VOL. XCIV, NO. 247

★ WIDE MOAT STOCKS COMPARISON ★

Stock Comparison

Aon plc vs Intercontinental Exchange, Inc.

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

Aon plc

AON · New York Stock Exchange

Market cap (USD)$67.8B
Gross margin (TTM)66%
Operating margin (TTM)27.6%
Net margin (TTM)22.5%
SectorFinancials
IndustryInsurance - Brokers
CountryIE
Data as of2025-12-31
Moat score
70/ 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 Aon plc's moat claims, evidence, and risks.

View AON analysis

Intercontinental Exchange, Inc.

ICE · New York Stock Exchange

Market cap (USD)$84.4B
Gross margin (TTM)69%
Operating margin (TTM)40.8%
Net margin (TTM)30%
SectorFinancials
IndustryFinancial - Data & Stock Exchanges
CountryUS
Data as of2026-05-26
Moat score
91/ 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 Intercontinental Exchange, Inc.'s moat claims, evidence, and risks.

View ICE analysis

Comparison highlights

  • Moat score gap: Intercontinental Exchange, Inc. leads (91 / 100 vs 70 / 100 for Aon plc).
  • Segment focus: Aon plc has 2 segments (67% in Risk Capital); Intercontinental Exchange, Inc. has 4 segments (46.2% in Exchange transaction and clearing).
  • Primary market structure: Oligopoly vs Oligopoly. Pricing power: Moderate vs Strong.
  • Moat breadth: Aon plc has 6 moat types across 3 domains; Intercontinental Exchange, Inc. has 8 across 4.

Primary market context

Aon plc

Risk Capital

Market

Large-account commercial insurance & reinsurance brokerage and risk advisory

Geography

Global

Customer

Enterprises, insurers, reinsurers

Role

Intermediary/advisor

Revenue share

67%

Intercontinental Exchange, Inc.

Exchange transaction and clearing

Market

Global regulated derivatives, cash equities, equity options, OTC energy trading and clearing venues

Geography

Global, with major venues and clearing houses in the U.S., U.K., EU, Canada, Asia Pacific and the Middle East

Customer

Financial institutions, asset managers, market makers, hedgers, corporates, energy firms and brokers

Role

Regulated exchange operator, execution venue and central counterparty clearing infrastructure

Revenue share

46.2%

Side-by-side metrics

Aon plc
Intercontinental Exchange, Inc.
Ticker / Exchange
AON - New York Stock Exchange
ICE - New York Stock Exchange
Market cap (USD)
$67.8B
$84.4B
Gross margin (TTM)
66%
69%
Operating margin (TTM)
27.6%
40.8%
Net margin (TTM)
22.5%
30%
Sector
Financials
Financials
Industry
Insurance - Brokers
Financial - Data & Stock Exchanges
HQ country
IE
US
Primary segment
Risk Capital
Exchange transaction and clearing
Market structure
Oligopoly
Oligopoly
Market share
n/a
19.8%-20.1% (reported)
HHI estimate
n/a
n/a
Pricing power
Moderate
Strong
Moat score
70 / 100
91 / 100
Moat domains
Demand, Supply, Legal
Network, Financial, Demand, Supply
Last update
2025-12-31
2026-05-26

Moat coverage

Shared moat types

Data Workflow LockinBrand Trust

Aon plc strengths

Switching Costs GeneralService Field NetworkCompliance AdvantageScale Economies Unit Cost

Intercontinental Exchange, Inc. strengths

Two Sided NetworkBenchmark Pricing PowerClearing SettlementScope EconomiesEcosystem ComplementsData Network Effects

Segment mix

Aon plc segments

Full profile >

Risk Capital

Oligopoly

67%

Human Capital

Oligopoly

33.2%

Intercontinental Exchange, Inc. segments

Full profile >

Exchange transaction and clearing

Oligopoly

46.2%

Exchange data, connectivity and listings

Oligopoly

13.6%

Fixed Income and Data Services

Oligopoly

22.1%

Mortgage Technology

Quasi-Monopoly

18.1%

Want the full wide moat stocks list?

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

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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.