8.0/10

FedEx has a large global delivery brand, air-ground infrastructure, enterprise shipper relationships, and operational density that are difficult for smaller entrants to replicate.

4.0/10

Global express logistics is capital-intensive and regulated, but local delivery coordination, routing, warehouse operations, shipment records, and regional carrier marketplaces are more decentralizable than aircraft and national sortation networks.

4480000000.0/10

StockAnalysis reported FedEx trailing twelve-month net income of about $4.48 billion in late May 2026.

21.1x

CompaniesMarketCap reported a FedEx trailing P/E ratio of about 21.1 as of May 2026.

$94.1B

CompaniesMarketCap reported FedEx market capitalization of about $94.05 billion in May 2026.

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$2,808,960.0T

Derived from market cap, moat resistance, decentralizability, and profitability. It is a directional estimate of value capture that could come under pressure if open alternatives compound.

9.1/10

Enterprise defaults, compliance comfort, and deeply embedded workflow software make Microsoft durable.

6.4/10

Open productivity, git hosting, and private cloud tooling are credible enough to create real replacement pressure.

9.5/10

Microsoft monetizes distribution, enterprise trust, and cloud scale with unusual consistency.

36.0x

Approximate valuation snapshot reflecting durable growth and margin quality.

$3.3T

Approximate market cap snapshot from public market trackers.

$519.0M

Computed from Microsoft's $21.00 IPO price and 24,715,113 shares outstanding after the offering in the prospectus.

6,358.2x

Current market cap divided by the IPO market cap implied on 1986-03-13.

24.5%

Compound annual market cap growth from the IPO date 1986-03-13 through the snapshot date 2026-03-14.

$523.2B

Derived from market cap, moat resistance, decentralizability, and profitability. It is a directional estimate of value capture that could come under pressure if open alternatives compound.

7.9/10

Meta's social graph and ad targeting moat is strong but more culturally reversible than deep infrastructure moats.

7.4/10

Federated social and open messaging create unusually clear alternative pathways.

8.6/10

Meta remains deeply profitable thanks to attention capture and ad-market scale.

28.0x

Approximate valuation snapshot for a high-margin ad platform.

$1.8T

Approximate market cap snapshot from public market trackers.

$81.2B

Computed from Meta's $38.00 IPO price in the final prospectus and 2,138,085,037 total Class A and Class B shares outstanding after the IPO in Amendment No. 8 to the registration statement.

22.2x

Current market cap divided by the IPO market cap implied on 2012-05-18.

25.1%

Compound annual market cap growth from the IPO date 2012-05-18 through the snapshot date 2026-03-14.

$446.0B

Derived from market cap, moat resistance, decentralizability, and profitability. It is a directional estimate of value capture that could come under pressure if open alternatives compound.

8.7/10

Google's search and ad ecosystem is extremely entrenched, though less physically rooted than hardware moats.

6.8/10

Open search, federated media, and de-Googled mobile stacks create meaningful replacement paths.

8.8/10

Alphabet still turns defaults and ad infrastructure into enormous profit streams.

26.0x

Approximate valuation snapshot for a mature ad-and-cloud platform.

$2.4T

Approximate market cap snapshot from public market trackers.

$23.1B

Computed from Google's $85.00 IPO price and 271,219,643 total common shares outstanding after the offering in the final prospectus.

104.1x

Current market cap divided by the IPO market cap implied on 2004-08-19.

24.0%

Compound annual market cap growth from the IPO date 2004-08-19 through the snapshot date 2026-03-14.

$444.3B

Derived from market cap, moat resistance, decentralizability, and profitability. It is a directional estimate of value capture that could come under pressure if open alternatives compound.

8.9/10

Amazon's operational density and AWS standardization create a wide, two-headed moat.

5.7/10

Open cloud tooling and local commerce stacks create pressure, but logistics scale remains difficult to distribute.

7.6/10

Amazon's profit engine is improving, but it is still less pristine than the pure software aristocracy.

36.0x

Approximate valuation snapshot reflecting cloud and advertising growth expectations.

$2.2T

Approximate market cap snapshot from public market trackers.

$429.5M

Computed from Amazon's $18.00 IPO price and 23,858,702 shares outstanding after the offering in the final prospectus.

5,122.8x

Current market cap divided by the IPO market cap implied on 1997-05-15.

34.5%

Compound annual market cap growth from the IPO date 1997-05-15 through the snapshot date 2026-03-14.

$301.3B

Derived from market cap, moat resistance, decentralizability, and profitability. It is a directional estimate of value capture that could come under pressure if open alternatives compound.

9.3/10

Apple benefits from device lock-in, brand power, and control over app and service distribution.

2.8/10

Pieces of the stack can be replaced, but the integrated ecosystem remains unusually sticky.

9.1/10

Apple converts ecosystem control into durable high-margin earnings.

32.0x

Approximate valuation snapshot for a mature but highly profitable platform company.

$3.7T

Approximate market cap snapshot from public market trackers.

$1.2B

Computed from Apple's $22.00 IPO price and 54,215,332 shares outstanding after the offering in the final prospectus.

3,102.1x

Current market cap divided by the IPO market cap implied on 1980-12-12.

19.4%

Compound annual market cap growth from the IPO date 1980-12-12 through the snapshot date 2026-03-14.

$234.3B

Derived from market cap, moat resistance, decentralizability, and profitability. It is a directional estimate of value capture that could come under pressure if open alternatives compound.

9.6/10

CUDA lock-in plus premium hardware and ecosystem depth make NVIDIA unusually hard to dislodge.

2.5/10

Alternative compute stacks exist, but cutting-edge GPU supply is still profoundly centralized.

9.7/10

NVIDIA's profit power is elite because demand is intense and supply remains constrained.

61.0x

Approximate valuation snapshot reflecting high growth expectations and AI enthusiasm.

$4.3T

Approximate market cap snapshot from public market trackers.

$332.4M

Computed from NVIDIA's $12.00 IPO price and 27,703,738 shares outstanding after the offering in the final prospectus.

12,934.5x

Current market cap divided by the IPO market cap implied on 1999-01-22.

41.7%

Compound annual market cap growth from the IPO date 1999-01-22 through the snapshot date 2026-03-14.

$222.5B

Derived from market cap, moat resistance, decentralizability, and profitability. It is a directional estimate of value capture that could come under pressure if open alternatives compound.

7.4/10

Tesla has brand and infrastructure advantages, but much of the category remains contestable.

5.9/10

Charging and energy layers are openable, while vehicle manufacturing remains centralized.

5.8/10

Tesla is profitable but less predictably so than the platform-heavy names above it.

70.0x

Approximate valuation snapshot reflecting very high future expectations.

$1.0T

Approximate market cap snapshot from public market trackers.

$1.6B

Computed from Tesla's $17.00 IPO price and 93,109,393 shares outstanding after the offering and concurrent private placement in the final prospectus.

631.8x

Current market cap divided by the IPO market cap implied on 2010-06-29.

50.8%

Compound annual market cap growth from the IPO date 2010-06-29 through the snapshot date 2026-03-14.

$190.0B

Derived from market cap, moat resistance, decentralizability, and profitability. It is a directional estimate of value capture that could come under pressure if open alternatives compound.

8.6/10

Broadcom combines hard-to-replicate hardware supply with entrenched enterprise software footprints.

3.8/10

Virtualization can be displaced more readily than Broadcom's semiconductor relevance.

8.9/10

The company has both pricing power and critical infrastructure exposure.

50.0x

Approximate valuation snapshot reflecting AI and infrastructure enthusiasm.

$1.1T

Approximate market cap snapshot from public market trackers.

$3.5B

Computed from Avago's $15.00 IPO price and 235,888,203 shares outstanding immediately after the offering in the final prospectus.

310.9x

Current market cap divided by the IPO market cap implied on 2009-08-06.

41.3%

Compound annual market cap growth from the IPO date 2009-08-06 through the snapshot date 2026-03-14.

$117.8B

Derived from market cap, moat resistance, decentralizability, and profitability. It is a directional estimate of value capture that could come under pressure if open alternatives compound.

8.2/10

Walmart's physical scale and procurement leverage are deeply entrenched.

4.4/10

Open marketplace tooling and local production can attack parts of the model, but not the entire logistics machine.

6.4/10

Walmart's economics are strong because of scale, even if retail margins are not glamorous.

38.0x

Approximate valuation snapshot reflecting defensive scale and market optimism.

$800.0B

Approximate market cap snapshot from public market trackers.

$21.5M

Computed from Walmart's $16.50 IPO price on October 1, 1970 and the SEC News Digest note that 1,300,000 common shares would be outstanding after the offering.

37,296.0x

Current market cap divided by the IPO market cap implied on 1970-10-01.

20.9%

Compound annual market cap growth from the IPO date 1970-10-01 through the snapshot date 2026-03-14.

$97.0B

Derived from market cap, moat resistance, decentralizability, and profitability. It is a directional estimate of value capture that could come under pressure if open alternatives compound.

9.0/10

The firm combines the largest U.S. bank balance sheet in this set with consumer distribution, branch and ATM reach, leading corporate payments scale, and strong profitability.

4.0/10

Some retail banking and merchant-payment functions can be unbundled by open-source core banking, federated custody, and Bitcoin/Lightning payment stacks, but regulated balance-sheet services and enterprise treasury workflows still favor incumbents.

9.0/10

JPMorgan Chase reported $58.471 billion of net income in 2024 with 18% return on common equity and 22% ROTCE.

15.4x

CompaniesMarketCap listed JPMorgan Chase at a trailing P/E of about 15.4 as of its February 2026 snapshot.

$670.6B

The firm's official 2024 financial highlights reported year-end market capitalization of $670.618 billion. This is slightly older than the March 2026 ranking snapshot but comes from company reporting.

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$67.1B

Derived from market cap, moat resistance, decentralizability, and profitability. It is a directional estimate of value capture that could come under pressure if open alternatives compound.

8.0/10

Cisco still pairs large installed-base inertia with integrated networking, security, collaboration, and enterprise support, which makes displacement expensive for big customers even when component technologies are increasingly modular.

5.0/10

Cisco's stack is pressured by credible open networking and collaboration projects, but replacement usually requires more integration effort and narrower scope than Cisco's full enterprise bundle, so decentralization is plausible but incomplete.

8.0/10

Cisco reported FY2025 revenue of $56.7 billion, GAAP net income of $10.5 billion, non-GAAP net income of $15.2 billion, and non-GAAP gross margin of 68.4% in Q4, indicating strong profitability for a mature infrastructure incumbent.

29.3x

CompaniesMarketCap listed Cisco's trailing P/E ratio at 29.3 as of March 2026. This is a market-data snapshot rather than a primary filing figure, so it should be treated as a current approximation.

$308.6B

CompaniesMarketCap listed Cisco's market capitalization at about $308.58 billion in March 2026, consistent with Cisco remaining in the upper tier of large U.S. technology companies.

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$48.9B

Derived from market cap, moat resistance, decentralizability, and profitability. It is a directional estimate of value capture that could come under pressure if open alternatives compound.

9.0/10

Visa combines global merchant acceptance, issuer and acquirer integrations, strong brand trust, regulatory embedding, and large-scale processing infrastructure. The company also reports 220+ countries and territories, ~14,500 financial institutions, and 175M+ merchant locations in its fact sheet.

3.0/10

Open Bitcoin and Lightning payment software can replace parts of Visa's stack in specific segments, but the incumbent still benefits from deep institutional integration, universal merchant familiarity, and broad global acceptance. Disruption is plausible at the edge, not easy at the core.

10.0/10

Visa reported $40.0 billion in net revenue and $20.1 billion in GAAP net income for fiscal 2025, implying extraordinary profit conversion for a public large-cap payments company.

29.0x

CompaniesMarketCap listed Visa's trailing P/E ratio at about 29.0 in March 2026.

$595.7B

CompaniesMarketCap listed Visa at roughly $595.68 billion of market capitalization in March 2026, with rank #18 globally on its snapshot.

$45.4B

StockAnalysis reports Visa's market cap was $45.44 billion on March 19, 2008, the IPO date it tracks for the company.

13.1x

Current market cap divided by the IPO market cap implied on 2008-03-19.

15.4%

Compound annual market cap growth from the IPO date 2008-03-19 through the snapshot date 2026-03-25.

$46.9B

Derived from market cap, moat resistance, decentralizability, and profitability. It is a directional estimate of value capture that could come under pressure if open alternatives compound.

8.7/10

Netflix combines large-scale original and licensed content, global consumer reach, a mature recommendation surface, and strong profitability, producing a durable entertainment-distribution moat even in a competitive market.

4.2/10

Video distribution and monetization can be unbundled into self-hosted, federated, and direct-payment systems, but Netflix’s licensed catalog, originals budget, and convenience stack remain hard to match today.

9.0/10

Netflix reported $45.18 billion of revenue, $13.33 billion of operating income, 29.5% operating margin, and $10.98 billion of net income for 2025, indicating a very strong earnings profile.

36.8x

CompaniesMarketCap lists Netflix’s trailing P/E ratio at 36.8 as of March 2026; useful as a current valuation snapshot but dependent on market pricing and third-party aggregation.

$402.5B

CompaniesMarketCap lists Netflix at roughly $402.51 billion market capitalization in March 2026, placing it around rank 27 globally by that source.

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$46.5B

Derived from market cap, moat resistance, decentralizability, and profitability. It is a directional estimate of value capture that could come under pressure if open alternatives compound.

8.8/10

Insurance float, regulated assets, and operational breadth give Berkshire serious staying power.

1.9/10

Most of Berkshire's core businesses are not software-shaped enough to decentralize quickly.

8.1/10

Berkshire remains a high-quality allocator and owner of durable earnings streams.

14.0x

Approximate valuation snapshot for a diversified asset-heavy compounder.

$900.0B

Approximate market cap snapshot from public market trackers.

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$43.5B

Derived from market cap, moat resistance, decentralizability, and profitability. It is a directional estimate of value capture that could come under pressure if open alternatives compound.

8.0/10

IBM has durable enterprise account relationships, high-switching-cost infrastructure and transaction-processing systems, Red Hat distribution economics, and consulting-led implementation channels, though much of the modern cloud stack is based on open technologies.

6.0/10

IBM's target workloads can often run on open Kubernetes, Linux, and self-hosted AI stacks, but enterprise support, governance, integration, compliance, and legacy system dependencies limit full decentralization.

7.0/10

IBM's annual report shows a mature, profitable software-led enterprise business with substantial recurring infrastructure and services demand, though growth is more moderate than faster cloud-native peers.

19.4x

StockAnalysis listed IBM's trailing PE ratio at 19.42 in a May 2026 market-data snapshot; this is market-sensitive and should be refreshed before publication if the registry requires current valuation figures.

$238.6B

Capital.com reported IBM market capitalization of about $238.60 billion as of 2026-05-22, broadly consistent with other late-May 2026 market-data snapshots.

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$42.9B

Derived from market cap, moat resistance, decentralizability, and profitability. It is a directional estimate of value capture that could come under pressure if open alternatives compound.

8.0/10

Intel retains a strong moat from x86 compatibility, enterprise validation, OEM channels, manufacturing expertise, packaging, and software tooling, but competitive pressure and foundry losses keep the score below a maximum.

3.0/10

Leading-edge processor fabrication is highly centralized and capital intensive, but open ISAs, open silicon IP, and open EDA flows create partial decentralization pressure at the design and platform layers.

3.0/10

Intel's 2025 revenue was roughly flat and the company reported a small GAAP net loss while Intel Foundry remained loss-making, despite continued operating income in Intel Products.

0.0x

A conventional positive trailing P/E is not meaningful because recent GAAP earnings were negative or near breakeven; market data services list Intel's P/E as not available.

$602.3B

StockAnalysis listed Intel's market capitalization at about $602.32 billion as of May 22, 2026, with a last checked date of May 24, 2026.

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$42.2B

Derived from market cap, moat resistance, decentralizability, and profitability. It is a directional estimate of value capture that could come under pressure if open alternatives compound.

9.0/10

Costco combines scale purchasing, recurring membership fees, rapid inventory turnover, and trusted private-label merchandising, which together make its low-price model hard to match at national scale.

4.0/10

Most of Costco’s advantage depends on centralized procurement, distribution, and membership aggregation, though some food and household categories are vulnerable to cooperative ordering networks and localized production over time.

8.0/10

Costco’s retail margins are intentionally lean, but fiscal 2025 net income of $8.099 billion and growing membership-fee income indicate a durable and healthy profit model.

53.0x

CompaniesMarketCap listed Costco’s trailing P/E ratio at about 53.0 in March 2026, reflecting a premium valuation relative to many retailers.

$440.2B

CompaniesMarketCap listed Costco at roughly $440.24 billion in market capitalization in March 2026.

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$41.8B

Derived from market cap, moat resistance, decentralizability, and profitability. It is a directional estimate of value capture that could come under pressure if open alternatives compound.

9.0/10

The company combines large-scale drug R&D, device platforms, global distribution, regulatory execution, and strong cash generation across multiple health-care categories, which creates a durable incumbent position.

3.0/10

Most of the portfolio depends on patent protection, clinical evidence, regulated manufacturing, and hospital or specialist distribution, which limits near-term replacement by open or decentralized systems.

8.0/10

Johnson & Johnson reported $26.2 billion in adjusted net earnings and about $19.7 billion in free cash flow for 2025, indicating strong underlying profitability.

22.5x

MacroTrends listed Johnson & Johnson's trailing P/E ratio at 22.54 as of March 12, 2026; this is market-data-derived and can move daily.

$585.6B

CompaniesMarketCap listed Johnson & Johnson at approximately $585.58 billion of market capitalization in March 2026, ranking it 19th globally.

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$41.7B

Derived from market cap, moat resistance, decentralizability, and profitability. It is a directional estimate of value capture that could come under pressure if open alternatives compound.

9.0/10

Lilly combines strong patent-backed products, regulatory approvals, scaled manufacturing, payer relationships, and a high-output R&D pipeline; Mounjaro and Zepbound now anchor a particularly strong franchise.

2.0/10

Prescription pharmaceuticals remain dependent on centralized regulation, clinical evidence, patented molecules, and controlled manufacturing, leaving little room for credible open or decentralized replacement in the near term.

9.0/10

Lilly reported $20.640 billion in net income on $65.179 billion in 2025 revenue, indicating very strong profitability for a major drugmaker.

43.0x

MacroTrends listed Eli Lilly's price-to-earnings ratio at 42.96 as of March 10, 2026; market multiples move daily and should be treated as a point-in-time valuation signal.

$808.2B

CompaniesMarketCap listed Eli Lilly at approximately $808.21 billion in market capitalization in March 2026, ranking it 14th globally on the reviewed date.

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$40.4B

Derived from market cap, moat resistance, decentralizability, and profitability. It is a directional estimate of value capture that could come under pressure if open alternatives compound.

8.0/10

TI has a broad analog and embedded catalog, large internal manufacturing base, long customer design cycles, and a 300mm manufacturing strategy that strengthens cost and supply advantages.

4.0/10

Wafer fabrication and automotive/industrial qualification remain centralized and capital intensive, but firmware, PCB design, open instruction sets, open RTOS support, and local electronics assembly provide meaningful decentralizable layers.

8.0/10

TI remained strongly profitable in 2025, reporting about $17.68 billion of revenue and about $5.0 billion of net income despite cyclical semiconductor demand and heavy manufacturing investment.

52.9x

CompaniesMarketCap reported Texas Instruments' trailing P/E ratio at about 52.9 as of May 2026; this is a market snapshot and can move materially with price and earnings revisions.

$275.5B

CompaniesMarketCap reported Texas Instruments' market capitalization at about $275.51 billion in May 2026.

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$34.9B

Derived from market cap, moat resistance, decentralizability, and profitability. It is a directional estimate of value capture that could come under pressure if open alternatives compound.

8.0/10

Chevron combines upstream reserves, refining and chemicals infrastructure, global logistics, and durable fuel brands, creating a strong but not impregnable incumbent position.

3.0/10

Core hydrocarbon extraction and refining are hard to decentralize directly, but downstream fuel demand can be pressured by distributed generation, storage, open charging, and local energy coordination.

7.0/10

Chevron remained solidly profitable and cash generative, with $2.8 billion in fourth-quarter 2025 earnings and $10.8 billion in operating cash flow.

28.7x

CompaniesMarketCap listed Chevron's trailing P/E at about 28.7 in March 2026.

$383.5B

CompaniesMarketCap listed Chevron at roughly $383.45 billion in market capitalization in March 2026.

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$34.5B

Derived from market cap, moat resistance, decentralizability, and profitability. It is a directional estimate of value capture that could come under pressure if open alternatives compound.

9.0/10

P&G combines globally recognized brands, massive retail distribution, repeat-purchase household categories, and strong operating cash flow, which together create a very durable incumbent position.

4.0/10

Some product lines face credible long-run pressure from refill, reuse, and distributed manufacturing models, but safety expectations, convenience, retailer integration, and brand trust still make broad displacement difficult.

8.0/10

Fiscal 2025 results show $84.3 billion in net sales, core EPS growth, and $17.8 billion in operating cash flow, indicating strong continuing earnings power for a mature consumer-staples platform.

22.2x

CompaniesMarketCap lists Procter & Gamble's trailing P/E at 22.2 as of March 2026.

$358.3B

CompaniesMarketCap lists Procter & Gamble at roughly $358.26 billion in market capitalization in March 2026, placing it around rank 31 globally on that snapshot.

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$34.0B

Derived from market cap, moat resistance, decentralizability, and profitability. It is a directional estimate of value capture that could come under pressure if open alternatives compound.

8.0/10

Large installed bases, long asset lives, safety and reliability certification, utility procurement cycles, and service relationships create a strong incumbent position.

4.0/10

Heavy grid and generation equipment is difficult to decentralize directly, but controls, simulation, site-level energy management, small wind, and microgrid coordination are meaningfully decentralizable.

7.0/10

Recent public filings and market summaries show improving net income and segment performance, with Power and Electrification offsetting historical Wind pressure.

30.0x

CompaniesMarketCap reported a trailing P/E ratio around 29.9 in May 2026; rounded for registry scoring.

$281.0B

CompaniesMarketCap reported GE Vernova market capitalization of about $280.98 billion in May 2026.

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$33.7B

Derived from market cap, moat resistance, decentralizability, and profitability. It is a directional estimate of value capture that could come under pressure if open alternatives compound.

9.0/10

Oracle combines entrenched database estates, enterprise applications, support contracts, and expanding OCI capacity into a high-switching-cost bundle that is difficult for large customers to unwind quickly.

3.0/10

The company depends on proprietary control, centralized contracting, and expert-administered enterprise stacks, although some workload layers can be displaced by open databases and federated infrastructure.

8.0/10

Oracle remained strongly profitable in fiscal 2025 and continued to post meaningful GAAP operating income and net income in the latest reported quarters while scaling infrastructure spend.

30.4x

CompaniesMarketCap listed Oracle's trailing P/E at about 30.4 in March 2026; this is useful directional valuation data but still a market-data snapshot rather than a primary filing metric.

$468.8B

CompaniesMarketCap listed Oracle at roughly $468.82 billion market capitalization in March 2026.

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$33.4B

Derived from market cap, moat resistance, decentralizability, and profitability. It is a directional estimate of value capture that could come under pressure if open alternatives compound.

9.0/10

Morgan Stanley combines a global brand, regulated licenses, advisor and institutional client relationships, capital markets infrastructure, custody, research, and cross-segment distribution; these are durable advantages with high switching costs.

4.0/10

Client-facing analytics and data portability can decentralize, but regulated securities custody, advisory supervision, market access, AML/KYC, and institutional financing remain hard to replace with open protocols today.

9.0/10

The 2025 Form 10-K reported $16.9 billion of net income applicable to Morgan Stanley on $70.6 billion of net revenues, showing strong profitability across a large financial-services platform.

18.0x

CompaniesMarketCap reported a May 2026 trailing P/E ratio of about 18.0 for Morgan Stanley.

$317.1B

CompaniesMarketCap reported Morgan Stanley's market capitalization at $317.08 billion on May 24, 2026.

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$31.7B

Derived from market cap, moat resistance, decentralizability, and profitability. It is a directional estimate of value capture that could come under pressure if open alternatives compound.

8.0/10

High switching performance, EOS consistency, CloudVision automation, hyperscale references, and production support create a strong switching-and-software moat, though merchant silicon and open networking limit absolute lock-in.

5.0/10

Arista supports open APIs and standards, but the core value proposition remains a vendor-controlled operating system, management platform, and support relationship.

9.0/10

Fiscal 2025 GAAP net income of $3.511 billion on $9.006 billion of revenue implies very high profitability for the sector.

54.0x

Approximate trailing P/E using a recent May 2026 share price around $148.59 and fiscal 2025 GAAP diluted EPS of $2.75.

$187.1B

StockAnalysis reported Arista's market capitalization at about $187.1 billion as of May 21, 2026.

$2.8B

Arista completed its IPO on June 6, 2014, and contemporaneous IPO coverage reported the offering price valued the company at about $2.75 billion before first-day trading.

68.0x

Current market cap divided by the IPO market cap implied on 2014-06-06.

42.3%

Compound annual market cap growth from the IPO date 2014-06-06 through the snapshot date 2026-05-25.

$31.2B

Derived from market cap, moat resistance, decentralizability, and profitability. It is a directional estimate of value capture that could come under pressure if open alternatives compound.

8.0/10

PepsiCo has a broad portfolio of leading beverage and snack brands, fiscal 2025 revenue near $94 billion, and a global manufacturing and distribution system. The score is high because the moat is built from brand memory, shelf access, scale purchasing, marketing, and repeat consumer habits rather than a single easily displaced asset.

5.0/10

The underlying products are physically reproducible and can be attacked through open recipes, local production, cooperative retail, and reusable packaging systems, but food safety, consistency, logistics, and retail placement make full decentralization difficult.

7.0/10

PepsiCo remained strongly profitable in fiscal 2025 with about $8.2 billion in net income attributable to the company, although operating profit and earnings were pressured compared with the prior year.

25.0x

A market capitalization near $203 billion compared with fiscal 2025 net income attributable to PepsiCo of about $8.2 billion implies a trailing earnings multiple in the mid-20s. This is a rough registry metric, not a live quote-derived valuation.

$203.5B

CompaniesMarketCap reported PepsiCo's market capitalization at about $203.46 billion in May 2026.

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$30.5B

Derived from market cap, moat resistance, decentralizability, and profitability. It is a directional estimate of value capture that could come under pressure if open alternatives compound.

8.0/10

AMD has a strong semiconductor moat built on CPU and GPU IP, hyperscaler and OEM relationships, software enablement, and access to advanced manufacturing, but it still faces intense competition and does not control the full stack the way the most entrenched platform leaders do.

3.0/10

AMD adds supplier diversity within closed compute markets, but its chips remain proprietary and depend on concentrated fabrication and packaging infrastructure, so it only weakly advances decentralization in the broader sense used by this registry.

7.0/10

AMD returned to materially stronger earnings in 2025, with net income of $4.3 billion and sharply improved operating income, showing a profitable large-scale business even while margins remain exposed to product mix, competition, and export controls.

100.4x

CompaniesMarketCap listed AMD’s trailing P/E at roughly 100.4 in March 2026, which is directionally useful but should be treated cautiously because market-data aggregators can move daily and may differ slightly from broker or exchange views.

$334.0B

CompaniesMarketCap listed AMD’s market capitalization at about $333.95 billion in March 2026, which is consistent with its placement in the provided S&P 500 top-35 expansion cohort.

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$30.1B

Derived from market cap, moat resistance, decentralizability, and profitability. It is a directional estimate of value capture that could come under pressure if open alternatives compound.

9.0/10

Palantir combines sticky ontology-driven workflow software with deep implementation services, strong security positioning, and entrenched government and enterprise deployments, producing high switching costs.

3.0/10

The platform remains proprietary and centrally governed, even though Palantir documents open APIs, open-format storage, exportability, and Git-backed logic that modestly improve exit options.

9.0/10

Palantir reported $1.63 billion of net income on $4.48 billion of revenue for fiscal 2025, indicating strong profitability for a software company still growing quickly.

224.1x

CompaniesMarketCap lists Palantir's trailing twelve month P/E at 224.115 as of March 2026, implying investors are pricing in aggressive future growth.

$370.2B

CompaniesMarketCap lists Palantir at roughly $370.18 billion and rank #29 globally on March 24, 2026.

$15.7B

StockAnalysis reports Palantir's market cap at $15.67B on September 30, 2020, the date Palantir said trading would commence on the NYSE.

23.6x

Current market cap divided by the IPO market cap implied on 2020-09-30.

78.1%

Compound annual market cap growth from the IPO date 2020-09-30 through the snapshot date 2026-03-25.

$27.8B

Derived from market cap, moat resistance, decentralizability, and profitability. It is a directional estimate of value capture that could come under pressure if open alternatives compound.

8.0/10

Goldman Sachs has durable institutional relationships, a global advisory and markets franchise, regulated operating licenses, and a balance sheet that supports large-client execution.

3.0/10

Some analytics, research, portfolio tracking, and capital coordination workflows can be opened or federated, but the core investment banking, market-making, custody, and fiduciary functions remain heavily regulated and trust-dependent.

8.0/10

Goldman Sachs reported $14.28 billion of net earnings on $53.51 billion of 2024 net revenues, with 12.7% return on equity.

18.3x

StockAnalysis reported a trailing P/E ratio of 18.25 at the May 22, 2026 close; valuation metrics move daily and should be treated as market-data snapshots.

$291.5B

CompaniesMarketCap reported Goldman Sachs' market capitalization at $291.51 billion as of May 2026.

$32.8B

StockAnalysis reports Goldman Sachs' market capitalization at approximately $32.8 billion on May 4, 1999, the IPO trading date identified by Goldman Sachs.

8.9x

Current market cap divided by the IPO market cap implied on 1999-05-04.

8.4%

Compound annual market cap growth from the IPO date 1999-05-04 through the snapshot date 2026-05-25.

$27.7B

Derived from market cap, moat resistance, decentralizability, and profitability. It is a directional estimate of value capture that could come under pressure if open alternatives compound.

8.0/10

Merck combines blockbuster branded franchises, global clinical/regulatory execution, and hard-to-replicate biologics and vaccine manufacturing. FY2025 results show KEYTRUDA at $31.7 billion and GARDASIL/GARDASIL 9 at $5.2 billion, underscoring the commercial depth of its leading assets.

3.0/10

Merck’s core products are difficult to decentralize because they depend on regulated biologics and vaccine production, validated quality systems, and proprietary know-how. Pressure is more plausible through biosimilar simplification, regional technology transfer, and modular manufacturing than through direct open-source substitution.

8.0/10

Merck remained strongly profitable in 2025, reporting $18.254 billion of GAAP net income on $65.011 billion of sales, with even higher non-GAAP net income of $22.513 billion. That implies substantial earnings power despite portfolio transition costs.

15.9x

FinanceCharts listed Merck’s trailing P/E ratio at 15.94 as of March 11, 2026. Market multiples move continuously, so this should be treated as a time-bound market snapshot rather than a durable company attribute.

$287.3B

StockAnalysis listed Merck’s market capitalization at $287.32 billion on March 11, 2026, which is consistent with Merck remaining one of the larger U.S. pharmaceutical companies by equity value.

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$27.3B

Derived from market cap, moat resistance, decentralizability, and profitability. It is a directional estimate of value capture that could come under pressure if open alternatives compound.

7.0/10

Drive manufacturing is specialized, capital-intensive, and consolidated, and Seagate has scale, qualification history, and high-capacity HDD technology; however, buyers are concentrated and storage stacks are increasingly commodity and software-defined.

4.0/10

Physical HDD production is difficult to decentralize, but deployment, storage orchestration, chassis design, repair, and reuse can shift toward open and distributed operators.

7.0/10

Seagate reported FY2025 revenue of $9.097 billion and GAAP net income of $1.469 billion, a strong rebound from FY2024 profitability.

74.8x

CompaniesMarketCap listed Seagate's TTM P/E ratio at about 74.8 as of May 2026; market-data vendors varied, so this is treated as speculative.

$181.7B

StockAnalysis listed Seagate's market capitalization at $181.73 billion after the May 21, 2026 close.

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$27.3B

Derived from market cap, moat resistance, decentralizability, and profitability. It is a directional estimate of value capture that could come under pressure if open alternatives compound.

8.0/10

AbbVie combines blockbuster brands, patent protection, regulatory scale, specialist-channel access, and difficult-to-replicate manufacturing, though Humira's erosion shows the moat is product-cycle dependent rather than absolute.

2.0/10

AbbVie's core therapies remain difficult to decentralize because they rely on tightly controlled R&D, GMP manufacturing, clinical evidence, and regulated distribution; any disruption is likely to start at manufacturing architecture rather than direct market replacement.

8.0/10

AbbVie remains a very profitable large-cap pharmaceutical company with a diversified branded portfolio and substantial revenue base, even though acquisition effects and patent-cycle shifts can distort reported earnings in individual periods.

95.5x

Public market data in March 2026 showed an elevated trailing P/E, likely distorted by comparatively low trailing GAAP earnings versus stock price after recent acquisition and amortization effects, so the figure is useful but noisy.

$402.6B

CompaniesMarketCap listed AbbVie at about $402.57 billion in March 2026, placing it around the edge of the global top 25-30 range by market capitalization.

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$25.5B

Derived from market cap, moat resistance, decentralizability, and profitability. It is a directional estimate of value capture that could come under pressure if open alternatives compound.

8.0/10

The company combines a broad enterprise security platform, recurring subscriptions, centralized management, threat intelligence, and high switching costs across network, cloud, endpoint, and SOC workflows.

5.0/10

Many underlying functions have strong open-source substitutes, but enterprise-grade integration, support, compliance, managed detection, and high-confidence threat updates remain hard to decentralize fully.

7.0/10

Fiscal 2025 filings show profitable operations and strong free cash flow, though GAAP net income margins are lower than the prior year because fiscal 2024 benefited from a large tax item.

140.0x

Public.com reported a PANW trailing P/E ratio of 139.95 as of May 21, 2026; market-data values vary materially with price and EPS timing.

$167.0B

Trading Economics reported Palo Alto Networks market capitalization at about $166.98 billion in May 2026.

$3.5B

StockAnalysis reports Palo Alto Networks' market capitalization at about $3.54 billion on July 20, 2012, the first trading date identified by the IPO pricing release.

47.2x

Current market cap divided by the IPO market cap implied on 2012-07-20.

32.1%

Compound annual market cap growth from the IPO date 2012-07-20 through the snapshot date 2026-05-26.

$25.0B

Derived from market cap, moat resistance, decentralizability, and profitability. It is a directional estimate of value capture that could come under pressure if open alternatives compound.

8.0/10

Large global travel demand, five major consumer brands, supplier relationships, high lodging concentration, and profitable scale support a strong marketplace moat, though supplier direct booking and search-interface shifts keep it below the very highest tier.

6.0/10

The underlying supply is fragmented and suitable for peer-to-peer or supplier-direct coordination, but availability integrity, refunds, reputation, fraud handling, and global customer support remain difficult to decentralize at Booking's scale.

9.0/10

Booking reported about $5.4 billion of net income on about $26.9 billion of 2025 revenue, indicating high profitability for a consumer internet marketplace.

21.0x

StockAnalysis reported a trailing PE ratio of 20.96 for BKNG at the May 21, 2026 close.

$123.7B

StockAnalysis reported Booking Holdings' market capitalization at about $123.73 billion at the May 21, 2026 close.

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$24.7B

Derived from market cap, moat resistance, decentralizability, and profitability. It is a directional estimate of value capture that could come under pressure if open alternatives compound.

8.0/10

Licensed spectrum, national wireless scale, fiber assets, enterprise relationships, device distribution, and regulated operational capability create a very strong incumbent position.

4.0/10

Individual layers such as routers, local access networks, 5G core software, and community ISP operations can decentralize, but national mobile coverage still depends heavily on spectrum rights, dense radio infrastructure, roaming, and carrier-grade operations.

7.0/10

Verizon generated $17.2 billion of net income attributable to Verizon on $138.2 billion of consolidated operating revenue in 2025, showing durable profitability despite capital intensity and competitive pressure.

11.8x

Approximate trailing P/E calculated from a $201.89 billion market cap divided by $17.174 billion of 2025 net income attributable to Verizon.

$201.9B

StockAnalysis reported Verizon's market cap at $201.89 billion as of the May 22, 2026 close, with the page last checked on May 25, 2026.

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$24.2B

Derived from market cap, moat resistance, decentralizability, and profitability. It is a directional estimate of value capture that could come under pressure if open alternatives compound.

8.0/10

Safety certification, code compliance, installed-base inertia, distributor relationships, and broad electrical/aerospace product lines create strong incumbent protection.

5.0/10

Open energy management, OCPP-based EV charging, distributed energy resources, and microgrid software create decentralization openings, but certified electrical hardware remains difficult to replace with informal local production.

8.0/10

Eaton reported strong 2024 profitability, including roughly $4.1 billion of net income attributable to ordinary shareholders on roughly $24.9 billion of sales.

37.0x

Approximate trailing valuation using CompaniesMarketCap's May 2026 market capitalization and Eaton's 2024 net income; useful as a directional snapshot rather than a normalized earnings multiple.

$152.0B

CompaniesMarketCap listed Eaton at about $151.96 billion in market capitalization as of May 2026.

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$24.1B

Derived from market cap, moat resistance, decentralizability, and profitability. It is a directional estimate of value capture that could come under pressure if open alternatives compound.

8.0/10

Linde benefits from global scale, long-lived industrial gas assets, safety and purity requirements, customer switching friction, and process engineering expertise across critical end markets.

3.0/10

Some medical oxygen and smaller PSA use cases can be localized with open hardware, but large-scale industrial gases still require capital-intensive plants, safety systems, distribution, compliance, and high-purity process control.

8.0/10

The 2025 annual report presents Linde as a high-margin industrial gases leader with substantial operating profit and resilient segment earnings across geographies.

34.4x

FinanceCharts reported Linde's P/E ratio at 34.35 as of May 22, 2026.

$239.3B

StockAnalysis reported Linde's market capitalization at approximately $239.3 billion as of May 22, 2026.

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$22.7B

Derived from market cap, moat resistance, decentralizability, and profitability. It is a directional estimate of value capture that could come under pressure if open alternatives compound.

9.0/10

UnitedHealth combines large insurance risk pools, Optum's care, pharmacy, data, and technology assets, employer and public-program relationships, and high administrative switching costs across the U.S. health system.

3.0/10

The core business depends on regulated insurance, actuarial capital, provider networks, claims administration, compliance, and medical management, though interoperability APIs and open health-financing software can decentralize selected workflows.

6.0/10

StockAnalysis listed trailing net income of about $12.0 billion on trailing revenue of about $449.7 billion, showing large absolute profit but lower recent margin than many top-market-cap technology or financial peers.

29.3x

StockAnalysis listed UnitedHealth Group's P/E ratio at 29.32 using market data around the May 22, 2026 close; this metric can change daily.

$352.8B

StockAnalysis listed UnitedHealth Group's market capitalization at approximately $352.79 billion around the May 22, 2026 close.

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$22.5B

Derived from market cap, moat resistance, decentralizability, and profitability. It is a directional estimate of value capture that could come under pressure if open alternatives compound.

8.0/10

TJX has a strong retail moat from vendor relationships, scale buying, global store density, proven off-price execution, and a multi-banner portfolio that is difficult for smaller retailers to replicate.

4.0/10

The underlying goods can be sourced, resold, and fulfilled through decentralized or cooperative networks, but TJX's scale procurement, merchandising, stores, returns, and brand trust make full decentralization hard.

8.0/10

TJX reported about $5.49 billion of net income on about $60.37 billion of fiscal 2026 revenue and continued strong fiscal 2027 first-quarter operating performance.

32.0x

Approximate trailing multiple using late-May 2026 market capitalization near $175 billion divided by fiscal 2026 net income of about $5.49 billion.

$175.0B

StockAnalysis reported TJX market capitalization of about $175.02 billion as of May 22, 2026.

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$22.2B

Derived from market cap, moat resistance, decentralizability, and profitability. It is a directional estimate of value capture that could come under pressure if open alternatives compound.

9.0/10

The company has a scaled two-sided payments franchise, premium cardholder relationships, broad merchant acceptance, strong rewards engagement, and regulatory/compliance capabilities that are hard for new entrants to replicate.

4.0/10

Payment acceptance and loyalty ledgers can be partially opened or federated, but American Express's credit, fraud, dispute, merchant-rule, and regulatory functions remain structurally centralized.

9.0/10

American Express reported $10.8 billion of 2025 net income on $72.2 billion of total revenues net of interest expense, indicating a large and consistently profitable franchise.

19.5x

FinanceCharts reported American Express's trailing P/E ratio at 19.46 as of 2026-05-22.

$212.7B

StockAnalysis reported American Express market capitalization of $212.74 billion as of 2026-05-22.

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$21.3B

Derived from market cap, moat resistance, decentralizability, and profitability. It is a directional estimate of value capture that could come under pressure if open alternatives compound.

8.6/10

The incumbent combines brand, installed base, integrations, and enterprise switching costs in its category.

5.4/10

Open-source challengers can decentralize some workflow control, but enterprise integrations and procurement inertia remain meaningful.

7.6/10

Public financial posture and SaaS gross-margin structure suggest meaningful monetization quality, though exact margin mix varies.

35.0x

Approximate valuation multiple placeholder from public market context; exact ratio can drift materially.

$147.3B

Approximate market cap snapshot from CompaniesMarketCap.

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$21.0B

Derived from market cap, moat resistance, decentralizability, and profitability. It is a directional estimate of value capture that could come under pressure if open alternatives compound.

7.0/10

Monster has strong brand equity, broad product recognition, and scaled distribution, but beverage formulas and contract manufacturing are not intrinsically hard to replicate.

6.0/10

Physical beverage production can be localized through recipes, co-packers, and cooperative distribution, but national shelf access, compliance, and brand trust remain centralized advantages.

8.0/10

Monster's recent annual filings and results show a high-margin branded beverage model with large net sales and substantial net income relative to many consumer-staples peers.

42.0x

Recent market-data snapshots placed MNST's trailing price-to-earnings ratio around the low-40s, indicating a growth-priced consumer brand rather than a low-multiple staple.

$84.4B

CompaniesMarketCap reported Monster Beverage at about $84.42 billion in market capitalization in late May 2026.

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$20.0B

Derived from market cap, moat resistance, decentralizability, and profitability. It is a directional estimate of value capture that could come under pressure if open alternatives compound.

8.0/10

Large store footprint, vendor purchasing scale, recognized brand, localized inventory, and professional customer programs create a strong retail moat, though much of the product assortment remains substitutable.

5.0/10

Many home-improvement activities are local and modular, but big-box retail still bundles inventory breadth, returns, delivery, financing, warranties, and supplier reliability in ways that are difficult for decentralized alternatives to match quickly.

8.0/10

Fiscal 2024 operating income was $10.466 billion on $83.674 billion of net sales, an operating margin of about 12.5%, indicating durable profitability for a large physical retailer.

18.4x

StockAnalysis reported a trailing PE ratio of 18.38 for LOW around the May 2026 refresh window.

$120.6B

CompaniesMarketCap reported Lowe's Companies at about $120.63 billion of market capitalization in May 2026.

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$19.1B

Derived from market cap, moat resistance, decentralizability, and profitability. It is a directional estimate of value capture that could come under pressure if open alternatives compound.

9.0/10

Disney combines valuable IP, owned production capabilities, global distribution, theme parks, consumer products, ESPN sports assets, and bundled streaming surfaces. Open software can replicate some delivery functions, but not the rights portfolio or integrated brand ecosystem.

4.0/10

Streaming delivery, media libraries, community video, and live broadcast tooling can be decentralized, but Disney's catalog, sports rights, parks, and franchise economics remain heavily centralized.

8.0/10

Disney reported fiscal 2025 net income attributable to Disney of $12.4 billion on $94.4 billion of revenue, and Experiences generated record full-year segment operating income.

17.0x

StockAnalysis showed a P/E ratio around 16.96 in May 2026; this is market-data dependent and should be refreshed before investment use.

$188.7B

CompaniesMarketCap listed Disney's May 2026 market capitalization at about $188.68 billion.

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$17.9B

Derived from market cap, moat resistance, decentralizability, and profitability. It is a directional estimate of value capture that could come under pressure if open alternatives compound.

9.0/10

Lam has high switching costs, deep process IP, long fab qualification cycles, a broad installed base, and strong positions in deposition, etch, clean, and customer support for advanced semiconductor manufacturing.

2.0/10

Advanced wafer fabrication equipment is capital-intensive, precision-heavy, and deeply tied to closed process integration, though open semiconductor and minimal-fab efforts create early decentralization vectors for lower-volume or mature-node use cases.

8.0/10

Lam reported $5.36 billion of fiscal 2025 net income and 32.3% non-GAAP operating income as a percentage of revenue, indicating strong profitability even within a cyclical equipment market.

57.1x

StockAnalysis listed Lam Research's trailing P/E ratio at 57.09 near the May 2026 market snapshot.

$374.0B

CompaniesMarketCap listed Lam Research at $374.01 billion of market capitalization in May 2026.

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$17.8B

Derived from market cap, moat resistance, decentralizability, and profitability. It is a directional estimate of value capture that could come under pressure if open alternatives compound.

8.0/10

Honeywell sells mission-critical aerospace, automation, and building systems with deep installed bases, long qualification cycles, and high operational switching costs.

4.0/10

The company's software and IoT layers can be partially replaced by open digital-twin and edge stacks, but certified aerospace and industrial control hardware remains hard to decentralize.

7.0/10

Honeywell reported 2025 net income attributable to Honeywell of about $5.1 billion and large profitable segment operations across aerospace, building automation, and energy and sustainability.

35.0x

StockAnalysis reported a trailing P/E ratio of 34.97 for HON at the May 21, 2026 close.

$141.8B

StockAnalysis reported Honeywell's market capitalization at $141.81 billion at the May 21, 2026 close.

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$17.0B

Derived from market cap, moat resistance, decentralizability, and profitability. It is a directional estimate of value capture that could come under pressure if open alternatives compound.

8.0/10

Falcon benefits from endpoint deployment depth, module expansion, threat telemetry, analyst workflows, managed response reputation, and customer switching costs.

4.0/10

Cybersecurity telemetry, rules, threat sharing, and response workflows can be self-hosted or federated, but enterprise-grade endpoint protection and managed response remain difficult to decentralize without sacrificing accountability and coverage.

4.0/10

CrowdStrike's fiscal 2026 10-K reported a GAAP net loss of $162.5 million for fiscal 2026 after a smaller loss in fiscal 2025 and net income in fiscal 2024, indicating strong growth but uneven GAAP profitability.

-876.0x

CompaniesMarketCap reported a negative trailing P/E ratio near -876 in May 2026, consistent with negative trailing GAAP earnings; the value is volatile and should be treated as a rough market-data snapshot.

$166.2B

StockAnalysis reported CrowdStrike market capitalization of $166.16 billion as of May 27, 2026, with ranking around #92.

$11.4B

StockAnalysis reports CrowdStrike's market cap on its first Nasdaq trading date, June 12, 2019, as approximately $11.41 billion.

14.6x

Current market cap divided by the IPO market cap implied on 2019-06-12.

47.0%

Compound annual market cap growth from the IPO date 2019-06-12 through the snapshot date 2026-05-27.

$16.6B

Derived from market cap, moat resistance, decentralizability, and profitability. It is a directional estimate of value capture that could come under pressure if open alternatives compound.

8.0/10

Chubb has a large global P&C platform, diversified lines, underwriting history, broker distribution, claims infrastructure, regulatory licenses, and balance-sheet capacity that are hard for new entrants to replicate.

4.0/10

Some insurance functions can be opened or decentralized, especially parametric triggers, mutual pools, and administration software, but regulated risk-bearing, solvency, claims litigation, fraud control, and catastrophe capital remain centralizing forces.

8.0/10

Recent reported results show Chubb remains strongly profitable, with underwriting income and net income supported by its diversified insurance portfolio.

12.4x

Approximate trailing price-to-earnings ratio from public market-data aggregators near the review date; use as a directional valuation input rather than audited financial reporting.

$127.0B

Approximate public equity market capitalization for Chubb around the review date, consistent with its placement in the S&P 500 top-100 snapshot.

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$16.1B

Derived from market cap, moat resistance, decentralizability, and profitability. It is a directional estimate of value capture that could come under pressure if open alternatives compound.

8.0/10

Marriott combines global brands, long-term franchise and management agreements, Bonvoy demand generation, corporate distribution, and scale advantages across owners and guests.

5.0/10

The booking, loyalty, identity, and reputation layers can be decentralized, but hotel service delivery still depends on local real estate, trained staff, safety controls, capital-intensive facilities, and enforceable operating standards.

8.0/10

Marriott reported strong 2025 earnings and fee revenue from an asset-light global system, indicating durable profitability despite cyclicality in travel demand.

38.5x

CompaniesMarketCap reported Marriott's May 2026 trailing P/E ratio at about 38.5, consistent with market-data snapshots around the review date.

$97.3B

StockAnalysis reported Marriott's market capitalization at approximately $97.34 billion as of May 22, 2026; CompaniesMarketCap showed the same broad valuation range in May 2026.

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$15.4B

Derived from market cap, moat resistance, decentralizability, and profitability. It is a directional estimate of value capture that could come under pressure if open alternatives compound.

9.0/10

Certification barriers, long engine program cycles, a stated installed base of 80,000 engines, and a large service footprint create unusually durable lock-in and recurring aftermarket leverage.

2.0/10

Core aircraft propulsion remains hard to decentralize because of certification, safety, and materials constraints, though service analytics and some component manufacturing edges are more contestable.

8.0/10

The 2025 annual report states operating profit increased 25% to $9.1 billion and free cash flow increased 24% to $7.7 billion, indicating a very strong earnings profile.

38.8x

MacroTrends lists GE Aerospace's trailing P/E at 38.75 as of February 13, 2026, and CompaniesMarketCap shows March 2026 P/E-related market data in a similar elevated valuation range.

$306.6B

CompaniesMarketCap lists GE Aerospace at about $306.56 billion market capitalization in March 2026.

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$14.6B

Derived from market cap, moat resistance, decentralizability, and profitability. It is a directional estimate of value capture that could come under pressure if open alternatives compound.

8.0/10

Payroll and HCM are sticky, compliance-sensitive systems with high switching costs, broad integrations, and strong trust requirements. ADP's large client base and recurring employer-service model support a high moat score.

5.0/10

The software workflows are structured and could be self-hosted or federated, but payroll tax filing, benefits administration, jurisdictional compliance, and fiduciary trust limit near-term decentralization.

8.0/10

Recent financial data show ADP with multibillion-dollar operating income and net income on recurring HCM and payroll services revenue, indicating strong profitability.

20.9x

CompaniesMarketCap reported ADP's trailing P/E ratio at about 20.9 in May 2026; nearby market-data sources showed similar high-teens to low-twenties readings.

$90.1B

CompaniesMarketCap listed ADP at approximately $90.06 billion in market capitalization in late May 2026.

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$14.3B

Derived from market cap, moat resistance, decentralizability, and profitability. It is a directional estimate of value capture that could come under pressure if open alternatives compound.

8.0/10

Abbott combines regulated medical-device and diagnostics businesses, branded nutrition, broad distribution, clinical credibility, and scale across multiple health-care segments.

3.0/10

Core regulated devices and nutrition products are hard to decentralize, but patient-controlled data layers, open-source diabetes tools, and open nutrition databases create credible pressure around interfaces and coordination.

7.0/10

Recent public market data reports positive trailing net income of roughly $6.25 billion on about $45.13 billion of trailing revenue, indicating durable profitability despite earnings pressure.

24.2x

CompaniesMarketCap reported Abbott's trailing P/E ratio at about 24.2 as of May 2026.

$152.3B

StockAnalysis reported Abbott Laboratories market capitalization at about $152.25 billion as of May 22, 2026.

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$13.7B

Derived from market cap, moat resistance, decentralizability, and profitability. It is a directional estimate of value capture that could come under pressure if open alternatives compound.

8.0/10

Large health care real estate scale, capital access, operator relationships, and acquisition capacity create a strong institutional moat, though it is less protected by proprietary technology than by assets and financing.

3.0/10

Ownership and care infrastructure can be partially localized through cooperatives, nonprofit ownership, community land trusts, and open software, but regulated real estate capital and operator execution are hard to decentralize quickly.

6.0/10

Welltower reported positive 2025 net income attributable to common stockholders and substantial consolidated NOI, but REIT economics are capital-intensive and GAAP earnings are affected by depreciation, acquisitions, dispositions, and financing costs.

106.7x

StockAnalysis reported a trailing PE ratio of 106.66; for a REIT this is less informative than FFO-based valuation, so confidence is marked speculative.

$152.6B

CompaniesMarketCap reported Welltower's May 2026 market capitalization at $152.59 billion, consistent with StockAnalysis' $152.60 billion figure as of May 22, 2026.

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$13.0B

Derived from market cap, moat resistance, decentralizability, and profitability. It is a directional estimate of value capture that could come under pressure if open alternatives compound.

8.0/10

Regulated service territories, physical grid infrastructure, generation assets, customer scale, and state-level cost recovery create a durable utility moat, though distributed energy and demand response can erode some edge-control leverage over time.

4.0/10

Electricity consumption, monitoring, demand response, distributed generation, and microgrid coordination can decentralize meaningfully, but safe bulk power delivery remains infrastructure-heavy and tightly regulated.

7.0/10

Southern Company reported $4.3 billion of consolidated net income attributable to Southern Company for 2025 and $1.4 billion of earnings for the first quarter of 2026, showing large positive earnings despite capital intensity.

25.0x

Approximate market-cap-to-2025-net-income ratio using CompaniesMarketCap's roughly $106.6 billion market cap and Southern Company's reported $4.3 billion 2025 net income; this is a simplified earnings multiple, not a live quoted P/E.

$106.6B

CompaniesMarketCap reported Southern Company's market capitalization at approximately $106.58 billion in May 2026.

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$12.8B

Derived from market cap, moat resistance, decentralizability, and profitability. It is a directional estimate of value capture that could come under pressure if open alternatives compound.

8.0/10

Store density, local delivery, catalog fitment, professional-account workflows, supplier scale, and strong 2025 profitability create a substantial operating moat.

5.0/10

Local repair and parts fulfillment can be federated or cooperatively owned, but accurate catalog data, inventory depth, warranty handling, and fast fulfillment remain difficult to decentralize.

9.0/10

O'Reilly reported 2025 net income of $2.54 billion, equal to 14.3% of sales, with operating income at 19.5% of sales.

30.9x

StockAnalysis reported a trailing P/E ratio of 30.85 for ORLY in May 2026.

$76.0B

StockAnalysis reported O'Reilly Automotive market capitalization of approximately $76.03 billion as of May 22, 2026.

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$12.7B

Derived from market cap, moat resistance, decentralizability, and profitability. It is a directional estimate of value capture that could come under pressure if open alternatives compound.

9.0/10

RTX combines certification-heavy aerospace products, entrenched aftermarket service economics, defense procurement relationships, and a $268 billion backlog, all of which raise switching costs and slow competitive displacement.

2.0/10

The company's core businesses rely on sovereign defense demand, export controls, safety certification, and specialized manufacturing, which makes credible decentralized replacement difficult except in limited subsystem niches.

7.0/10

RTX reported 2025 operating profit of $9.3 billion, free cash flow of $7.9 billion, and an operating margin around 9.9%, indicating solid but not software-like profitability for a capital- and program-intensive industrial company.

40.5x

CompaniesMarketCap lists RTX at a March 2026 trailing P/E of about 40.5, which is elevated relative to mature industrial norms and should be treated as market-data rather than a core operational metric.

$278.2B

CompaniesMarketCap lists RTX at roughly $278.20 billion market capitalization in March 2026.

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$12.5B

Derived from market cap, moat resistance, decentralizability, and profitability. It is a directional estimate of value capture that could come under pressure if open alternatives compound.

8.0/10

Quanta has a strong execution moat from utility relationships, skilled labor, safety credentials, fleet scale, acquisition breadth, and complex project delivery capacity in power and infrastructure markets.

4.0/10

The work involves physical construction, regulated utility systems, safety-critical crews, and capital equipment, but open grid software, open infrastructure data, and distributed energy controls create partial decentralization pathways around planning, coordination, and smaller local deployments.

6.0/10

Recent market data shows Quanta producing positive earnings and free cash flow on roughly $30 billion of trailing revenue, but construction and infrastructure contracting remain lower-margin and working-capital-intensive compared with software or platform businesses.

101.9x

StockAnalysis reported a trailing P/E ratio of 101.86 for PWR during market hours on 2026-05-27, reflecting a high market multiple relative to current trailing earnings.

$110.0B

StockAnalysis reported Quanta Services market capitalization at approximately $110.01 billion during market hours on 2026-05-27.

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$12.5B

Derived from market cap, moat resistance, decentralizability, and profitability. It is a directional estimate of value capture that could come under pressure if open alternatives compound.

8.0/10

The incumbent combines brand, installed base, integrations, and enterprise switching costs in its category.

5.7/10

Open-source challengers can decentralize some workflow control, but enterprise integrations and procurement inertia remain meaningful.

6.0/10

Public financial posture and SaaS gross-margin structure suggest meaningful monetization quality, though exact margin mix varies.

180.0x

Approximate valuation multiple placeholder from public market context; exact ratio can drift materially.

$76.4B

Approximate market cap snapshot from CompaniesMarketCap.

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$12.3B

Derived from market cap, moat resistance, decentralizability, and profitability. It is a directional estimate of value capture that could come under pressure if open alternatives compound.

7.0/10

Design-in qualification, harsh-environment reliability requirements, global manufacturing scale, and a broad catalog create meaningful switching friction, though standard components and multi-sourcing keep the moat below the strongest platform businesses.

5.0/10

Open PCB tooling, shared component libraries, and maker sensor ecosystems can decentralize prototyping and some low-volume replacements, but precision manufacturing, certification, and harsh-environment quality requirements constrain full substitution.

7.0/10

FY2025 public financial summaries report approximately $17.3 billion of revenue and $1.8 billion of net income, indicating solid profitability for a scaled industrial technology supplier.

21.5x

StockAnalysis listed TE Connectivity's trailing price-to-earnings ratio at 21.49 in its current stock overview snapshot.

$61.4B

StockAnalysis listed TE Connectivity's market capitalization at approximately $61.4 billion in its current stock overview snapshot.

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$11.5B

Derived from market cap, moat resistance, decentralizability, and profitability. It is a directional estimate of value capture that could come under pressure if open alternatives compound.

7.0/10

Premium franchises, a large content library, studio capabilities, and global brands create a substantial entertainment moat, but streaming churn, hit-driven output, and pressure on linear networks keep it below the strongest platform moats.

5.0/10

Media creation, hosting, funding, and community distribution have credible open and federated substitutes, but blockbuster IP ownership, high-budget production, sports/news rights, and global marketing remain centralized and capital-intensive.

5.0/10

The company reported improved 2025 profitability and stronger streaming adjusted EBITDA, but the business remains burdened by debt, restructuring, linear-network pressure, and volatile content economics.

25.0x

Market data around the 2026 snapshot implies a positive but volatile earnings multiple after the company returned to profitability; the value should be treated as approximate because WBD earnings are affected by impairments, restructuring, and transaction expectations.

$68.0B

CompaniesMarketCap and contemporaneous market-data snapshots placed Warner Bros. Discovery around the high-$60-billion market-cap range near the May 2026 registry snapshot.

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$11.3B

Derived from market cap, moat resistance, decentralizability, and profitability. It is a directional estimate of value capture that could come under pressure if open alternatives compound.

8.0/10

Large reserve base, operating footprint, permitting experience, capital intensity, and processing infrastructure create high barriers to entry, though commodity exposure and political risk keep the moat from being absolute.

3.0/10

Large-scale mining itself is difficult to decentralize, but recycling, responsible artisanal production, open LCA models, and local materials-processing tooling create partial pressure around the edges.

8.0/10

StockAnalysis reported 2025 revenue of $22.67 billion and earnings of $7.09 billion, while Newmont's 2025 results described strong cash flow and realized gold prices, indicating high recent profitability.

14.5x

StockAnalysis listed Newmont's trailing P/E ratio at 14.51 during the May 27, 2026 market session.

$119.1B

CompaniesMarketCap reported Newmont's May 2026 market capitalization at $119.14 billion; StockAnalysis showed a similar market cap above $115 billion intraday on May 27, 2026.

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$11.3B

Derived from market cap, moat resistance, decentralizability, and profitability. It is a directional estimate of value capture that could come under pressure if open alternatives compound.

8.0/10

Regulated medical devices, surgeon training, hospital relationships, installed robotic systems, patents, and clinical evidence create high switching costs and strong defensibility.

3.0/10

Open robotics, additive manufacturing, and open planning tools can pressure parts of the stack, but implantable devices and surgical robotics remain constrained by safety validation, regulation, service, liability, and clinical trust.

7.0/10

Stryker reported 2025 net sales of roughly $25.1 billion and net earnings of roughly $3.2 billion, indicating solid profitability for a regulated medtech manufacturer.

35.5x

Market data provider YCharts reported Stryker's P/E ratio at 35.53 for May 15, 2026.

$120.9B

StockAnalysis reported Stryker's market capitalization at about $120.87 billion as of May 22, 2026.

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$10.9B

Derived from market cap, moat resistance, decentralizability, and profitability. It is a directional estimate of value capture that could come under pressure if open alternatives compound.

8.0/10

The company has a large two-sided marketplace, 135 million active buyers, billions of listings, category-specific trust mechanisms, and long-running seller liquidity, but alternatives can compete in focused verticals.

7.0/10

Independent sellers already provide inventory, and open or peer-to-peer marketplace software can decentralize listings, payments, and escrow, but fraud control, search, reputation, compliance, and liquidity are hard to decentralize well.

8.0/10

eBay reported profitable continuing operations and full-year 2025 non-GAAP net income of $2.6 billion, supported by commission, advertising, and marketplace services revenue.

27.1x

StockAnalysis reported a trailing PE ratio of 27.05 for eBay in late May 2026; this is market-data dependent and should be refreshed before publication if the registry requires live valuation precision.

$49.0B

StockAnalysis reported eBay's market capitalization at about $49.0 billion as of May 27, 2026, broadly consistent with the company appearing in the S&P 500 top-225 snapshot cohort.

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$10.9B

Derived from market cap, moat resistance, decentralizability, and profitability. It is a directional estimate of value capture that could come under pressure if open alternatives compound.

8.0/10

Large installed base, global service network, OEM integration, emissions know-how, and safety-critical reliability requirements create a strong industrial moat.

4.0/10

Physical manufacturing, certification, and field service requirements limit decentralization, but open energy controls, open charging protocols, and modular repairable equipment can weaken proprietary control layers.

7.0/10

Cummins generated $2.8 billion of 2025 net income on $33.7 billion of revenue, equal to 8.4% of sales, while absorbing Accelera electrolyzer charges.

33.6x

CompaniesMarketCap listed Cummins' May 2026 trailing P/E ratio at 33.6; nearby market-data sources showed a similar low-30s figure.

$88.3B

StockAnalysis reported Cummins' market capitalization at $88.25 billion as of May 22, 2026.

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$10.6B

Derived from market cap, moat resistance, decentralizability, and profitability. It is a directional estimate of value capture that could come under pressure if open alternatives compound.

8.0/10

Gilead combines approved medicines, clinical evidence, regulatory exclusivity and patents, specialist prescriber relationships, payer access, manufacturing controls, and a large HIV franchise. Those barriers make direct substitution difficult even when upstream science becomes more open.

2.0/10

Finished prescription drugs are tightly regulated and require validated manufacturing, prescribing, safety monitoring, and quality systems. Decentralization is more plausible in discovery, evidence generation, and post-market monitoring than in unsupervised replacement of the medicine.

8.0/10

Recent financial summaries show a large profitable biopharmaceutical business with roughly $29.44 billion of 2025 revenue and continued earnings power, though results remain exposed to product mix, acquired R&D charges, pipeline outcomes, and Veklury normalization.

18.1x

StockAnalysis reported a P/E ratio of about 18.10 in its current GILD snapshot around the review date; market-data figures fluctuate with price and earnings updates.

$165.2B

StockAnalysis reported Gilead's market capitalization at about $165.19 billion near the review date, while other market-data sources showed nearby values in the same range.

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$10.5B

Derived from market cap, moat resistance, decentralizability, and profitability. It is a directional estimate of value capture that could come under pressure if open alternatives compound.

8.0/10

Scale, regulated plan operations, Blue plan brands, provider networks, employer and government contracts, claims data, and integrated Carelon services create substantial barriers to entry.

4.0/10

The regulated insurer balance-sheet role is difficult to decentralize, but claims administration, health financing workflows, patient records, and care coordination have credible open and federated substitutes.

7.0/10

Elevance remained strongly profitable in 2025, with reported operating revenue near $197.6 billion and net income around $5.7 billion, though managed-care margins are structurally thinner than software or payments businesses.

16.7x

CompaniesMarketCap reported Elevance Health's trailing P/E ratio at about 16.7 in May 2026.

$85.7B

CompaniesMarketCap reported Elevance Health market capitalization of about $85.71 billion as of May 2026.

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$10.3B

Derived from market cap, moat resistance, decentralizability, and profitability. It is a directional estimate of value capture that could come under pressure if open alternatives compound.

8.0/10

Large regulated banking scale, national U.S. Bank distribution, diversified revenue streams, and a significant merchant-acquiring franchise create high switching costs and compliance barriers.

4.0/10

Some software and payment acceptance workflows can be replaced with open or self-hosted tools, but insured deposits, lending, charters, regulatory capital, card-network access, and fraud operations remain centralized.

7.0/10

The 2025 annual report and 2025 earnings releases show sustained net income and returns on average assets around the low-single-digit bank range, with payments and banking segments both contributing.

11.5x

Market data services reported U.S. Bancorp's trailing P/E ratio around 11.5 in late May 2026; this is market-sensitive and should be refreshed before publication if exact valuation precision matters.

$85.3B

Recent market-data pages placed U.S. Bancorp's market capitalization around $85 billion in May 2026.

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$10.2B

Derived from market cap, moat resistance, decentralizability, and profitability. It is a directional estimate of value capture that could come under pressure if open alternatives compound.

7.0/10

Target has a durable national retail brand, large store footprint, purchasing scale, owned brands, loyalty data, and store-enabled fulfillment, but it still faces intense substitution from other mass merchants, ecommerce, clubs, and local retail.

5.0/10

Commerce software, local marketplaces, open product data, and cooperative delivery can decentralize meaningful parts of Target's function, but full broadline retail replacement requires physical inventory, quality control, returns, working capital, and dense fulfillment operations.

6.0/10

Target remains profitable at large scale, but recent annual reporting shows pressure in comparable sales and operating performance, making profitability solid rather than exceptional for the registry scoring frame.

15.5x

CompaniesMarketCap reported Target's TTM P/E ratio at about 15.5 as of May 2026.

$57.7B

CompaniesMarketCap reported Target's market capitalization at about $57.71 billion during the June 1, 2026 refresh.

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$10.2B

Derived from market cap, moat resistance, decentralizability, and profitability. It is a directional estimate of value capture that could come under pressure if open alternatives compound.

8.0/10

High gross margins, proprietary process and integration claims, power-density specialization, and customer design-in friction support a strong moat, though the company remains exposed to semiconductor competition and customer redesign cycles.

4.0/10

Advanced power IC design and semiconductor manufacturing are difficult to decentralize, but surrounding power boards, controllers, reference designs, and repairable modules have credible open-hardware pathways.

8.0/10

The 2025 Form 10-K reports $2.79 billion of revenue, $1.54 billion of gross profit, and a 55.2% gross margin, indicating strong profitability for a semiconductor component supplier.

113.7x

FinanceCharts reported MPWR's trailing P/E ratio at 113.72 as of May 22, 2026; the value is market-sensitive and should be treated as a point-in-time valuation input.

$78.1B

StockAnalysis reported Monolithic Power Systems' market capitalization at $78.11 billion as of May 22, 2026.

$265.5M

StockAnalysis reports MPWR's market capitalization history beginning at $265.5 million on November 19, 2004, the IPO trading date also listed in market-data profiles and supported by the November 18, 2004 final prospectus.

294.2x

Current market cap divided by the IPO market cap implied on 2004-11-19.

30.2%

Compound annual market cap growth from the IPO date 2004-11-19 through the snapshot date 2026-05-29.

$9.9B

Derived from market cap, moat resistance, decentralizability, and profitability. It is a directional estimate of value capture that could come under pressure if open alternatives compound.

9.0/10

EDA and semiconductor IP have high switching costs, deep workflow integration, advanced-node validation requirements, and large consequences for design errors. Synopsys also reports a broad portfolio across design automation, IP, verification, and simulation.

4.0/10

OpenROAD and OpenLane demonstrate credible open EDA progress, especially for RTL-to-GDS flows and mature-node experimentation, but commercial leading-edge chip design still depends on proprietary tools, foundry-qualified flows, signoff confidence, and licensed IP.

8.0/10

Synopsys is a scaled software and IP company with recurring design activity, high-value software licenses, and profitable operations, though acquisition integration and amortization can affect reported GAAP margins in recent periods.

81.4x

CompaniesMarketCap reported a trailing P/E ratio of 81.4 for Synopsys as of May 2026; valuation metrics are volatile because price, trailing earnings, and acquisition-related charges can move quickly.

$100.5B

CompaniesMarketCap reported Synopsys market capitalization at about $100.52 billion as of May 2026.

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$9.5B

Derived from market cap, moat resistance, decentralizability, and profitability. It is a directional estimate of value capture that could come under pressure if open alternatives compound.

7.0/10

Large regulated deposit and lending franchises have meaningful switching costs, compliance barriers, balance-sheet scale, and trust advantages, but customer-facing software and analytics layers can be unbundled.

4.0/10

Core insured deposits, bank credit, and regulatory compliance remain centralized, while payments, custody-adjacent workflows, and wealth dashboards have credible open or federated substitutes.

8.0/10

Truist reported multibillion-dollar 2025 net income from continuing operations across its banking segments, supporting a high profitability score despite normal bank credit-cycle sensitivity.

12.1x

Public market-data snapshots showed Truist trading near a low-teens earnings multiple in late May 2026.

$60.3B

CompaniesMarketCap listed Truist Financial at approximately $60.27 billion of market capitalization in late May 2026.

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$9.5B

Derived from market cap, moat resistance, decentralizability, and profitability. It is a directional estimate of value capture that could come under pressure if open alternatives compound.

8.0/10

ITW combines branded niche products, integrated service, consumables, customer-specific engineering, broad segment diversification, and a large patent portfolio, supporting a strong but not platform-like moat.

4.0/10

The underlying metalworking, kitchen equipment, and repair domains can be partially localized, but safety certification, field service, parts logistics, and industrial reliability needs limit near-term decentralization.

9.0/10

ITW reported 2025 operating revenue of $16.044 billion and operating margin of 26.3%, with Food Equipment at 27.9% and Welding contributing high segment operating income.

23.0x

StockAnalysis listed ITW's current P/E ratio at 22.95 for the May 2026 current period.

$71.1B

StockAnalysis listed ITW's current market capitalization as $71.142 billion for the May 2026 current period.

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$9.5B

Derived from market cap, moat resistance, decentralizability, and profitability. It is a directional estimate of value capture that could come under pressure if open alternatives compound.

9.0/10

Cadence has a high moat from mission-critical EDA workflows, foundry-qualified flows, verification trust, broad product coverage, and recurring software and maintenance relationships.

4.0/10

Parts of PCB design, education, mature-node digital design, and RISC-V IP are decentralizable, but advanced-node signoff, foundry integration, proprietary PDK access, and enterprise verification workflows remain difficult to replace.

8.0/10

Cadence reported 2025 revenue of about $5.3 billion and positive net income, with a software-heavy model and recurring product and maintenance revenue supporting strong profitability.

81.8x

StockAnalysis reported a trailing P/E ratio of 81.79 for CDNS around late May 2026, indicating a high-growth valuation multiple.

$98.9B

StockAnalysis reported Cadence Design Systems market capitalization at about $98.87 billion as of May 21, 2026.

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$9.4B

Derived from market cap, moat resistance, decentralizability, and profitability. It is a directional estimate of value capture that could come under pressure if open alternatives compound.

8.0/10

Grainger has a durable B2B distribution moat from assortment breadth, purchasing workflows, fulfillment infrastructure, supplier relationships, and account-level service, but standardized MRO SKUs remain vulnerable to price comparison, local sourcing, and surplus channels.

5.0/10

The physical goods are often generic and locally substitutable, but reliable procurement, catalog data, compliance documentation, fulfillment SLAs, and returns make full decentralization operationally difficult.

8.0/10

Grainger reported substantial 2025 sales and operating earnings, showing that the model converts procurement convenience and fulfillment reliability into high industrial-distribution profitability.

35.2x

CompaniesMarketCap reported a trailing P/E ratio of about 35.2 as of May 2026; market multiples move continuously and should be treated as a point-in-time estimate.

$58.9B

StockAnalysis reported W.W. Grainger's market capitalization at about $58.91 billion as of May 22, 2026, broadly consistent with CompaniesMarketCap's late-May 2026 listing.

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$9.3B

Derived from market cap, moat resistance, decentralizability, and profitability. It is a directional estimate of value capture that could come under pressure if open alternatives compound.

8.0/10

Global brand equity, category leadership in toothpaste, more than 200-country distribution, and recurring consumer staples demand support a high moat score, especially in oral care.

4.0/10

The products are physical consumables with formulation, compliance, distribution, and trust barriers, but dish soap and some oral-care formats can be partially decentralized through open formulations, refill systems, and local packaging loops.

7.0/10

The 2025 annual report shows large positive operating profit across Oral, Personal and Home Care and Pet Nutrition, with corporate expenses reducing but not erasing strong segment profitability.

35.2x

StockAnalysis reported a trailing PE ratio of 35.15 for CL around its May 22, 2026 market data snapshot; valuation metrics move daily and should be treated as point-in-time.

$69.9B

CompaniesMarketCap reported Colgate-Palmolive's market capitalization at about $69.90 billion as of May 2026.

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$8.4B

Derived from market cap, moat resistance, decentralizability, and profitability. It is a directional estimate of value capture that could come under pressure if open alternatives compound.

8.0/10

HCA has a strong facility-based moat from hospitals, outpatient sites, payer relationships, clinical labor, local market density, regulatory requirements, and capital intensity.

3.0/10

Core acute-care hospital operations are hard to decentralize, but triage, records, referrals, scheduling, pricing transparency, and some urgent-care workflows can be opened or federated.

8.0/10

HCA reported $6.784 billion of 2025 net income attributable to HCA Healthcare, indicating durable profitability at large scale.

13.6x

StockAnalysis reported a trailing P/E ratio of 13.56 for HCA as of its May 2026 statistics page.

$87.4B

StockAnalysis reported HCA Healthcare market capitalization of about $87.42 billion as of May 22, 2026; market data is volatile and should be refreshed before publication if exact rank matters.

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$8.3B

Derived from market cap, moat resistance, decentralizability, and profitability. It is a directional estimate of value capture that could come under pressure if open alternatives compound.

8.0/10

Altria combines leading tobacco brands, retail distribution scale, pricing power, and costly regulatory compliance, but secular cigarette-volume decline and smoke-free category shifts keep the moat from being absolute.

2.0/10

The regulated nicotine-product business is centralized by design, with manufacturing controls, age-gated distribution, FDA authorization pathways, and liability exposure. Decentralized pressure is more plausible through cessation and support systems than through replicated nicotine products.

9.0/10

Altria's 2025 reporting shows a mature, high-margin nicotine business with substantial operating income despite volume pressure in smokeable products.

15.4x

Approximate trailing P/E calculated from StockAnalysis market capitalization of about $123.4 billion and reported trailing net income of about $8.03 billion as of May 22, 2026.

$123.4B

CompaniesMarketCap reported Altria's market capitalization at approximately $123.40 billion on May 22, 2026.

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$8.2B

Derived from market cap, moat resistance, decentralizability, and profitability. It is a directional estimate of value capture that could come under pressure if open alternatives compound.

9.0/10

Moody's combines regulatory recognition, issuer-paid ratings workflows, investor reliance, proprietary research, and enterprise analytics subscriptions, making displacement difficult even where open analytics tools improve.

4.0/10

Risk analytics, data integration, and modeling workflows have credible open-source substitutes, but official credit ratings depend heavily on institutional trust, regulation, legal accountability, and market convention.

9.0/10

Recent financial summaries for fiscal 2025 show about $7.7 billion of revenue, roughly $3.35 billion of operating income, and about $2.46 billion of net income, indicating very high margins for an information and analytics company.

32.1x

Market-data snapshot reported a trailing P/E near 32.1 as of April 12, 2026; this is market-sensitive and should be refreshed before publication if valuation precision matters.

$81.4B

Trading Economics reported Moody's market capitalization at about $81.43 billion in May 2026; other current market-data pages around the same period showed roughly $78 billion to $81 billion.

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$8.1B

Derived from market cap, moat resistance, decentralizability, and profitability. It is a directional estimate of value capture that could come under pressure if open alternatives compound.

8.0/10

KKR has a global alternatives platform, hundreds of billions of dollars of AUM, long-duration capital, private-market transaction access, and insurance-linked scale that are hard for new entrants to replicate.

3.0/10

Capital allocation, underwriting, governance, compliance, and investor reporting are centralized manager functions, although smaller slices of funding and credit can be decentralized through cooperative or peer-to-peer models.

8.0/10

KKR reported substantial fee-related earnings and benefits from recurring management fees, performance economics, investment income, and insurance-related earnings, though results remain exposed to markets and realization cycles.

37.3x

CompaniesMarketCap listed KKR's trailing P/E ratio at 37.3 as of May 2026; this is market-data dependent and can move materially with price and earnings updates.

$84.4B

StockAnalysis reported KKR's market capitalization at $84.44 billion as of May 22, 2026, which supports its approximate placement in the S&P 500 top-150 expansion band.

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$8.0B

Derived from market cap, moat resistance, decentralizability, and profitability. It is a directional estimate of value capture that could come under pressure if open alternatives compound.

8.0/10

Autodesk controls widely adopted professional CAD and BIM workflows, has deep product breadth, and benefits from switching costs around files, training, extensions, and cross-firm collaboration.

5.0/10

Design software can be decentralized through open formats, open-source modeling tools, and federated project repositories, but enterprise CAD and BIM workflows still require high reliability, interoperability, training, and support.

8.0/10

Autodesk reported substantial recurring software revenue and positive net income in its fiscal 2025 annual report, consistent with a profitable scaled software franchise.

44.9x

CompaniesMarketCap reported Autodesk's trailing P/E ratio at about 44.9 as of June 2026.

$50.2B

CompaniesMarketCap reported Autodesk's market capitalization at about $50.24 billion as of June 2026.

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$8.0B

Derived from market cap, moat resistance, decentralizability, and profitability. It is a directional estimate of value capture that could come under pressure if open alternatives compound.

7.0/10

Large payment volume, merchant integrations, compliance systems, fraud tooling, and wallet brands create a meaningful moat, but checkout competition and lower-cost rails limit pricing power.

5.0/10

Payment acceptance, settlement, and wallet functions can be partially replaced by open gateways, Lightning, federated ecash, and merchant-run infrastructure, but fiat onboarding, chargebacks, sanctions compliance, and consumer protections remain centralized bottlenecks.

8.0/10

PayPal reported $5.233 billion of net income for fiscal 2025 on $33.2 billion of net revenue, showing strong absolute profitability and a mid-teens net margin.

8.3x

StockAnalysis reported a trailing P/E ratio of 8.31 for PYPL near the May 21, 2026 market data snapshot.

$39.1B

CompaniesMarketCap reported PayPal's market capitalization at approximately $39.07 billion as of May 2026.

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$7.7B

Derived from market cap, moat resistance, decentralizability, and profitability. It is a directional estimate of value capture that could come under pressure if open alternatives compound.

8.0/10

Regulated service territories, owned grid infrastructure, generation and procurement obligations, and recurring customer relationships create high entry barriers, although distributed energy and regulatory pressure limit pricing freedom.

5.0/10

Transmission and distribution remain capital-intensive regulated networks, but distributed energy resources, demand response, microgrids, and open energy management systems can decentralize portions of generation, flexibility, and resilience.

7.0/10

Xcel remains a profitable regulated utility with recurring customer demand and allowed-return economics, though earnings are constrained by regulation, capital needs, interest costs, and event liabilities.

23.2x

CompaniesMarketCap reported Xcel Energy's trailing P/E ratio at about 23.2 as of May 2026.

$50.6B

CompaniesMarketCap listed Xcel Energy at about $50.61 billion in market capitalization in its late-May 2026 snapshot.

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$7.6B

Derived from market cap, moat resistance, decentralizability, and profitability. It is a directional estimate of value capture that could come under pressure if open alternatives compound.

8.0/10

Rockwell has a deep installed base in high-stakes industrial automation, well-known Allen-Bradley and FactoryTalk brands, long-lived plant deployments, and switching costs tied to uptime, certification, integrator expertise, and maintenance procedures.

5.0/10

Some layers can decentralize through open PLC runtimes, IEC 61499 engineering tools, OPC UA integrations, and open edge software, but safety-critical and high-availability plant control remains difficult to decentralize quickly because reliability, certification, support, and liability dominate buyer decisions.

7.0/10

Fiscal 2025 reporting shows Rockwell remained profitable on a multibillion-dollar revenue base, though industrial automation demand is cyclical and margins depend on product mix, software growth, and execution.

47.4x

StockAnalysis reported a trailing P/E ratio of 47.36 in late May or early June 2026; valuation metrics are market-dependent and should be refreshed before investment use.

$50.3B

CompaniesMarketCap reported Rockwell Automation market capitalization of about $50.32 billion as of May 2026.

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$7.5B

Derived from market cap, moat resistance, decentralizability, and profitability. It is a directional estimate of value capture that could come under pressure if open alternatives compound.

9.0/10

A Class I freight railroad has a deep physical moat from rights-of-way, terminals, network density, regulation, and capital requirements; Union Pacific's 23-state network is very hard to replicate.

2.0/10

Core rail operations require centralized dispatch, safety, maintenance, and corridor capacity management, though open data and cooperative edge logistics can decentralize adjacent coordination layers.

8.0/10

Union Pacific reported 2024 net income of about $6.7 billion and a full-year operating ratio of 59.9%, indicating strong profitability for a capital-intensive transport network.

21.9x

Public market-data snapshots in late May 2026 showed Union Pacific trading around a trailing P/E ratio near 22.

$157.9B

StockAnalysis reported Union Pacific's market capitalization at about $157.86 billion at the May 22, 2026 close.

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$7.5B

Derived from market cap, moat resistance, decentralizability, and profitability. It is a directional estimate of value capture that could come under pressure if open alternatives compound.

8.0/10

Scale, fleet density, branch coverage, specialty categories, large-account relationships, and digital management tools create a strong but capital-intensive moat.

4.0/10

Local ownership and open software can decentralize some coordination, smaller tools, and asset tracking, but heavy equipment ownership, maintenance, logistics, insurance, and safety compliance limit near-term displacement.

8.0/10

United Rentals reported substantial 2025 revenue, adjusted EBITDA, shareholder returns, and ongoing 2026 growth guidance, indicating strong profitability for a cyclical industrial rental business.

24.5x

CompaniesMarketCap reported a trailing P/E ratio of 24.5376 for United Rentals near the May 2026 market-data refresh.

$58.8B

CompaniesMarketCap reported United Rentals' May 2026 market capitalization at approximately $58.80 billion.

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$7.4B

Derived from market cap, moat resistance, decentralizability, and profitability. It is a directional estimate of value capture that could come under pressure if open alternatives compound.

7.0/10

Enterprise infrastructure customers value HPE's validated hardware, global support, financing, procurement relationships, and integrated portfolio, but server hardware and cloud control planes face commodity and open-stack pressure.

6.0/10

Servers and private-cloud control planes can be replaced in part by open hardware specifications, open firmware, and open-source cloud software, but enterprise support, certification, and lifecycle assurance remain difficult to decentralize fully.

4.0/10

HPE reported record quarterly revenue and strong non-GAAP operating performance in fiscal 2025, but GAAP earnings were pressured by portfolio transition costs and impairment effects, making current profitability mixed.

0.0x

Recent market-data screens list HPE's trailing P/E as not meaningful, consistent with depressed GAAP earnings in the reviewed period.

$39.4B

CompaniesMarketCap listed HPE's market capitalization at about $39.40 billion as of May 2026; other market-data sources varied materially in late May 2026, so this uses the provided manifest's market-cap source for consistency.

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$7.4B

Derived from market cap, moat resistance, decentralizability, and profitability. It is a directional estimate of value capture that could come under pressure if open alternatives compound.

9.0/10

Large installed bases, recurring instruments and accessories revenue, regulatory complexity, clinical training, and workflow integration create high switching costs.

2.0/10

Clinical surgical robotics requires regulated hardware, validated instruments, trained surgeons, hospital procurement, and liability-bearing service infrastructure, so open alternatives are mostly research-stage today.

8.0/10

The company reported 2025 revenue of $10.1 billion, operating income of $2.95 billion, and gross profit equal to 66.0% of revenue.

53.2x

StockAnalysis reported a trailing PE ratio of 53.24 for ISRG.

$155.2B

StockAnalysis reported Intuitive Surgical's market capitalization as $155.16 billion as of May 22, 2026.

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$7.4B

Derived from market cap, moat resistance, decentralizability, and profitability. It is a directional estimate of value capture that could come under pressure if open alternatives compound.

8.0/10

Major branded medicines, regulatory approvals, clinical evidence, patents, and commercial scale create a strong moat, though loss of exclusivity can sharply weaken individual franchises.

2.0/10

Approved pharmaceutical products require centralized regulated manufacturing, clinical validation, and pharmacovigilance; decentralization is more plausible in discovery, evidence networks, and post-exclusivity generic production.

7.0/10

BMS reported substantial 2025 revenue and returned to positive annual earnings after acquisition-related losses in the prior year, though profitability remains exposed to product mix and patent-cycle transitions.

16.7x

StockAnalysis reported a trailing P/E ratio near 16.7 for BMY around the May 2026 market-data snapshot.

$121.6B

StockAnalysis reported BMY market capitalization of about $121.61 billion as of May 21, 2026, close to the provided CompaniesMarketCap snapshot context.

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$7.3B

Derived from market cap, moat resistance, decentralizability, and profitability. It is a directional estimate of value capture that could come under pressure if open alternatives compound.

8.0/10

Defense procurement, classified programs, certified secure communications, large backlogs, and platform integration create high switching costs and long replacement cycles.

4.0/10

Some layers can decentralize through open SDR, mesh networking, open telemetry dashboards, and modular local fabrication, but classified military certification and rugged mission integration constrain direct replacement.

7.0/10

L3Harris reported 2025 GAAP operating margin of 9.7%, adjusted margin expansion, strong free cash flow, and especially high margins in Communications Systems.

34.0x

Recent public market-data snapshots placed LHX's trailing P/E in the low-to-mid 30s; this is market-sensitive and should be refreshed before publication if exact valuation is important.

$58.7B

CompaniesMarketCap reported L3Harris Technologies market capitalization of about $58.71 billion as of the June 2026 page snapshot, with May 31, 2026 end-of-day values matching Nasdaq and CompaniesMarketCap.

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$7.0B

Derived from market cap, moat resistance, decentralizability, and profitability. It is a directional estimate of value capture that could come under pressure if open alternatives compound.

8.0/10

Vertex combines patent-protected biotechnology products, regulatory approvals, disease-specialist commercialization, payer access work, and complex manufacturing. Its 2025 filings show TRIKAFTA/KAFTRIO remained a multibillion-dollar anchor product while CASGEVY and other launches added expansion paths.

2.0/10

Approved medicines, gene-edited cell therapies, and prescription distribution are highly regulated and sponsor-controlled. Decentralization is more plausible in research collaboration, data sharing, and manufacturing governance than in near-term end-user substitution.

8.0/10

Vertex reported 2025 net income of about $3.95 billion on roughly $12.0 billion of revenue, indicating strong profitability after the prior-year acquisition-related loss period.

28.0x

A rough trailing earnings multiple is derived from a market capitalization near $110 billion divided by 2025 net income of about $3.95 billion. This is a point-in-time approximation, not a quoted exchange metric.

$110.3B

StockAnalysis reported Vertex market capitalization of about $110.28 billion as of May 22, 2026, close to other market-data snapshots around the May 2026 index refresh window.

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$7.0B

Derived from market cap, moat resistance, decentralizability, and profitability. It is a directional estimate of value capture that could come under pressure if open alternatives compound.

9.0/10

Large commercial aircraft require regulated certification, capital-intensive production, deep supplier networks, airline fleet support, and long-term service obligations, creating a very strong incumbent moat.

2.0/10

Open tools and distributed fabrication can pressure design workflows, simulation, parts, and support, but full aircraft manufacturing remains tightly constrained by certification, liability, and high-volume precision production.

5.0/10

Boeing's 2025 reporting showed recovery in revenue and positive net income, but profitability remains uneven because commercial-aircraft execution, defense charges, debt, and delivery timing continue to matter materially.

96.5x

FinanceCharts reported a BA price-to-earnings ratio of 96.48 as of May 22, 2026; the figure is volatile because recent earnings are still recovering.

$173.1B

StockAnalysis reported Boeing's market capitalization at about $173.12 billion as of May 21, 2026.

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$6.9B

Derived from market cap, moat resistance, decentralizability, and profitability. It is a directional estimate of value capture that could come under pressure if open alternatives compound.

8.0/10

Nucor has large-scale U.S. steelmaking and downstream product operations, broad product coverage, strong cash generation, and a long operating history, but earnings remain exposed to steel cycles and import competition.

4.0/10

Steelmaking is capital-, energy-, logistics-, and compliance-intensive, but EAF recycling, open metal fabrication, and WAAM research create credible partial decentralization vectors for some downstream demand.

7.0/10

Nucor remained profitable in 2024 with $2.03 billion of net earnings and 6.6% net earnings as a percentage of net sales, though profitability fell sharply from 2023.

24.8x

StockAnalysis reported a trailing P/E ratio of 24.78 for NUE during the June 2026 review window; market-data values move continuously and should be treated as point-in-time.

$56.9B

CompaniesMarketCap reported Nucor's market capitalization at $56.93 billion as of June 2026 and listed it as the world's 438th most valuable company by market cap.

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$6.8B

Derived from market cap, moat resistance, decentralizability, and profitability. It is a directional estimate of value capture that could come under pressure if open alternatives compound.

8.0/10

Global restaurant count, multi-brand recognition, and a franchise-led operating system create a strong moat, though the underlying food formats remain locally replicable.

5.0/10

Restaurant operations are physically local and franchise-operated, but brand governance, menus, supply standards, marketing, and digital systems remain centrally controlled.

8.0/10

A franchise-heavy quick-service model supports strong operating leverage and recurring fees while reducing direct restaurant operating exposure compared with company-owned store portfolios.

24.8x

Market-data sources reported a trailing P/E ratio around 24.8 in late May 2026.

$42.8B

StockAnalysis reported Yum! Brands' market capitalization at about $42.76 billion as of May 22, 2026; CompaniesMarketCap also tracked the May 2026 market capitalization.

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$6.8B

Derived from market cap, moat resistance, decentralizability, and profitability. It is a directional estimate of value capture that could come under pressure if open alternatives compound.

7.1/10

Regulation, insured deposits, commercial relationships, treasury integrations, credit underwriting, and switching costs create a meaningful regional-bank moat, but it is less dominant than money-center banks and remains exposed to deposit competition, fintech unbundling, and credit cycles.

4.1/10

The full regulated bank is difficult to decentralize, but checking interfaces, payments, merchant acceptance, cooperative custody, and portions of core banking software can be replaced by open-source or federated systems.

7.2/10

Fifth Third reported about $2.4 billion of 2025 net income available to common shareholders and a 2025 return on average assets around 1.19%, indicating solid regional-bank profitability.

16.2x

CompaniesMarketCap showed a trailing P/E ratio of about 16.23 for Fifth Third Bank/Fifth Third Bancorp near the review date; this is market-data dependent and should be refreshed before publication if precise valuation is critical.

$44.0B

Market-data sources reviewed around 2026-06-02 placed Fifth Third's market capitalization around $44.0-$44.8 billion; the registry uses a rounded value because market capitalization changes continuously.

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$6.7B

Derived from market cap, moat resistance, decentralizability, and profitability. It is a directional estimate of value capture that could come under pressure if open alternatives compound.

8.0/10

Semiconductor test systems require high precision, throughput, customer qualification, software ecosystems, field support, and long-lived installed bases, which together create meaningful switching costs.

4.0/10

High-end production ATE remains capital-intensive and proprietary, but lower-end fixture automation, hardware test software, RF measurement workflows, and local electronics production can be partially opened and distributed.

7.0/10

Recent market-data sources show positive net income, strong returns on equity and invested capital, and a profitable business despite semiconductor-cycle exposure.

65.6x

StockAnalysis reported a trailing PE ratio of 65.63 for Teradyne in late May 2026; other market-data sources showed nearby but volatile values, so this should be treated as a point-in-time valuation input.

$55.3B

StockAnalysis reported Teradyne market capitalization of about $55.33 billion in late May 2026, consistent with other 2026 market-data snapshots in the mid-to-high $50 billion range.

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$6.6B

Derived from market cap, moat resistance, decentralizability, and profitability. It is a directional estimate of value capture that could come under pressure if open alternatives compound.

8.0/10

Refining capacity, logistics integration, branded outlet access, and MPLX-linked midstream infrastructure are difficult to replicate and require large capital commitments, although earnings remain commodity-cycle exposed.

3.0/10

The incumbent business depends on centralized refining and liquid-fuel distribution, but end-use mobility energy can be partially displaced by distributed EV charging, open hardware, and local energy systems.

7.0/10

MPC remained profitable in 2025 and reported strong operating cash flow, but profitability is exposed to refining margins, product spreads, utilization, regulation, and commodity price cycles.

16.6x

StockAnalysis listed MPC's recent P/E ratio at about 16.58 in late May 2026; market-data values are point-in-time and should be refreshed before investment use.

$72.6B

Recent market-data pages placed MPC's market capitalization around $72.6 billion near the end of May 2026, consistent with the registry's top-175 snapshot band.

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$6.5B

Derived from market cap, moat resistance, decentralizability, and profitability. It is a directional estimate of value capture that could come under pressure if open alternatives compound.

7.0/10

National distribution scale, regulated logistics, supplier relationships, and embedded pharmacy and hospital workflows create a strong operating moat, but the business remains exposed to contract churn and low-margin wholesale economics.

4.0/10

Physical pharmaceutical and medical-product distribution is hard to decentralize, but inventory visibility, replenishment coordination, facility-level logistics, and cooperative procurement can be opened or federated.

6.0/10

Cardinal Health reported fiscal 2025 segment profit growth across major businesses and raised FY2026 non-GAAP EPS guidance, but the distribution model remains very high revenue and comparatively thin margin.

30.5x

StockAnalysis listed Cardinal Health's P/E ratio around 30.48 near the June 2026 refresh window; this is market-data dependent and should be refreshed before investment use.

$45.7B

StockAnalysis reported Cardinal Health market capitalization of $45.71 billion as of June 1, 2026.

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$6.5B

Derived from market cap, moat resistance, decentralizability, and profitability. It is a directional estimate of value capture that could come under pressure if open alternatives compound.

8.0/10

High capital requirements, refinery and terminal infrastructure, integrated midstream assets, brand distribution, and regulatory complexity create a durable moat, though the consumer fueling edge can be displaced by electrification.

3.0/10

Refining and midstream assets are hard to decentralize, but transportation-energy demand can partially migrate toward distributed generation, open EVSE hardware, and interoperable charging protocols.

7.0/10

Phillips 66 reported $4.403 billion of 2025 net income attributable to Phillips 66, showing meaningful profitability despite cyclicality in refining and renewable fuels.

17.5x

StockAnalysis reported a trailing P/E ratio of 17.51 for PSX near the review date.

$71.2B

StockAnalysis reported Phillips 66 market capitalization at approximately $71.24 billion near the review date.

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$6.4B

Derived from market cap, moat resistance, decentralizability, and profitability. It is a directional estimate of value capture that could come under pressure if open alternatives compound.

7.0/10

Advisor relationships, regulatory obligations, brand trust, managed-account scale, asset-management capabilities, and high client switching costs create a durable but not unassailable moat.

4.0/10

Personal finance tracking, portfolio analytics, and planning workflows can be decentralized or self-hosted, but regulated advice, annuities, insurance, custody, and institutional asset management remain hard to decentralize responsibly.

8.0/10

Ameriprise reported strong 2025 profitability, record full-year results, substantial capital return, and high returns on equity, indicating a highly profitable incumbent.

11.3x

StockAnalysis listed Ameriprise at an approximately 11.32 P/E ratio in late May 2026; market-data values can move quickly.

$40.1B

CompaniesMarketCap listed Ameriprise at about $40.06 billion of market capitalization as of May 2026.

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$6.3B

Derived from market cap, moat resistance, decentralizability, and profitability. It is a directional estimate of value capture that could come under pressure if open alternatives compound.

7.0/10

Jabil has a large global manufacturing footprint, broad customer base, supplier scale, and engineering depth, but it operates in competitive contract manufacturing where customer ownership of demand and dual-sourcing limit pricing power.

5.0/10

Full-scale electronics manufacturing remains capital-, compliance-, sourcing-, and process-intensive, yet open EDA, open SMT tooling, and microfactory models can decentralize prototyping, repair, and some small-batch production.

5.0/10

Jabil reported fiscal 2025 revenue of $29.8 billion and net income attributable to Jabil Inc. of $657 million, indicating positive but relatively thin manufacturing-service margins.

47.8x

StockAnalysis listed Jabil's current P/E ratio at 47.80 in its May 2026 ratios and stock overview data; live market ratios can move materially with price and earnings updates.

$37.6B

CompaniesMarketCap listed Jabil's market capitalization at $37.60 billion as of May 2026.

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$6.3B

Derived from market cap, moat resistance, decentralizability, and profitability. It is a directional estimate of value capture that could come under pressure if open alternatives compound.

8.0/10

Large-scale auto manufacturing, dealer distribution, fleet channels, recognized vehicle brands, safety compliance, financing, and truck/SUV demand create a durable but not invulnerable incumbent position.

3.0/10

Complete vehicle replacement is constrained by safety, manufacturing, regulatory, warranty, and service requirements, though open data, modular EV platforms, local low-speed vehicles, and repair ecosystems can decentralize parts of the stack.

7.0/10

GM reported $6.37 billion in 2025 net income attributable to stockholders on $154.3 billion of total net sales and revenue, with adjusted EBIT of $10.45 billion.

8.3x

CompaniesMarketCap listed GM's trailing P/E ratio at 8.25 as of May 2026; other market-data providers differ materially because of timing and earnings definitions, so this should be treated as a snapshot.

$69.6B

CompaniesMarketCap reported General Motors' market capitalization at approximately $69.61 billion as of May 2026.

$51.3B

StockAnalysis reports General Motors' market capitalization from November 18, 2010, the trading date of the post-bankruptcy IPO, at approximately $51.29 billion.

1.4x

Current market cap divided by the IPO market cap implied on 2010-11-18.

2.0%

Compound annual market cap growth from the IPO date 2010-11-18 through the snapshot date 2026-05-31.

$6.3B

Derived from market cap, moat resistance, decentralizability, and profitability. It is a directional estimate of value capture that could come under pressure if open alternatives compound.

8.0/10

Large-scale refining, renewable fuel assets, logistics, compliance expertise, and branded channels create high capital and operational barriers, though commodity cycles limit durability versus software monopolies.

3.0/10

Most of Valero's present revenue depends on centralized industrial refining and logistics, while renewable fuels and distributed energy can decentralize parts of demand and feedstock supply only gradually.

6.0/10

Valero reported $2.348 billion of 2025 net income attributable to stockholders and positive refining and ethanol operating income, but renewable diesel posted a full-year operating loss and overall earnings remain margin-cycle sensitive.

18.0x

StockAnalysis reported a trailing P/E ratio of 17.96 for Valero as of its late-May 2026 statistics snapshot; refinery earnings are cyclical, so the metric should be treated as a point-in-cycle valuation rather than a stable multiple.

$73.3B

StockAnalysis reported Valero's market capitalization at approximately $73.33 billion as of May 22, 2026, consistent with the queued S&P 500 top-175 snapshot context.

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$6.2B

Derived from market cap, moat resistance, decentralizability, and profitability. It is a directional estimate of value capture that could come under pressure if open alternatives compound.

8.0/10

EA combines globally recognized franchises, live-service operations, sports and entertainment IP relationships, development scale, and multi-platform distribution; open alternatives exist but are far from matching its production quality and licensing reach.

4.0/10

Game clients, official content, matchmaking, accounts, and monetization remain centralized, but open engines, fan reimplementations, modding, and federated server models can decentralize parts of creation and community operation.

6.0/10

EA reported $887 million of FY26 net income on $7.531 billion of net revenue, with strong operating cash flow, but net income declined year over year despite record net bookings.

57.3x

StockAnalysis reported a trailing P/E ratio of about 57.26 in late May 2026; the pending acquisition and transaction pricing make this a less stable valuation signal than ordinary public-market trading.

$50.6B

A current market-data source reported EA's market capitalization at approximately $50.58 billion as of May 29, 2026; the announced transaction values EA at about $55 billion enterprise value.

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$5.7B

Derived from market cap, moat resistance, decentralizability, and profitability. It is a directional estimate of value capture that could come under pressure if open alternatives compound.

7.0/10

Large capital requirements, safety requirements, production assets, distribution density, and long-term onsite supply contracts create meaningful barriers, though merchant gas and smaller onsite generation leave some edge exposure.

3.0/10

Some hydrogen and nitrogen demand can move toward onsite or local generation, but high-purity gases, cryogenic supply, permitting, and industrial uptime requirements keep much of the market centralized.

4.0/10

Fiscal 2025 GAAP results were negative because of large project and asset charges, while sales remained about $12.0 billion and adjusted operating income remained positive; the score reflects impaired reported profitability rather than a permanently unprofitable core business.

0.0x

A conventional trailing P/E is not meaningful because fiscal 2025 GAAP earnings were negative after large charges.

$61.0B

Recent market-data sources placed Air Products' market capitalization around the low-$60-billion range; use as an approximate snapshot rather than a live quote.

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$5.7B

Derived from market cap, moat resistance, decentralizability, and profitability. It is a directional estimate of value capture that could come under pressure if open alternatives compound.

8.0/10

Regulated utility service territories, transmission and distribution assets, reliability obligations, and rate proceedings create a strong incumbent position that is difficult for ordinary competitors to displace.

4.0/10

Electric demand and generation can be partly decentralized with DERs, microgrids, and virtual power plants, but regulated grid delivery and gas distribution remain capital-intensive local infrastructure.

7.0/10

Exelon reported 2025 net income attributable to common shareholders of about $2.8 billion and adjusted operating earnings above its standalone utility expectations, indicating durable regulated earnings.

16.9x

StockAnalysis reported a trailing PE ratio of 16.91 for EXC around the June 2026 review window.

$47.3B

StockAnalysis reported Exelon's market capitalization at approximately $47.3 billion around the June 2026 review window.

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$5.7B

Derived from market cap, moat resistance, decentralizability, and profitability. It is a directional estimate of value capture that could come under pressure if open alternatives compound.

8.0/10

Integrated gathering, processing, NGL transportation, fractionation, storage, terminaling, and export assets create high capital, permitting, interconnection, and scale barriers, especially around Permian supply.

3.0/10

The company's core value is tied to large physical hydrocarbon infrastructure, but distributed energy, local storage, and open demand-response coordination can reduce long-run dependence on centralized fossil-fuel logistics.

8.0/10

Targa reported $1.923 billion of 2025 net income attributable to Targa Resources Corp. and record adjusted EBITDA of $4.957 billion, indicating strong recent profitability.

31.0x

Public market-data snapshots imply a high earnings multiple relative to recent trailing earnings, consistent with investor expectations for continued Permian and downstream NGL growth.

$59.4B

CompaniesMarketCap and StockAnalysis both showed Targa Resources at approximately $59.4 billion of market capitalization in late May 2026.

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$5.6B

Derived from market cap, moat resistance, decentralizability, and profitability. It is a directional estimate of value capture that could come under pressure if open alternatives compound.

8.0/10

Premium truck brands, dealer and service networks, captive finance, aftermarket parts, and regulatory manufacturing expertise create a durable but cyclical industrial moat.

3.0/10

Open or local manufacturing can address some repair, vocational, and modular equipment niches, but complete highway truck substitution faces major safety, capital, warranty, and compliance barriers.

8.0/10

PACCAR reported $2.38 billion of 2025 net income on $28.44 billion of consolidated revenue and described 2025 as its 87th consecutive profitable year.

23.3x

StockAnalysis listed PACCAR's P/E ratio at 23.26 in late May 2026; point-in-time valuation metrics are market-sensitive.

$59.1B

StockAnalysis reported PACCAR's market capitalization at approximately $59.08 billion as of May 27, 2026.

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$5.6B

Derived from market cap, moat resistance, decentralizability, and profitability. It is a directional estimate of value capture that could come under pressure if open alternatives compound.

9.0/10

MSCI has strong benchmark network effects, embedded analytics workflows, brand trust, and large AUM linked to its indexes, including roughly $16.5 trillion benchmarked to MSCI indexes as of June 30, 2024.

5.0/10

The software and methodology layers can be made open, but institutional benchmark adoption, data licensing, governance trust, and regulatory workflow embedment make full decentralization difficult.

9.0/10

MSCI reported high operating margins and recurring revenue characteristics, with 2025 financial summaries showing EBIT margin above 55% and net income around $1.3 billion.

35.0x

Public market data sources show MSCI trading at a premium valuation; a mid-30s P/E estimate is directionally consistent with its high-margin recurring-data profile but should be refreshed from live market data before publication-sensitive use.

$42.8B

CompaniesMarketCap reported MSCI's market capitalization at about $42.80 billion as of May 2026.

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$5.4B

Derived from market cap, moat resistance, decentralizability, and profitability. It is a directional estimate of value capture that could come under pressure if open alternatives compound.

8.0/10

Sysco's moat is supported by very large sales scale, procurement aggregation, broadline distribution density, private-label assortment, and entrenched foodservice customer relationships.

5.0/10

Food sourcing can be partially decentralized through local producers, food hubs, cooperatives, and open marketplaces, but cold-chain logistics, product safety, credit, inventory depth, and service-level guarantees keep the full Sysco bundle difficult to decentralize.

6.0/10

Sysco is consistently profitable, with fiscal 2025 operating income of $3.1 billion and net earnings near $1.8 billion, but food distribution remains a relatively low-margin, execution-heavy business.

15.9x

Macrotrends reported Sysco's P/E ratio at about 15.90 as of May 22, 2026; market-data vendors vary because they use different trailing earnings definitions and update cadences.

$36.5B

CompaniesMarketCap reported Sysco's market capitalization at $36.48 billion in May 2026.

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$5.2B

Derived from market cap, moat resistance, decentralizability, and profitability. It is a directional estimate of value capture that could come under pressure if open alternatives compound.

7.0/10

Proprietary genetics, trait systems, crop-protection registrations, brand trust, and farmer/channel relationships create meaningful switching costs, though commodity cycles and regulation constrain pricing power.

3.0/10

Open seed and open farm-data systems can decentralize parts of the stack, but regulated chemistry, elite breeding pipelines, and large-scale field validation remain difficult to reproduce locally.

4.0/10

Corteva reported positive 2024 net income attributable to Corteva of $907 million on $16.9 billion of net sales, but margins were modest relative to the scale and capital intensity of the business.

43.0x

Recent market-data snapshots placed Corteva's trailing P/E around the low-40s, making this a point-in-time valuation input rather than a durable business-quality measure.

$52.9B

StockAnalysis reported Corteva's market capitalization at approximately $52.9 billion in a recent 2026 market-data snapshot.

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$5.0B

Derived from market cap, moat resistance, decentralizability, and profitability. It is a directional estimate of value capture that could come under pressure if open alternatives compound.

6.0/10

High-quality shale acreage, multi-basin operating scale, water and completion know-how, and public-market capital access support a moderate moat, but the business remains commodity-price exposed and does not have strong network effects.

2.0/10

Direct upstream oil and gas production is capital intensive, geology dependent, regulated, and infrastructure bound, making direct decentralization weak; only demand-side energy substitution is meaningfully decentralizable.

7.0/10

Devon reported $2.6 billion of 2025 earnings attributable to Devon and $6.7 billion of operating cash flow, showing solid profitability despite cyclicality.

13.1x

StockAnalysis reported Devon's trailing P/E ratio at 13.05 in May 2026; the metric is market-sensitive and should be refreshed before investment use.

$54.4B

CompaniesMarketCap reported Devon Energy's market capitalization at $54.44 billion as of May 2026.

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$4.9B

Derived from market cap, moat resistance, decentralizability, and profitability. It is a directional estimate of value capture that could come under pressure if open alternatives compound.

8.0/10

Regulated insurance underwriting, claims handling, broker distribution, actuarial data, and capital strength create high entry barriers, though policy administration software itself is increasingly modular.

4.0/10

Insurance workflows can be opened or federated, but regulated risk-bearing, solvency, claims adjustment, and fraud controls limit near-term decentralization of the full carrier function.

8.0/10

The Hartford reported full-year 2025 earnings of $3.8 billion, indicating strong current profitability across its insurance and funds businesses.

8.9x

StockAnalysis listed The Hartford's recent P/E ratio at 8.93 around late May 2026; valuation multiples move with price and earnings updates.

$37.3B

CompaniesMarketCap reported The Hartford's market capitalization at $37.28 billion as of May 2026.

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$4.7B

Derived from market cap, moat resistance, decentralizability, and profitability. It is a directional estimate of value capture that could come under pressure if open alternatives compound.

8.0/10

Regulated utility service territory, network infrastructure, customer scale, and rate-regulated capital programs create a strong durability moat.

4.0/10

Customer-side DER, demand response, storage, and microgrids can decentralize parts of the electric value chain, but regulated delivery infrastructure and gas distribution remain centralized.

7.0/10

The company reported 2025 net income of about $2.26 billion on revenue of about $12.17 billion, reflecting solid regulated utility profitability.

17.4x

StockAnalysis reported a trailing P/E ratio around 17.37 for PEG near the review date.

$39.2B

StockAnalysis reported PEG market capitalization of approximately $39.19 billion as of May 29, 2026.

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$4.7B

Derived from market cap, moat resistance, decentralizability, and profitability. It is a directional estimate of value capture that could come under pressure if open alternatives compound.

8.0/10

AIG benefits from regulated licenses, underwriting data, broker distribution, claims infrastructure, reinsurance relationships, and a large recognized balance sheet; these advantages are especially durable in complex commercial and multinational risk.

4.0/10

Some insurance functions can be opened or decentralized through transparent catastrophe models, parametric contracts, mutual pools, and open data standards, but regulated risk bearing, claims disputes, solvency, and catastrophic tail exposure limit full decentralization.

7.0/10

AIG reported strong 2024 underwriting performance, including a third consecutive sub-92 combined ratio, improved continuing EPS, and substantial capital returned to shareholders.

12.0x

AIG's valuation is treated as approximate because earnings can be volatile for insurers and affected by reserve development, catastrophe losses, investment income, buybacks, and divestitures.

$39.1B

StockAnalysis reported AIG market capitalization of $39.13 billion as of June 2, 2026.

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$4.7B

Derived from market cap, moat resistance, decentralizability, and profitability. It is a directional estimate of value capture that could come under pressure if open alternatives compound.

8.0/10

Macro tower portfolios benefit from scarce locations, permitting friction, long-term carrier leases, and high replacement difficulty for nationwide wireless coverage.

4.0/10

Open RAN, community cellular, shared-spectrum, and decentralized wireless models can attack edge coverage and small-cell use cases, but tower siting, regulation, backhaul, reliability, and carrier integration remain significant centralizing constraints.

6.0/10

Crown Castle reported full-year 2025 net income of $444 million and adjusted EBITDA of $2.9 billion, showing positive profitability after the prior-year impairment-driven loss.

38.6x

StockAnalysis listed Crown Castle's trailing P/E ratio near 38.6 in late May 2026; REIT earnings multiples can be less informative than AFFO-based valuation.

$39.9B

StockAnalysis reported Crown Castle market capitalization of approximately $39.92 billion as of May 22, 2026, broadly consistent with CompaniesMarketCap placing Crown Castle near the low-$40-billion range.

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$4.5B

Derived from market cap, moat resistance, decentralizability, and profitability. It is a directional estimate of value capture that could come under pressure if open alternatives compound.

8.0/10

Insurance liabilities, employer distribution, claims operations, brand trust, and regulated capital create a durable moat, even though administration software can be unbundled.

3.0/10

The full carrier function is hard to decentralize because capital, licensing, solvency, and claims obligations are centralized, but narrower benefits-administration and parametric-risk workflows have credible open or protocol-based substitutes.

6.0/10

MetLife reported multibillion-dollar net income available to common shareholders for 2024, but insurance earnings remain sensitive to investment income, claims, market risk benefits, and interest-rate conditions.

12.5x

Approximate ratio using the May 2026 market capitalization of about $53.20 billion and 2024 net income available to common shareholders of about $4.2 billion; this is a rough trailing estimate, not a live quote feed.

$53.2B

CompaniesMarketCap reported MetLife's market capitalization at about $53.20 billion as of May 2026.

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$4.5B

Derived from market cap, moat resistance, decentralizability, and profitability. It is a directional estimate of value capture that could come under pressure if open alternatives compound.

8.0/10

Large independent producer with major basin operations, reserve base, technical drilling capability, and capital scale; commodity exposure and depletion risk keep the score below the strongest platform monopolies.

2.0/10

Core upstream extraction is permit-heavy, capital-intensive, and tied to mineral rights and physical infrastructure; decentralization is more credible through demand displacement than direct replication.

8.0/10

EOG reports material earnings from oil and gas producing activities and trades at a positive market P/E, indicating durable profitability despite cyclicality.

13.0x

CompaniesMarketCap reported a trailing P/E ratio of 13.0381 as of May 2026.

$71.0B

CompaniesMarketCap reported EOG Resources at $71.04 billion in market capitalization as of May 2026, with an end-of-day value of $71.04 billion on May 29, 2026.

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$4.5B

Derived from market cap, moat resistance, decentralizability, and profitability. It is a directional estimate of value capture that could come under pressure if open alternatives compound.

8.0/10

Regulated monopoly utility territories, essential-service infrastructure, capital-intensive grid assets, and commission-approved returns create a strong incumbent moat.

4.0/10

Customer energy management, DER coordination, microgrids, and demand response can decentralize portions of energy production and flexibility, but shared distribution-grid operation remains highly coordinated and regulated.

7.0/10

The company reports durable earnings from regulated utility operations, with 2024 annual financial reporting showing substantial net income on multibillion-dollar revenue.

20.5x

Market-data services show WEC trading at a utility-style valuation multiple, with PE dependent on current share price and trailing earnings at review time.

$36.9B

CompaniesMarketCap and StockAnalysis reported WEC's market capitalization in the mid-to-high $30 billion range near the review date; value rounded for registry use.

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$4.4B

Derived from market cap, moat resistance, decentralizability, and profitability. It is a directional estimate of value capture that could come under pressure if open alternatives compound.

8.0/10

Large regulated liabilities, brand trust, distribution, underwriting infrastructure, capital requirements, and PGIM's institutional asset-management scale create a strong moat.

4.0/10

Administration, analytics, and cooperative pooling can decentralize at the edges, but guaranteed life insurance and retirement products still require regulation, reserves, actuarial expertise, and claims-paying capacity.

7.0/10

Prudential reported $2.727 billion of 2024 net income attributable to the company, though profitability remains sensitive to investment results, underwriting, market conditions, and assumption updates.

10.3x

CompaniesMarketCap reported Prudential Financial's TTM P/E ratio as 10.3 in June 2026.

$35.0B

CompaniesMarketCap reported Prudential Financial at about $35.00 billion market capitalization in June 2026, with end-of-day source values near $35.6 billion on June 2, 2026.

$15.6B

Los Angeles Times reported Prudential's IPO at roughly $15.6 billion market capitalization based on about 566.3 million shares outstanding; the 2002 Form 10-K confirms the December 2001 IPO structure and $27.50 offer price.

2.2x

Current market cap divided by the IPO market cap implied on 2001-12-13.

3.4%

Compound annual market cap growth from the IPO date 2001-12-13 through the snapshot date 2026-06-03.

$4.2B

Derived from market cap, moat resistance, decentralizability, and profitability. It is a directional estimate of value capture that could come under pressure if open alternatives compound.

9.0/10

Defense prime contracting, nuclear submarine construction, secure mission systems, aviation certification, long program cycles, and high switching costs create a very strong incumbent position.

2.0/10

Some peripheral design, robotics, sensing, and fabrication layers can decentralize, but the core products are regulated, capital-intensive, classified, and procurement-driven.

7.0/10

The company reported $5.36 billion of operating earnings on $52.55 billion of 2025 revenue, with several segments generating durable operating profit.

21.5x

StockAnalysis reported a trailing P/E ratio near 21.5 in mid-May 2026; market multiples move daily, so this is treated as a point-in-time valuation input.

$92.7B

CompaniesMarketCap listed General Dynamics at about $92.72 billion of market capitalization in May 2026.

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$4.2B

Derived from market cap, moat resistance, decentralizability, and profitability. It is a directional estimate of value capture that could come under pressure if open alternatives compound.

8.0/10

Approved biologics, major clinical evidence packages, proprietary discovery platforms, manufacturing complexity, payer access, and collaboration scale create a strong moat, though EYLEA faces competitive pressure and future biologic exclusivity risks remain material.

2.0/10

The core revenue products are regulated injectable biologics with complex manufacturing and clinical oversight requirements, making direct decentralized replacement weak; decentralization is more plausible in discovery, evidence generation, and patient data coordination.

8.0/10

Regeneron reported substantial 2025 net income and large profitable franchises, supported by EYLEA/EYLEA HD product sales and Dupixent collaboration economics.

14.5x

Approximate trailing valuation based on public market-data snapshots around the refresh date; use as a directional metric because share price and earnings estimates move continuously.

$65.4B

Public market-data snapshots near the refresh date placed Regeneron's market capitalization around $65 billion, consistent with its inclusion in the S&P 500 top-175 cohort snapshot.

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$4.1B

Derived from market cap, moat resistance, decentralizability, and profitability. It is a directional estimate of value capture that could come under pressure if open alternatives compound.

8.0/10

Safety-critical rail equipment, long product lives, certification requirements, and aftermarket service relationships create high switching costs.

3.0/10

Rail hardware and control systems are hard to decentralize, but open rail software, standards, and local service ecosystems can pressure parts of the stack.

7.0/10

Wabtec reported improved 2025 operating performance, with fourth-quarter adjusted operating margin of 17.7% and higher adjusted EPS.

38.8x

CompaniesMarketCap listed Wabtec's trailing P/E ratio at about 38.8 as of May 2026.

$44.3B

CompaniesMarketCap listed Wabtec's market capitalization at about $44.31 billion as of May 2026.

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$4.0B

Derived from market cap, moat resistance, decentralizability, and profitability. It is a directional estimate of value capture that could come under pressure if open alternatives compound.

8.0/10

Take-Two controls globally recognized franchises, major development labels, licensed sports titles, and live-service ecosystems. Those assets create strong brand and production-scale barriers, though distribution and development tools are increasingly accessible.

4.0/10

Game development, multiplayer hosting, and modding can be decentralized, but Take-Two's most valuable products depend on controlled IP, centralized publishing, platform stores, official servers, and licensed content.

3.0/10

The company reported an operating loss for fiscal 2026, although the loss narrowed materially from fiscal 2025 and management describes a path toward enhanced profitability tied to major releases and cost discipline.

0.0x

A conventional trailing P/E ratio is not meaningful while recent GAAP earnings remain negative.

$40.6B

StockAnalysis reported Take-Two market capitalization around $40.56 billion in late May 2026; market cap is volatile and should be refreshed near publication.

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$3.8B

Derived from market cap, moat resistance, decentralizability, and profitability. It is a directional estimate of value capture that could come under pressure if open alternatives compound.

7.0/10

Delta has meaningful scale advantages from hubs, fleet, loyalty, brand, corporate demand, alliance reach, and operational know-how, but the airline industry remains cyclical and cost intensive.

2.0/10

Passenger airline operations are highly regulated and capital intensive; decentralization is more credible in surrounding software, distribution, data, and loyalty layers than in operating a global scheduled airline.

7.0/10

Delta reported profitable full-year 2025 operations and highlighted diversified, higher-margin revenue streams, but airline profits remain sensitive to fuel, labor, capacity, and demand cycles.

11.0x

StockAnalysis listed Delta's current trailing P/E ratio at about 11.04 in late May 2026.

$49.8B

StockAnalysis reported Delta's market capitalization at about $49.75 billion as of May 22, 2026, broadly consistent with market-data snapshots near the S&P 500 top-200 cohort.

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$3.7B

Derived from market cap, moat resistance, decentralizability, and profitability. It is a directional estimate of value capture that could come under pressure if open alternatives compound.

8.0/10

BD combines regulated medical-device manufacturing, hospital relationships, broad installed workflows, and recurring consumables, which creates high switching and qualification costs.

3.0/10

Sterile medical consumables and dispensing hardware are hard to decentralize, but inventory software, workflow coordination, and selected non-critical hardware modules have some open-system potential.

6.0/10

BD reported profitable fiscal 2025 operations with about $1.7 billion of net income on about $21.8 billion of revenue, but margins are not software-platform-like.

37.4x

Macrotrends listed a late-May 2026 BDX P/E ratio around 37, while its page also showed conflicting current-summary values; this should be treated as market-data dependent.

$40.7B

CompaniesMarketCap reported Becton Dickinson market capitalization of about $40.67 billion as of May 2026.

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$3.5B

Derived from market cap, moat resistance, decentralizability, and profitability. It is a directional estimate of value capture that could come under pressure if open alternatives compound.

8.0/10

Permitted quarry reserves, plant networks, freight economics, and local market density create strong structural barriers in aggregates and downstream construction materials.

3.0/10

The products are physical, regulated, heavy, and quality-sensitive, but recycling loops and open local production equipment can decentralize some lower-spec and local construction-material needs.

8.0/10

The 2025 annual report showed positive earnings and margin expansion, with aggregates-led profit growth supporting a high profitability score.

31.8x

StockAnalysis reported a recent P/E ratio of 31.82 for VMC.

$34.9B

StockAnalysis reported a recent market capitalization of about $34.90 billion; CompaniesMarketCap also tracks the company as a public market-cap constituent.

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$3.3B

Derived from market cap, moat resistance, decentralizability, and profitability. It is a directional estimate of value capture that could come under pressure if open alternatives compound.

8.0/10

Regulated utility service territories, owned grid and gas infrastructure, interconnection control, and capital recovery mechanisms create a high replacement barrier despite political and wildfire-related pressure.

3.0/10

Behind-the-meter solar, batteries, demand response, VPPs, and microgrids can decentralize pieces of the service, but full replacement of a regulated electric and gas utility remains difficult because safety, wires, dispatch, billing, and reliability are centralized functions.

6.0/10

Recent public market data shows positive trailing net income and a utility-style earnings base, but profitability is moderated by heavy capital needs, debt, regulatory outcomes, and wildfire-related risk.

12.8x

StockAnalysis reported a trailing P/E ratio of 12.75 for PCG around late May 2026; this is market-data dependent and should be refreshed before publication if exact valuation precision matters.

$36.3B

StockAnalysis reported PG&E Corporation market capitalization of approximately $36.31 billion as of May 22, 2026.

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$3.1B

Derived from market cap, moat resistance, decentralizability, and profitability. It is a directional estimate of value capture that could come under pressure if open alternatives compound.

8.0/10

Large installed base, regulated laboratory workflows, precision hardware, consumables, service contracts, and proprietary acquisition software create high switching costs.

3.0/10

Open software can pressure analysis and data workflows, but replacing high-end LC/MS hardware requires precision engineering, validation, service infrastructure, and compliance acceptance.

8.0/10

Agilent reported fiscal 2025 revenue of $6.95 billion and GAAP net income of $1.303 billion, indicating durable profitability for a specialized laboratory-tools supplier.

25.3x

CompaniesMarketCap reported Agilent's trailing P/E ratio at about 25.3 in May 2026; valuation metrics move with price and earnings timing.

$32.5B

CompaniesMarketCap reported Agilent's market capitalization at about $32.48 billion as of May 2026.

$19.6B

StockAnalysis reports Agilent's historical market capitalization at about $19.58 billion on November 18, 1999, the date Agilent identifies as its initial public offering.

1.7x

Current market cap divided by the IPO market cap implied on 1999-11-18.

1.9%

Compound annual market cap growth from the IPO date 1999-11-18 through the snapshot date 2026-06-03.

$3.1B

Derived from market cap, moat resistance, decentralizability, and profitability. It is a directional estimate of value capture that could come under pressure if open alternatives compound.

9.0/10

Regulated electric, gas, and steam delivery networks in dense New York service territories create a very strong infrastructure and regulatory moat.

3.0/10

Core utility delivery networks are difficult to decentralize, but demand response, distributed energy resources, building electrification, and thermal networks create meaningful partial decentralization paths.

7.0/10

Con Edison is a large regulated utility with substantial recurring operating revenue and continued earnings, though profitability is bounded by rate regulation and capital intensity.

19.1x

CompaniesMarketCap reported Consolidated Edison's trailing P/E ratio at about 19.1 as of May 2026.

$39.8B

Market-data snapshots around late May 2026 placed Consolidated Edison's equity value near $39.8 billion.

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$2.7B

Derived from market cap, moat resistance, decentralizability, and profitability. It is a directional estimate of value capture that could come under pressure if open alternatives compound.

7.2/10

The incumbent combines brand, installed base, integrations, and enterprise switching costs in its category.

5.8/10

Open-source challengers can decentralize some workflow control, but enterprise integrations and procurement inertia remain meaningful.

6.5/10

Public financial posture and SaaS gross-margin structure suggest meaningful monetization quality, though exact margin mix varies.

22.0x

Approximate valuation multiple placeholder from public market context; exact ratio can drift materially.

$9.6B

Approximate market cap snapshot from CompaniesMarketCap.

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$2.0B

Derived from market cap, moat resistance, decentralizability, and profitability. It is a directional estimate of value capture that could come under pressure if open alternatives compound.

6.4/10

The incumbent combines brand, installed base, integrations, and enterprise switching costs in its category.

6.2/10

Open-source challengers can decentralize some workflow control, but enterprise integrations and procurement inertia remain meaningful.

7.1/10

Public financial posture and SaaS gross-margin structure suggest meaningful monetization quality, though exact margin mix varies.

14.0x

Approximate valuation multiple placeholder from public market context; exact ratio can drift materially.

$6.4B

Approximate market cap snapshot from CompaniesMarketCap.

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$1.7B

Derived from market cap, moat resistance, decentralizability, and profitability. It is a directional estimate of value capture that could come under pressure if open alternatives compound.

8.0/10

Exxon Mobil combines reserve access, large upstream and refining assets, logistics, branded retail distribution, and very large cash generation, which together create a durable incumbent position.

3.0/10

Distributed energy can pressure transport-fuel demand, but Exxon Mobil's core upstream and refining businesses remain difficult to replace directly with open or local systems today.

8.0/10

The company reported $28.8 billion of 2025 earnings and $52.0 billion of operating cash flow, indicating strong absolute profitability despite commodity cyclicality.

22.6x

StockAnalysis listed Exxon Mobil at a trailing P/E ratio of 22.62 in March 2026.

$631.6

CompaniesMarketCap listed Exxon Mobil at about $631.59 billion in market capitalization in March 2026, ranking it around 17th globally.

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$60.0

Derived from market cap, moat resistance, decentralizability, and profitability. It is a directional estimate of value capture that could come under pressure if open alternatives compound.

8.9/10

Mastercard combines a global acceptance network, issuer and acquirer integrations, brand trust, regulatory scale, and a growing layer of adjacent services that deepen switching costs.

4.2/10

The core card-network model is centralized and regulated, but open Bitcoin and Lightning tools can bypass parts of the incumbent stack for some merchant acceptance and community payment use cases.

9.3/10

Mastercard reported $15.582 billion of operating income on $28.167 billion of net revenue and $12.874 billion of net income in 2024, implying unusually strong operating and net margins for a large-cap financial infrastructure company.

30.4x

CompaniesMarketCap listed Mastercard's trailing P/E ratio at about 30.4 as of March 2026.

$449.8

CompaniesMarketCap listed Mastercard at approximately $449.78 billion in market capitalization and rank #23 globally as of March 2026.

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$49.5

Derived from market cap, moat resistance, decentralizability, and profitability. It is a directional estimate of value capture that could come under pressure if open alternatives compound.

8.0/10

Deep switching costs from embedded consumer relationships, massive branch and ATM network, regulatory licensing barriers, and the Merrill Lynch wealth management franchise create a durable multi-layered moat. Fintech competition has pressured fee income but not dislodged core deposits at scale.

3.0/10

Core banking functions (savings, payments, lending) are theoretically replaceable by Bitcoin, Lightning, and DeFi protocols, but regulatory requirements and UX gaps keep adoption limited. Wealth management faces more near-term disruption from low-cost index funds and robo-advisors. Investment banking is very hard to decentralize. Overall decentralizability is low today but non-trivial over a decade.

7.0/10

Bank of America reported net income of approximately $27 billion in 2024 with a return on tangible common equity (ROTCE) around 12–14%. Profitability is solid but cyclically sensitive to interest rate moves and credit-loss cycles.

14.0x

Banks typically trade at lower P/E multiples reflecting cyclicality and regulatory capital constraints. BAC traded at roughly 13–15x trailing earnings as of early 2026, in line with large-cap diversified bank peers.

$320.0

Bank of America's market cap was approximately $300–340 billion as of March 2026, placing it roughly in the 28–32 range among S&P 500 constituents by market cap.

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$28.8

Derived from market cap, moat resistance, decentralizability, and profitability. It is a directional estimate of value capture that could come under pressure if open alternatives compound.

9.0/10

Micron combines leading-edge memory fabrication, HBM packaging, broad DRAM/NAND/NOR coverage, and deep qualification relationships in a market with very few credible global suppliers.

2.0/10

Leading-edge DRAM, NAND, and HBM production remains highly centralized because it requires fabs, equipment, packaging expertise, and supply-chain coordination that are far beyond community-scale manufacturing today.

8.0/10

Micron reported fiscal 2025 GAAP net income of $8.539 billion on $37.378 billion of revenue, indicating strong profitability for the current upcycle even though memory remains structurally cyclical.

39.4x

CompaniesMarketCap listed Micron's trailing P/E ratio at 39.4 as of March 2026; this is market-derived and can move materially with price and earnings revisions.

$471.2

CompaniesMarketCap listed Micron at roughly $471.23 billion in market capitalization in March 2026, placing it around rank 21 globally on that snapshot.

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$22.4

Derived from market cap, moat resistance, decentralizability, and profitability. It is a directional estimate of value capture that could come under pressure if open alternatives compound.

9.0/10

Coca-Cola holds one of the world's strongest consumer brand moats, reinforced by a global franchise bottling network, cold-drink infrastructure lock-in, and a 200+ brand portfolio spanning every non-alcoholic beverage category. The brand has demonstrated durable pricing power and competitive resilience for 130+ years.

2.0/10

Physical beverage production and cold-chain distribution are inherently centralized. Home brewing and open-source recipes (OpenCola) exist but do not constitute viable commercial alternatives at scale. Brand equity is even harder to replicate outside centralized marketing infrastructure. Score reflects near-zero disruption risk from decentralized technology waves.

8.0/10

Comparable operating margins of 28-32%; reported net profit margins approximately 22-24% on ~$47B in FY 2024 revenues. The asset-light concentrate model and pricing power sustain industry-leading margins for a consumer staples company. Dividend raised for 60+ consecutive years signals sustained free cash flow generation.

24.0x

Trailing P/E estimated at approximately 22-26x as of early 2026, consistent with Coca-Cola's historical premium valuation as a Dividend King defensive staples holding. Midpoint of 24 used; verify current figure via companiesmarketcap.com or financial data providers.

$260.0

Market capitalization estimated at approximately $255-265 billion USD as of early 2026, placing KO in the S&P 500 ranks 26-35. Value in billions USD; verify current figure at companiesmarketcap.com.

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$12.4

Derived from market cap, moat resistance, decentralizability, and profitability. It is a directional estimate of value capture that could come under pressure if open alternatives compound.

8.5/10

Exclusive dealer network (~160 dealers, ~2,800 branches, 24-hr parts guarantee), multi-decade aftermarket annuity, MineStar autonomy data flywheel with 1B+ tonnes hauled, century-old brand trust premium, and product breadth enabling single-OEM job site supply. No competitor has fully replicated this combination.

2.0/10

Large mining trucks and construction equipment cannot be manufactured in microfactories; safety regulations, materials requirements, and service infrastructure requirements make distributed production practically impossible at commercial scale. Open Source Ecology's GVCS is the most developed open-source alternative but covers only small-scale, low-capability machines.

8.0/10

2023 adjusted operating margin ~22–23% (record), free cash flow >$7B, 30+ consecutive dividend increases qualifying Cat as a Dividend Aristocrat, A/A2 credit rating. 2024 moderated as construction markets softened but Energy & Transportation remained resilient.

17.0x

Approximate trailing P/E in the 15–20x range, reflecting cyclical industrial valuation after the 2023 earnings peak; verify current ratio at investors.caterpillar.com.

$150.0

Approximate market cap of ~$145–160 billion based on the March 2026 S&P 500 ranks 26–35 snapshot; verify current value at companiesmarketcap.com/caterpillar/marketcap/.

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$8.3

Derived from market cap, moat resistance, decentralizability, and profitability. It is a directional estimate of value capture that could come under pressure if open alternatives compound.

8.8/10

PMI combines global distribution, heavy regulatory capability, flagship smoke-free brands, and incumbent cash flows that fund migration from cigarettes into proprietary alternatives such as IQOS and ZYN.

1.2/10

Nicotine products are highly regulated, addictive, and tied to controlled manufacturing, age-gated distribution, and product-specific authorizations, leaving little honest room for open or decentralized substitution at the product layer.

8.7/10

PMI reported more than $40 billion in 2025 net revenue and said adjusted operating margin returned to above 40% in 2025, supporting a strong profitability assessment.

29.7x

CompaniesMarketCap listed PMI's trailing P/E ratio at 29.7 in March 2026.

$255.1

CompaniesMarketCap listed Philip Morris International at roughly $255.09 billion in market capitalization in March 2026.

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$8.0

Derived from market cap, moat resistance, decentralizability, and profitability. It is a directional estimate of value capture that could come under pressure if open alternatives compound.

9.0/10

Multi-year equipment qualification cycles, a dense 60-year IP portfolio, and process recipe lock-in embedded in customers' overall fab integration create near-impenetrable switching costs. Only four to five global peers can compete on leading-edge deposition and etch.

1.0/10

Leading-edge chip fab equipment requires billion-dollar clean rooms, angstrom-level tolerances, and decades of accumulated IP. No open-source or community-scale equivalent exists or is plausibly near-term. The design layer has meaningful open alternatives; the physical equipment layer does not.

8.0/10

Applied Materials consistently earns 25–28% net margins and 30%+ operating margins in up-cycles. FY2025 revenue was approximately $27 billion with net income near $7 billion. The services segment provides recurring margin cushion during equipment down-cycles.

20.0x

AMAT traded at approximately 18–22x forward earnings in early 2026, reflecting AI-driven capex tailwinds offset by cyclicality concerns and geopolitical export restrictions on China sales.

$140.0

Approximate market capitalization of $135–145 billion as of early March 2026, placing AMAT among the 30–35 largest S&P 500 companies by market cap.

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$3.3

Derived from market cap, moat resistance, decentralizability, and profitability. It is a directional estimate of value capture that could come under pressure if open alternatives compound.

86.0/10

Nationwide wireless service combines scarce spectrum, capital-intensive radio infrastructure, brand scale, billing relationships, device distribution, and regulatory obligations that are hard for decentralized entrants to replicate at national scale.

31.0/10

Localized private 5G, open RAN, and community broadband can decentralize pieces of access, but national mobile coverage, licensed spectrum, subscriber identity, roaming, and emergency-service obligations remain carrier-centered.

82.0/10

The 2025 reporting period showed large-scale revenue and more than $10 billion of net income, indicating strong profitability for a capital-intensive telecom operator.

20.4x

Public market-data pages reported a trailing P/E ratio of about 20.35 near the May 22, 2026 close.

$210.2B

CompaniesMarketCap reported T-Mobile US market capitalization of about $210.16 billion in May 2026.

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$0.0