VOL. XCIV, NO. 247

★ WIDE MOAT STOCKS COMPARISON ★

NO ADVICE

Sunday, January 11, 2026

Stock Comparison

Booking Holdings Inc. vs Morningstar, Inc.

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

Booking Holdings Inc.

BKNG · NASDAQ Global Select Market

Market cap (USD)$177B
Gross margin (TTM)100%
Operating margin (TTM)32.7%
Net margin (TTM)19.4%
SectorConsumer
IndustryTravel Services
CountryUS
Data as of2025-12-25
Moat score
77/ 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 Booking Holdings Inc.'s moat claims, evidence, and risks.

View BKNG 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: Booking Holdings Inc. leads (77 / 100 vs 67 / 100 for Morningstar, Inc.).
  • Segment focus: Booking Holdings Inc. has 2 segments (95.5% in OTC online travel reservations (Booking.com, Priceline, Agoda)); Morningstar, Inc. has 7 segments (34.6% in Morningstar Data and Analytics).
  • Moat breadth: Booking Holdings Inc. has 5 moat types across 4 domains; Morningstar, Inc. has 6 across 3.

Primary market context

Booking Holdings Inc.

OTC online travel reservations (Booking.com, Priceline, Agoda)

Market

Online travel agency (OTA) reservation platforms

Geography

Global

Customer

Two-sided: travelers (B2C) and travel service providers (B2B)

Role

Intermediary / marketplace

Revenue share

95.5%

Morningstar, Inc.

Morningstar Data and Analytics

Market

Investment data, research, and analytics platforms

Geography

Global

Revenue share

34.6%

Side-by-side metrics

Booking Holdings Inc.
Morningstar, Inc.
Ticker / Exchange
BKNG - NASDAQ Global Select Market
MORN - NASDAQ
Market cap (USD)
$177B
n/a
Gross margin (TTM)
100%
n/a
Operating margin (TTM)
32.7%
n/a
Net margin (TTM)
19.4%
n/a
Sector
Consumer
Financials
Industry
Travel Services
n/a
HQ country
US
US
Primary segment
OTC online travel reservations (Booking.com, Priceline, Agoda)
Morningstar Data and Analytics
Market structure
Oligopoly
Oligopoly
Market share
23%-31% (implied)
n/a
HHI estimate
n/a
n/a
Pricing power
Moderate
Moderate
Moat score
77 / 100
67 / 100
Moat domains
Network, Demand, Supply, Financial
Demand, Network, Legal
Last update
2025-12-25
2026-01-10

Moat coverage

Shared moat types

No overlap yet.

Booking Holdings Inc. strengths

Two Sided NetworkBrand TrustHabit DefaultScope EconomiesFloat Prepayment

Morningstar, Inc. strengths

Data Workflow LockinDe Facto StandardRegulated Standards PipeSuite BundlingTraining Org Change CostsIP Choke Point

Segment mix

Booking Holdings Inc. segments

Full profile >

OTC online travel reservations (Booking.com, Priceline, Agoda)

Oligopoly

95.5%

Metasearch & restaurant reservations (KAYAK, OpenTable)

Competitive

4.5%

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?

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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.