VOL. XCIV, NO. 247

★ WIDE MOAT STOCKS COMPARISON ★

NO ADVICE

Wednesday, January 7, 2026

Stock Comparison

CME Group Inc. vs Duolingo, Inc.

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

CME Group Inc.

CME · NASDAQ

Market cap (USD)$99.2B
Gross margin (TTM)86.1%
Operating margin (TTM)65%
Net margin (TTM)58.6%
SectorFinancials
IndustryFinancial - Data & Stock Exchanges
CountryUS
Data as of2025-12-30
Moat score
81/ 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 CME Group Inc.'s moat claims, evidence, and risks.

View CME analysis

Duolingo, Inc.

DUOL · NASDAQ

Market cap (USD)$8.6B
Gross margin (TTM)72%
Operating margin (TTM)11%
Net margin (TTM)40%
SectorTechnology
IndustrySoftware - Application
CountryUS
Data as of2026-01-06
Moat score
68/ 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 Duolingo, Inc.'s moat claims, evidence, and risks.

View DUOL analysis

Comparison highlights

  • Moat score gap: CME Group Inc. leads (81 / 100 vs 68 / 100 for Duolingo, Inc.).
  • Segment focus: CME Group Inc. has 3 segments (81.4% in Trading and Clearing (Derivatives + Cash Markets Platforms)); Duolingo, Inc. has 2 segments (93.9% in Duolingo App).
  • Primary market structure: Oligopoly vs Competitive. Pricing power: Moderate vs Moderate.
  • Moat breadth: CME Group Inc. has 10 moat types across 5 domains; Duolingo, Inc. has 6 across 3.

Primary market context

CME Group Inc.

Trading and Clearing (Derivatives + Cash Markets Platforms)

Market

Exchange-traded derivatives (futures and options) trading and central counterparty clearing; plus electronic cash markets matching (U.S. Treasuries/repo, spot FX) tied to CME platforms

Geography

Global (core U.S. footprint with international participation)

Customer

Institutional and professional traders; commercial hedgers; banks; broker-dealers; futures commission merchants (FCMs); asset managers; proprietary trading firms; governments and central banks

Role

Market operator (exchange/venue) + central counterparty clearing provider

Revenue share

81.4%

Duolingo, Inc.

Duolingo App

Market

Mobile-first, freemium language learning and adjacent subjects (math, music)

Geography

Global

Customer

Consumers (end-users); advertisers

Role

Digital learning platform / content & software publisher

Revenue share

93.9%

Side-by-side metrics

CME Group Inc.
Duolingo, Inc.
Ticker / Exchange
CME - NASDAQ
DUOL - NASDAQ
Market cap (USD)
$99.2B
$8.6B
Gross margin (TTM)
86.1%
72%
Operating margin (TTM)
65%
11%
Net margin (TTM)
58.6%
40%
Sector
Financials
Technology
Industry
Financial - Data & Stock Exchanges
Software - Application
HQ country
US
US
Primary segment
Trading and Clearing (Derivatives + Cash Markets Platforms)
Duolingo App
Market structure
Oligopoly
Competitive
Market share
n/a
n/a
HHI estimate
n/a
n/a
Pricing power
Moderate
Moderate
Moat score
81 / 100
68 / 100
Moat domains
Network, Legal, Supply, Financial, Demand
Network, Demand, Supply
Last update
2025-12-30
2026-01-06

Moat coverage

Shared moat types

No overlap yet.

CME Group Inc. strengths

Two Sided NetworkClearing SettlementConcession LicenseScale Economies Unit CostBenchmark Pricing PowerIP Choke PointData Workflow LockinDe Facto StandardDistribution ControlSwitching Costs General

Duolingo, Inc. strengths

Data Network EffectsHabit DefaultBrand TrustScope EconomiesDesign In QualificationOperational Excellence

Segment mix

CME Group Inc. segments

Full profile >

Trading and Clearing (Derivatives + Cash Markets Platforms)

Oligopoly

81.4%

Market Data and Information Services

Monopoly

11.6%

Access, Connectivity and Other Exchange Services

Monopoly

7%

Duolingo, Inc. segments

Full profile >

Duolingo App

Competitive

93.9%

Duolingo English Test

Oligopoly

6.1%

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.