VOL. XCIV, NO. 247

★ WIDE MOAT STOCKS COMPARISON ★

NO ADVICE

Wednesday, December 31, 2025

Stock Comparison

Booking Holdings Inc. vs Nasdaq, 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)$175.6B
SectorConsumer
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

Nasdaq, Inc.

NDAQ · NASDAQ

Market cap (USD)
SectorFinancials
CountryUS
Data as of2025-12-31
Moat score
76/ 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 Nasdaq, Inc.'s moat claims, evidence, and risks.

View NDAQ analysis

Comparison highlights

  • Moat score gap: Booking Holdings Inc. leads (77 / 100 vs 76 / 100 for Nasdaq, Inc.).
  • Segment focus: Booking Holdings Inc. has 2 segments (95.5% in OTC online travel reservations (Booking.com, Priceline, Agoda)); Nasdaq, Inc. has 3 segments (42.4% in Capital Access Platforms).
  • Moat breadth: Booking Holdings Inc. has 5 moat types across 4 domains; Nasdaq, Inc. has 9 across 5.

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%

Nasdaq, Inc.

Capital Access Platforms

Market

Issuer and investor solutions: listings, index licensing, market data, and investment analytics/workflow platforms

Geography

Global (with major exposure to U.S. and Nordic/Baltic markets)

Customer

Public/private companies (issuers), asset managers, institutional investors, data subscribers

Role

Listing venue + index administrator/licensor + data/analytics provider

Revenue share

42.4%

Side-by-side metrics

Booking Holdings Inc.
Nasdaq, Inc.
Ticker / Exchange
BKNG - NASDAQ Global Select Market
NDAQ - NASDAQ
Market cap (USD)
$175.6B
n/a
Sector
Consumer
Financials
HQ country
US
US
Primary segment
OTC online travel reservations (Booking.com, Priceline, Agoda)
Capital Access Platforms
Market structure
Oligopoly
Oligopoly
Market share
23%-31% (implied)
80%-84% (reported)
HHI estimate
n/a
n/a
Pricing power
Moderate
Moderate
Moat score
77 / 100
76 / 100
Moat domains
Network, Demand, Supply, Financial
Legal, Network, Supply, Demand, Financial
Last update
2025-12-25
2025-12-31

Moat coverage

Shared moat types

Two Sided NetworkBrand Trust

Booking Holdings Inc. strengths

Habit DefaultScope EconomiesFloat Prepayment

Nasdaq, Inc. strengths

Concession LicensePhysical Network DensityDe Facto StandardBenchmark Pricing PowerData Workflow LockinCompliance AdvantageLong Term Contracts

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%

Nasdaq, Inc. segments

Full profile >

Market Services

Competitive

21.9%

Capital Access Platforms

Oligopoly

42.4%

Financial Technology

Competitive

35.6%

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.