VOL. XCIV, NO. 247

★ WIDE MOAT STOCKS COMPARISON ★

NO ADVICE

Friday, January 2, 2026

Wide Moat Stocks Home My Collections

Stock Comparison

Adyen N.V. vs Constellation Software Inc.

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

Adyen N.V.

ADYEN · Euronext Amsterdam

Market cap (USD)$43.8B

Gross margin (TTM)80.8%

Operating margin (TTM)40%

Net margin (TTM)35.1%

SectorFinancials

IndustrySoftware - Infrastructure

CountryNL

Data as of2025-12-28

Moat score

63/ 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 Adyen N.V.'s moat claims, evidence, and risks.

View ADYEN analysis

Constellation Software Inc.

CSU · Toronto Stock Exchange

Market cap (USD)—

Gross margin (TTM)—

Operating margin (TTM)—

Net margin (TTM)—

SectorTechnology

Industry—

CountryCA

Data as of2026-01-02

Moat score

74/ 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 Constellation Software Inc.'s moat claims, evidence, and risks.

View CSU analysis

Comparison highlights

Moat score gap: Constellation Software Inc. leads (74 / 100 vs 63 / 100 for Adyen N.V.).
Segment focus: Adyen N.V. has 3 segments (58.4% in Digital); Constellation Software Inc. has 6 segments.
Primary market structure: Oligopoly vs Competitive. Pricing power: Moderate vs Moderate.
Moat breadth: Adyen N.V. has 6 moat types across 4 domains; Constellation Software Inc. has 3 across 2.

Primary market context

Adyen N.V.

Digital

Market

Enterprise payment processing and acquiring for online/digital commerce

Geography

Global

Customer

Enterprise merchants and digital-native businesses

Role

PSP / gateway + processor + (direct or indirect) acquiring enablement

Revenue share

58.4%

Constellation Software Inc.

Volaris Operating Group

Market

Vertical market software (VMS) portfolios across diverse industries (Volaris)

Geography

Global (North America, Continental Europe, UK, Australia, South America, Africa)

Customer

Organizations in specific verticals (mix of public and private sector)

Role

Vertical market software vendor (application provider + long-term maintainer)

Side-by-side metrics

Adyen N.V.

Constellation Software Inc.

Ticker / Exchange

ADYEN - Euronext Amsterdam

CSU - Toronto Stock Exchange

Market cap (USD)

$43.8B

n/a

Gross margin (TTM)

80.8%

n/a

Operating margin (TTM)

40%

n/a

Net margin (TTM)

35.1%

n/a

Sector

Financials

Technology

Industry

Software - Infrastructure

n/a

HQ country

Primary segment

Digital

Volaris Operating Group

Market structure

Oligopoly

Competitive

Market share

n/a

HHI estimate

n/a

Pricing power

Moderate

Moat score

63 / 100

74 / 100

Moat domains

Network, Demand, Legal, Supply

Demand, Supply

Last update

2025-12-28

2026-01-02

Moat coverage

Shared moat types

Operational ExcellenceSwitching Costs General

Adyen N.V. strengths

Data Network EffectsData Workflow LockinCompliance AdvantageSuite Bundling

Constellation Software Inc. strengths

Installed Base Consumables

Segment mix

Adyen N.V. segments

Full profile >

Digital

Oligopoly

58.4%

Unified Commerce

Competitive

30.6%

Platforms

Oligopoly

11%

Constellation Software Inc. segments

Full profile >

Volaris Operating Group

Competitive

n/a

Harris Operating Group

Competitive

n/a

Topicus.com Operating Group

Competitive

n/a

Jonas Operating Group

Competitive

n/a

Perseus Operating Group

Competitive

n/a

Vela Operating Group

Competitive

n/a

Want the full wide moat stocks list?

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

View the moat stocks list

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.