VOL. XCIV, NO. 247

★ WIDE MOAT STOCKS COMPARISON ★

NO ADVICE

Thursday, January 8, 2026

Stock Comparison

Tradeweb Markets Inc. vs West Pharmaceutical Services, 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

West Pharmaceutical Services, Inc.

WST · New York Stock Exchange

Market cap (USD)$20.1B
Gross margin (TTM)35.6%
Operating margin (TTM)20.9%
Net margin (TTM)16.3%
SectorHealthcare
IndustryMedical - Instruments & Supplies
CountryUS
Data as of2025-12-22
Moat score
85/ 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 West Pharmaceutical Services, Inc.'s moat claims, evidence, and risks.

View WST analysis

Comparison highlights

  • Moat score gap: West Pharmaceutical Services, Inc. leads (85 / 100 vs 70 / 100 for Tradeweb Markets Inc.).
  • Segment focus: Tradeweb Markets Inc. has 6 segments (52.4% in Rates); West Pharmaceutical Services, Inc. has 2 segments (80.7% in Proprietary Products).
  • Primary market structure: Oligopoly vs Quasi-Monopoly. Pricing power: Moderate vs Moderate.
  • Moat breadth: Tradeweb Markets Inc. has 7 moat types across 4 domains; West Pharmaceutical Services, Inc. has 5 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%

West Pharmaceutical Services, Inc.

Proprietary Products

Market

Injectable primary packaging components and containment/delivery systems (elastomeric stoppers, seals, plungers, syringe/cartridge components; related services)

Geography

Global

Customer

Biologic, generic, and pharmaceutical drug manufacturers

Role

Primary packaging and delivery component supplier

Revenue share

80.7%

Side-by-side metrics

Tradeweb Markets Inc.
West Pharmaceutical Services, Inc.
Ticker / Exchange
TW - Nasdaq Global Select Market
WST - New York Stock Exchange
Market cap (USD)
$23.6B
$20.1B
Gross margin (TTM)
66.7%
35.6%
Operating margin (TTM)
40.3%
20.9%
Net margin (TTM)
31.6%
16.3%
Sector
Financials
Healthcare
Industry
Financial - Capital Markets
Medical - Instruments & Supplies
HQ country
US
US
Primary segment
Rates
Proprietary Products
Market structure
Oligopoly
Quasi-Monopoly
Market share
n/a
70%-75% (reported)
HHI estimate
n/a
n/a
Pricing power
Moderate
Moderate
Moat score
70 / 100
85 / 100
Moat domains
Network, Demand, Legal, Supply
Demand, Legal, Supply
Last update
2026-01-06
2025-12-22

Moat coverage

Shared moat types

Compliance AdvantageBrand Trust

Tradeweb Markets Inc. strengths

Two Sided NetworkData Workflow LockinEcosystem ComplementsLong Term ContractsScope Economies

West Pharmaceutical Services, Inc. strengths

Design In QualificationCapex Knowhow ScaleOperational Excellence

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%

West Pharmaceutical Services, Inc. segments

Full profile >

Proprietary Products

Quasi-Monopoly

80.7%

Contract-Manufactured Products

Competitive

19.3%

Want the full wide moat stocks list?

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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.