VOL. XCIV, NO. 247

★ WIDE MOAT STOCKS COMPARISON ★

NO ADVICE

Wednesday, December 31, 2025

Stock Comparison

Cadence Design Systems, Inc. vs Nasdaq, 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

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: Cadence Design Systems, Inc. leads (84 / 100 vs 76 / 100 for Nasdaq, Inc.).
  • Segment focus: Cadence Design Systems, Inc. has 3 segments (71% in Core EDA); Nasdaq, Inc. has 3 segments (42.4% in Capital Access Platforms).
  • Primary market structure: Oligopoly vs Oligopoly. Pricing power: Strong vs Moderate.
  • Moat breadth: Cadence Design Systems, Inc. has 8 moat types across 3 domains; Nasdaq, Inc. has 9 across 5.

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%

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

Cadence Design Systems, Inc.
Nasdaq, Inc.
Ticker / Exchange
CDNS - NASDAQ
NDAQ - NASDAQ
Market cap (USD)
$86.5B
n/a
Sector
Technology
Financials
HQ country
US
US
Primary segment
Core EDA
Capital Access Platforms
Market structure
Oligopoly
Oligopoly
Market share
29%-31% (estimated)
80%-84% (reported)
HHI estimate
n/a
n/a
Pricing power
Strong
Moderate
Moat score
84 / 100
76 / 100
Moat domains
Demand, Legal, Supply
Legal, Network, Supply, Demand, Financial
Last update
2025-12-29
2025-12-31

Moat coverage

Shared moat types

Data Workflow LockinLong Term Contracts

Cadence Design Systems, Inc. strengths

Suite BundlingDesign In QualificationInstalled Base ConsumablesIP Choke PointCapex Knowhow ScaleService Field Network

Nasdaq, Inc. strengths

Concession LicenseTwo Sided NetworkPhysical Network DensityBrand TrustDe Facto StandardBenchmark Pricing PowerCompliance Advantage

Segment mix

Cadence Design Systems, Inc. segments

Full profile >

Core EDA

Oligopoly

71%

Semiconductor IP

Oligopoly

13%

System Design and Analysis

Competitive

16%

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.