VOL. XCIV, NO. 247

★ WIDE MOAT STOCKS COMPARISON ★

NO ADVICE

Wednesday, December 31, 2025

Stock Comparison

Cadence Design Systems, Inc. vs Intercontinental Exchange, Inc.

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

Cadence Design Systems, Inc.

CDNS · NASDAQ

Market cap (USD)$86.5B
SectorTechnology
CountryUS
Data as of2025-12-29
Moat score
84/ 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 Cadence Design Systems, Inc.'s moat claims, evidence, and risks.

View CDNS analysis

Intercontinental Exchange, Inc.

ICE · New York Stock Exchange

Market cap (USD)
SectorFinancials
CountryUS
Data as of2025-12-30
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 Intercontinental Exchange, Inc.'s moat claims, evidence, and risks.

View ICE analysis

Comparison highlights

  • Moat score gap: Intercontinental Exchange, Inc. leads (87 / 100 vs 84 / 100 for Cadence Design Systems, Inc.).
  • Segment focus: Cadence Design Systems, Inc. has 3 segments (71% in Core EDA); Intercontinental Exchange, Inc. has 3 segments (53.4% in Exchanges).
  • Moat breadth: Cadence Design Systems, Inc. has 8 moat types across 3 domains; Intercontinental Exchange, Inc. has 10 across 4.

Primary market context

Cadence Design Systems, Inc.

Core EDA

Market

Electronic design automation tools for semiconductor IC design and verification (digital, custom/analog, signoff, functional verification)

Geography

Global

Customer

Semiconductor designers (fabless and IDMs) and system companies with in-house silicon teams

Role

Tool vendor / workflow platform

Revenue share

71%

Intercontinental Exchange, Inc.

Exchanges

Market

Derivatives, cash equities, and listings exchanges plus central clearing (CCP) services

Geography

Global

Customer

Market participants (banks, broker-dealers, asset managers, proprietary traders) and issuers

Role

Exchange operator + clearing house (CCP)

Revenue share

53.4%

Side-by-side metrics

Cadence Design Systems, Inc.
Intercontinental Exchange, Inc.
Ticker / Exchange
CDNS - NASDAQ
ICE - New York Stock Exchange
Market cap (USD)
$86.5B
n/a
Sector
Technology
Financials
HQ country
US
US
Primary segment
Core EDA
Exchanges
Market structure
Oligopoly
Oligopoly
Market share
29%-31% (estimated)
75% (reported)
HHI estimate
n/a
n/a
Pricing power
Strong
Strong
Moat score
84 / 100
87 / 100
Moat domains
Demand, Legal, Supply
Network, Legal, Demand, Supply
Last update
2025-12-29
2025-12-30

Moat coverage

Shared moat types

Data Workflow Lockin

Cadence Design Systems, Inc. strengths

Suite BundlingLong Term ContractsDesign In QualificationInstalled Base ConsumablesIP Choke PointCapex Knowhow ScaleService Field Network

Intercontinental Exchange, Inc. strengths

Clearing SettlementConcession LicenseTwo Sided NetworkBrand TrustData Network EffectsPhysical Network DensityInteroperability HubStandards RegistryCompliance Advantage

Segment mix

Cadence Design Systems, Inc. segments

Full profile >

Core EDA

Oligopoly

71%

Semiconductor IP

Oligopoly

13%

System Design and Analysis

Competitive

16%

Intercontinental Exchange, Inc. segments

Full profile >

Exchanges

Oligopoly

53.4%

Fixed Income and Data Services

Oligopoly

24.8%

Mortgage Technology

Oligopoly

21.8%

Want the full wide moat stocks list?

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

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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.