VOL. XCIV, NO. 247

★ WIDE MOAT STOCKS COMPARISON ★

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Sunday, January 11, 2026

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Stock Comparison

Amazon.com, Inc. vs Morningstar, Inc.

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

Amazon.com, Inc.

AMZN · NASDAQ

Market cap (USD)$2.6T

Gross margin (TTM)50.1%

Operating margin (TTM)11%

Net margin (TTM)11.1%

SectorConsumer

IndustrySpecialty Retail

CountryUS

Data as of2025-12-29

Moat score

87/ 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 Amazon.com, Inc.'s moat claims, evidence, and risks.

View AMZN 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: Amazon.com, Inc. leads (87 / 100 vs 67 / 100 for Morningstar, Inc.).
Segment focus: Amazon.com, Inc. has 4 segments (73.5% in Amazon Stores (Retail, Marketplace, Prime Subscriptions)); Morningstar, Inc. has 7 segments (34.6% in Morningstar Data and Analytics).
Moat breadth: Amazon.com, Inc. has 10 moat types across 4 domains; Morningstar, Inc. has 6 across 3.

Primary market context

Amazon.com, Inc.

Amazon Stores (Retail, Marketplace, Prime Subscriptions)

Market

US retail ecommerce marketplace and online retail (integrated fulfillment + membership shipping)

Geography

United States

Customer

Consumers and third-party merchants

Role

Marketplace operator, retailer, and fulfillment provider

Revenue share

73.5%

Morningstar, Inc.

Morningstar Data and Analytics

Market

Investment data, research, and analytics platforms

Geography

Global

Revenue share

34.6%

Side-by-side metrics

Amazon.com, Inc.

Morningstar, Inc.

Ticker / Exchange

AMZN - NASDAQ

MORN - NASDAQ

Market cap (USD)

$2.6T

n/a

Gross margin (TTM)

50.1%

n/a

Operating margin (TTM)

11%

n/a

Net margin (TTM)

11.1%

n/a

Sector

Consumer

Financials

Industry

Specialty Retail

n/a

HQ country

Primary segment

Amazon Stores (Retail, Marketplace, Prime Subscriptions)

Morningstar Data and Analytics

Market structure

Oligopoly

Market share

39%-42% (estimated)

n/a

HHI estimate

n/a

Pricing power

Moderate

Moat score

87 / 100

67 / 100

Moat domains

Supply, Demand, Network, Financial

Demand, Network, Legal

Last update

2025-12-29

2026-01-10

Moat coverage

Shared moat types

Suite Bundling

Amazon.com, Inc. strengths

Capex Knowhow ScaleScope EconomiesLong Term ContractsTwo Sided NetworkPhysical Network DensityHabit DefaultNegative Working CapitalDistribution ControlData Network Effects

Morningstar, Inc. strengths

Data Workflow LockinDe Facto StandardRegulated Standards PipeTraining Org Change CostsIP Choke Point

Segment mix

Amazon.com, Inc. segments

Full profile >

Amazon Web Services (AWS)

Oligopoly

16.9%

Amazon Stores (Retail, Marketplace, Prime Subscriptions)

Oligopoly

73.5%

Advertising Services (Amazon Ads / Retail Media)

Oligopoly

8.8%

Other (healthcare, content licensing/distribution, shipping services, co-branded credit card agreements, etc.)

Competitive

0.9%

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.

View the moat stocks list

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.