VOL. XCIV, NO. 247

★ WIDE MOAT STOCKS COMPARISON ★

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Thursday, January 8, 2026

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Stock Comparison

Tradeweb Markets Inc. vs Zimmer Biomet Holdings, 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

Zimmer Biomet Holdings, Inc.

ZBH · New York Stock Exchange

Market cap (USD)$18.4B
Gross margin (TTM)71.4%
Operating margin (TTM)16.6%
Net margin (TTM)10.1%
SectorHealthcare
IndustryMedical - Devices
CountryUS
Data as of2025-12-23
Moat score
72/ 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 Zimmer Biomet Holdings, Inc.'s moat claims, evidence, and risks.

View ZBH analysis

Comparison highlights

  • Moat score gap: Zimmer Biomet Holdings, Inc. leads (72 / 100 vs 70 / 100 for Tradeweb Markets Inc.).
  • Segment focus: Tradeweb Markets Inc. has 6 segments (52.4% in Rates); Zimmer Biomet Holdings, Inc. has 4 segments (41.3% in Knees).
  • Moat breadth: Tradeweb Markets Inc. has 7 moat types across 4 domains; Zimmer Biomet Holdings, Inc. has 7 across 5.

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%

Zimmer Biomet Holdings, Inc.

Knees

Market

Knee reconstruction implants (primary, partial, revision) plus associated instruments and orthopedic robotics/navigation

Geography

Global

Customer

Hospitals and ambulatory surgery centers

Role

OEM manufacturer

Revenue share

41.3%

Side-by-side metrics

Tradeweb Markets Inc.
Zimmer Biomet Holdings, Inc.
Ticker / Exchange
TW - Nasdaq Global Select Market
ZBH - New York Stock Exchange
Market cap (USD)
$23.6B
$18.4B
Gross margin (TTM)
66.7%
71.4%
Operating margin (TTM)
40.3%
16.6%
Net margin (TTM)
31.6%
10.1%
Sector
Financials
Healthcare
Industry
Financial - Capital Markets
Medical - Devices
HQ country
US
US
Primary segment
Rates
Knees
Market structure
Oligopoly
Oligopoly
Market share
n/a
30.1% (reported)
HHI estimate
n/a
2,265
Pricing power
Moderate
Moderate
Moat score
70 / 100
72 / 100
Moat domains
Network, Demand, Legal, Supply
Demand, Supply, Legal, Financial, Network
Last update
2026-01-06
2025-12-23

Moat coverage

Shared moat types

Data Workflow LockinEcosystem ComplementsScope Economies

Tradeweb Markets Inc. strengths

Two Sided NetworkCompliance AdvantageLong Term ContractsBrand Trust

Zimmer Biomet Holdings, Inc. strengths

Design In QualificationService Field NetworkRegulated Standards PipeBenchmark Pricing Power

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%

Zimmer Biomet Holdings, Inc. segments

Full profile >

Knees

Oligopoly

41.3%

Hips

Oligopoly

26%

S.E.T. (Sports Medicine, Extremities, Trauma, CMFT)

Competitive

24.3%

Technology & Data, Bone Cement and Surgical

Oligopoly

8.3%

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.