VOL. XCIV, NO. 247

★ WIDE MOAT STOCKS COMPARISON ★

NO ADVICE

Sunday, January 11, 2026

Stock Comparison

Adobe Inc. vs Morningstar, Inc.

Compare moat strength, market structure, and segment coverage to understand how each company defends its edge.

Adobe Inc.

ADBE · NASDAQ

Market cap (USD)$139.8B
Gross margin (TTM)89.1%
Operating margin (TTM)36.6%
Net margin (TTM)30%
SectorTechnology
IndustrySoftware - Infrastructure
CountryUS
Data as of2025-12-22
Moat score
68/ 100

Weighted average of segment moat scores, combining moat strength, durability, confidence, market structure, pricing power, and market share.

Full stock profile

Dive deeper into Adobe Inc.'s moat claims, evidence, and risks.

View ADBE analysis

Morningstar, Inc.

MORN · NASDAQ

Market cap (USD)
Gross margin (TTM)
Operating margin (TTM)
Net margin (TTM)
SectorFinancials
Industry
CountryUS
Data as of2026-01-10
Moat score
67/ 100

Weighted average of segment moat scores, combining moat strength, durability, confidence, market structure, pricing power, and market share.

Full stock profile

Dive deeper into Morningstar, Inc.'s moat claims, evidence, and risks.

View MORN analysis

Comparison highlights

  • Moat score gap: Adobe Inc. leads (68 / 100 vs 67 / 100 for Morningstar, Inc.).
  • Segment focus: Adobe Inc. has 3 segments (74.3% in Digital Media); Morningstar, Inc. has 7 segments (34.6% in Morningstar Data and Analytics).
  • Primary market structure: Oligopoly vs Oligopoly. Pricing power: Strong vs Moderate.
  • Moat breadth: Adobe Inc. has 4 moat types across 2 domains; Morningstar, Inc. has 6 across 3.

Primary market context

Adobe Inc.

Digital Media

Market

Creative content creation and document productivity software subscriptions

Geography

Global

Customer

Individuals, SMB, enterprise

Role

Software platform

Revenue share

74.3%

Morningstar, Inc.

Morningstar Data and Analytics

Market

Investment data, research, and analytics platforms

Geography

Global

Revenue share

34.6%

Side-by-side metrics

Adobe Inc.
Morningstar, Inc.
Ticker / Exchange
ADBE - NASDAQ
MORN - NASDAQ
Market cap (USD)
$139.8B
n/a
Gross margin (TTM)
89.1%
n/a
Operating margin (TTM)
36.6%
n/a
Net margin (TTM)
30%
n/a
Sector
Technology
Financials
Industry
Software - Infrastructure
n/a
HQ country
US
US
Primary segment
Digital Media
Morningstar Data and Analytics
Market structure
Oligopoly
Oligopoly
Market share
n/a
n/a
HHI estimate
n/a
n/a
Pricing power
Strong
Moderate
Moat score
68 / 100
67 / 100
Moat domains
Demand, Network
Demand, Network, Legal
Last update
2025-12-22
2026-01-10

Moat coverage

Shared moat types

Suite BundlingDe Facto StandardData Workflow Lockin

Adobe Inc. strengths

Ecosystem Complements

Morningstar, Inc. strengths

Regulated Standards PipeTraining Org Change CostsIP Choke Point

Segment mix

Adobe Inc. segments

Full profile >

Digital Media

Oligopoly

74.3%

Digital Experience

Competitive

24.7%

Publishing and Advertising

Competitive

1.1%

Morningstar, Inc. segments

Full profile >

Morningstar Data and Analytics

Oligopoly

34.6%

PitchBook

Oligopoly

27.2%

Morningstar Credit

Oligopoly

12.8%

Morningstar Wealth

Competitive

10.9%

Morningstar Retirement

Competitive

5.6%

Morningstar Sustainalytics

Oligopoly

5.2%

Morningstar Indexes

Oligopoly

3.7%

Want the full wide moat stocks list?

Browse the full ranking of wide moat stocks, updated with moat scores and segment context.

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Looking for expansion-stage stocks?

Proven models entering the expansion stage with unit economics that work.

View expansion-stage stocks

Curation & Accuracy

This directory blends AI‑assisted discovery with human curation. Entries are reviewed, edited, and organized with the goal of expanding coverage and sharpening quality over time. Your feedback helps steer improvements (because no single human can capture everything all at once).

Details change. Pricing, features, and availability may be incomplete or out of date. Treat listings as a starting point and verify on the provider’s site before making decisions. If you spot an error or a gap, send a quick note and I’ll adjust.