Pricing power: Moderate vs Strong.
  • Moat breadth: Tradeweb Markets Inc. has 7 moat types across 4 domains; Waste Management, Inc. has 7 across 3.

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%

Waste Management, Inc.

Collection and Disposal

Market

Municipal, commercial, and industrial solid waste collection, transfer, and landfill disposal

Geography

North America (primarily US and Canada)

Customer

Municipalities and end-customers (residential, commercial, industrial) via direct and contract channels

Role

Integrated hauler + transfer + landfill owner/operator

Revenue share

82.2%

Side-by-side metrics

Tradeweb Markets Inc.
Waste Management, Inc.
Ticker / Exchange
TW - Nasdaq Global Select Market
WM - New York Stock Exchange
Market cap (USD)
$23.6B
$88.4B
Gross margin (TTM)
66.7%
28.9%
Operating margin (TTM)
40.3%
17.6%
Net margin (TTM)
31.6%
10.4%
Sector
Financials
Industrials
Industry
Financial - Capital Markets
Waste Management
HQ country
US
US
Primary segment
Rates
Collection and Disposal
Market structure
Oligopoly
Oligopoly
Market share
n/a
n/a
HHI estimate
n/a
n/a
Pricing power
Moderate
Strong
Moat score
70 / 100
79 / 100
Moat domains
Network, Demand, Legal, Supply
Legal, Supply, Demand
Last update
2026-01-06
2025-12-31

Moat coverage

Shared moat types

No overlap yet.

Tradeweb Markets Inc. strengths

Two Sided NetworkData Workflow LockinCompliance AdvantageEcosystem ComplementsLong Term ContractsBrand TrustScope Economies

Waste Management, Inc. strengths

Permits Rights Of WayCapacity MoatPricing power via yield management and contracted rate actionsOperational ExcellencePreferential Input AccessRegulated Standards PipePhysical Network Density

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%

Waste Management, Inc. segments

Full profile >

Collection and Disposal

Oligopoly

82.2%

Recycling Processing and Sales

Competitive

6%

WM Renewable Energy

Competitive

1.7%

WM Healthcare Solutions

Oligopoly

10%

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.