Compare moats
Up to three covered companies, band by band. Every call is a curated editorial judgment, never a disclosed figure — and every band carries its cited basis.
| Nokia | Digital Realty Trust | MongoDB | |
|---|---|---|---|
| Moat rating | narrow The advantage is narrow and confined to one small unit. In the FY2025 20-F (filed 2026-03-05), Nokia Technologies turned EUR 1 501m of net sales into EUR 1 059m of operating profit (70.6%) while the group earned EUR 885m on EUR 19 889m (4.4%) — licensing out-earned the whole company on 7.5% of sales. Mobile Networks ran a 2.8% margin, down 270bps from 5.5% in 2024, against risk factors citing "equipment price erosion and aggressive price competition". Nokia Technologies net sales fell 22% from EUR 1 928m and operating profit 30% on 2024 catch-up, yet it is not eroding: over EUR 800m of contracted recurring revenue runs through 2030 and Technology Standards grew 12% cc in H1'26. | narrow The FY2025 10-K's own competitive record cuts both ways. Item 1 says a "high-quality, highly interconnected global portfolio such as ours could not be easily replicated today on a cost-competitive basis," yet Item 1A concedes that competitors have "significantly greater financial, marketing and other resources and more ready access to capital" and that as rivals keep developing space, "rental rates may be reduced or we may face delays in leasing." A durable advantage that its own filing says new supply can price against is bounded, not unassailable. | narrow The FY2026 10-K frames a 'rapidly evolving and highly competitive' database market where the principal rivals — 'legacy database providers and large cloud providers' — hold explicit advantages: 'longer operating histories, more established relationships … significantly greater financial, technical, marketing or other resources … broader global distribution,' and can offer competing products 'at a low cost or no cost.' A developer-mindshare and switching-cost position is defensible but not wide against that field. |
| Moat type | intangibles ip The advantage is standard-essential cellular patents, and it lives in one unit. Nokia Technologies conducts "cellular, multimedia and WiFi research and standardization, protects Nokia's innovation by securing patents" and "monetizes Nokia's innovation through patent licensing", across "more than 26 000 families, including over 8 000 essential to 5G" and "more than 250 licensees" including Apple, Samsung and Mercedes-Benz. It is not network effects or switching costs: customers "may also consolidate their supplier base to our disadvantage - all the way to a one-supplier model". From 1 January 2026 the unit reports as Technology Standards inside Mobile Infrastructure. | network effects Item 1 attributes the hard-to-replicate part of the portfolio to connectivity rather than to real estate: "the network density, interconnection infrastructure and connectivity-centric customers in certain of our data centers have led to the organic formation of densely connected data communities that are difficult for competitors to replicate." That community sits on over 232,000 cross connects in over 55 metros, so each network and cloud that lands makes the same building worth more to the next tenant. | switching costs A database is the system an application is built on: the 10-K states 'a database directly impacts an application's performance, scalability, flexibility and reliability,' and Atlas is 'our managed multi-cloud database-as-a-service' running the customer's live workloads — re-platforming a database is a rewrite, not a swap. |
| Leadership | at parity Nokia is top-three almost everywhere and decisive only in slices. The 20-F reports that "Dell'Oro and Omdia ranked Nokia third in global Mobile RAN market share for the first three quarters", and Radio Networks is the largest single business unit (EUR 1 765m of EUR 4 815m group, Q2'26). It also holds #2 in global optical, #1 in IP edge routing and #1 in xPON OLT for a sixth year (Dell'Oro/Omdia Q3'25), while in data centers it competes "against large incumbent players" and calls expansion "challenging". 2025 segment sales were Network Infrastructure EUR 7 986m vs Mobile Networks EUR 7 806m; the Q2'26 6-K shows Optical +20%, IP +16% cc, AI & Cloud EUR 446m vs 220m, Radio +7%. | co leader Item 1 claims the title of "the largest global provider of cloud- and carrier-neutral data center, colocation and interconnection solutions," but the Competition section names Equinix and NTT as operators of properties "similar to ours in some of the same metropolitan areas," plus Global Switch and regional operators abroad — a shared top tier on the company's own telling, not a solitary one. | co leader The 10-K positions MongoDB as the leading document database by developer mindshare but names 'legacy database providers and large cloud providers' as better-resourced rivals across the broader database market — a category leader within a market it does not lead overall. |
| Pricing power | weak Pricing power is weak at the consolidated grain, in the filing's own words. The 20-F risk factors describe a market "characterized by maturing industry technologies... equipment price erosion and aggressive price competition", customers "reverting to vendors to compensate" for their own unit-revenue erosion, and warn Nokia "may increasingly be required to agree to less favorable contractual terms in order to remain competitive". Group operating margin was 4.4% in 2025. This band covers equipment, ~92% of sales, not licensing, whose FRAND-bound royalties ran a 70.6% margin; supply-tight optical is our inference, not filing text. | strong FY2025 renewals signed re-priced upward in every bucket — +27.0% on greater-than-1 MW space ($146 to $186 per square foot), +4.6% on 0-1 MW ($268 to $280) and +43.0% on other ($49 to $71) — and MD&A expects average aggregate rental rates on 2026 renewals to be positive against the rates currently paid for the same space "on a GAAP basis and on a cash basis." On costs, the filing says utilities expense "is our largest expense category" and that "the vast majority of the expense is passed directly through to our customers," which it credits with significantly mitigating exposure to power-cost increases rather than removing it. The cap: Item 1A warns competitor development could still force rates down. | moderate Owning the IP and the roadmap ('the determination of which features are included in our free or paid offerings') gives real list-price control, but the same filing flags competitors offering database products 'at a low cost or no cost basis,' which caps it. |
| Summary | Nokia's moat is real but small and segment-bound. Per the FY2025 Form 20-F (filed 2026-03-05; Nokia files a 20-F, not a 10-K), the cellular SEP portfolio — 26 000+ patent families, 8 000+ declared essential to 5G, 250+ licensees, EUR 800m+ annual contracted recurring revenue through 2030 — produced a 70.6% operating margin on EUR 1 501m of sales and out-earned the entire group (EUR 885m). Everything else is competitive equipment: group operating margin 4.4%, Mobile Networks 2.8% (-270bps), with the filing's own risk factors describing price erosion, less favorable contract terms and customers consolidating "all the way to a one-supplier model". Rankings are per-line (#3 RAN, #2 optical, #1 IP edge routing, #1 xPON OLT; Dell'Oro/Omdia Q3'25), never company-wide. Q2/H1'26 figures come from the 23 Jul 2026 6-K: sec.gov/Archives/edgar/data/924613/000110465926086081/tm2621179d1_6k.htm | Digital Realty rents space, power and connectivity rather than compute: at 2025 year-end its portfolio held 310 data centers and roughly 57.6 million rentable square feet across more than 55 metros in over 30 countries, about 84.7% leased, serving more than 5,000 customers. Two different businesses sit inside that footprint. The greater-than-1 MW wholesale side is a capital-and-power race — 769 MW of projects underway with 64% pre-leased, and land that "could accommodate over 3,500 megawatts of additional data center capacity" — where the 10-K names Equinix, NTT, Global Switch and "various private operators" as rivals and warns that added supply can push rents down. The colocation and interconnection side is the defended half: over 232,000 cross connects and the "densely connected data communities" Item 1 says competitors cannot easily replicate, reinforced by contracts the filing describes as generally running 5-10+ years on large deployments and by improvements "installed at our customers' expense." FY2025 leasing supports that read — renewals signed re-priced +27.0% on greater-than-1 MW space and +4.6% on 0-1 MW — while customer concentration is the offsetting exposure, with the largest customer at roughly 11.7% of annualized recurring revenue. | MongoDB monetizes developer mindshare that began as open source: the 10-K notes 'we own the intellectual property of our offerings since we are the creators of the software,' which lets it run a 'proprietary software subscription business model' and control the roadmap. The durable asset is the document-model install base and Atlas's managed multi-cloud workloads, positioned for AI as 'the underlying database … capable of processing queries against rich and complex data structures.' The counterweight, in the filing's own words, is that the large cloud providers it depends on for Atlas hosting are also its best-resourced competitors. |
| Chain position | — | Landlord to the AI stack — sells the space, power and interconnection that cloud, network and enterprise tenants run compute in (Oracle, IBM, Meta Platforms, AT&T, Comcast and Lumen are among the customers named in Item 1), with roughly 2.9 GW of total in-place IT capacity. | Layer-10 application-layer data platform — the operational database under AI and general software workloads. |
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| Long-horizon vote | -0.01 at weight 0.20 · swarm bearish Editorial prior, not backtested. | +0.17 at weight 0.20 · swarm neutral Editorial prior, not backtested. | +0.13 at weight 0.20 · swarm neutral Editorial prior, not backtested. |