VOL. XCIV, NO. 247

★ WIDE MOAT STOCKS COMPARISON ★

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Wednesday, January 7, 2026

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Stock Comparison

Tradeweb Markets Inc. vs Xero Limited

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

Xero Limited

XRO · Australian Securities Exchange

Market cap (USD)$18.2B
Gross margin (TTM)85.3%
Operating margin (TTM)17.6%
Net margin (TTM)11.5%
SectorTechnology
IndustrySoftware - Application
CountryNZ
Data as of2026-01-02
Moat score
71/ 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 Xero Limited's moat claims, evidence, and risks.

View XRO analysis

Comparison highlights

  • Moat score gap: Xero Limited leads (71 / 100 vs 70 / 100 for Tradeweb Markets Inc.).
  • Segment focus: Tradeweb Markets Inc. has 6 segments (52.4% in Rates); Xero Limited has 2 segments.
  • Moat breadth: Tradeweb Markets Inc. has 7 moat types across 4 domains; Xero Limited 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%

Xero Limited

Core Accounting Subscription Platform

Market

Cloud accounting software for small businesses and their advisors

Geography

Global

Customer

SMB; accountants & bookkeepers

Role

Software platform (SaaS)

Side-by-side metrics

Tradeweb Markets Inc.
Xero Limited
Ticker / Exchange
TW - Nasdaq Global Select Market
XRO - Australian Securities Exchange
Market cap (USD)
$23.6B
$18.2B
Gross margin (TTM)
66.7%
85.3%
Operating margin (TTM)
40.3%
17.6%
Net margin (TTM)
31.6%
11.5%
Sector
Financials
Technology
Industry
Financial - Capital Markets
Software - Application
HQ country
US
NZ
Primary segment
Rates
Core Accounting Subscription Platform
Market structure
Oligopoly
Oligopoly
Market share
n/a
n/a
HHI estimate
n/a
n/a
Pricing power
Moderate
Moderate
Moat score
70 / 100
71 / 100
Moat domains
Network, Demand, Legal, Supply
Demand, Network, Financial
Last update
2026-01-06
2026-01-02

Moat coverage

Shared moat types

Two Sided NetworkData Workflow LockinEcosystem Complements

Tradeweb Markets Inc. strengths

Compliance AdvantageLong Term ContractsBrand TrustScope Economies

Xero Limited strengths

Switching Costs GeneralBenchmark Pricing PowerInteroperability HubSuite Bundling

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%

Xero Limited segments

Full profile >

Core Accounting Subscription Platform

Oligopoly

n/a

Platform Services (Payments, Payroll, App Ecosystem)

Competitive

n/a

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.

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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.