VOL. XCIV, NO. 247

★ WIDE MOAT STOCKS COMPARISON ★

NO ADVICE

Wednesday, December 31, 2025

Stock Comparison

Canadian National Railway Company vs Intercontinental Exchange, Inc.

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

Canadian National Railway Company

CNR · Toronto Stock Exchange

Market cap (USD)$61.2B
SectorIndustrials
CountryCA
Data as of2025-12-30
Moat score
97/ 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 Canadian National Railway Company's moat claims, evidence, and risks.

View CNR 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: Canadian National Railway Company leads (97 / 100 vs 87 / 100 for Intercontinental Exchange, Inc.).
  • Segment focus: Canadian National Railway Company has 2 segments (96.2% in Rail freight transportation network); Intercontinental Exchange, Inc. has 3 segments (53.4% in Exchanges).
  • Primary market structure: Duopoly vs Oligopoly. Pricing power: Moderate vs Strong.
  • Moat breadth: Canadian National Railway Company has 4 moat types across 2 domains; Intercontinental Exchange, Inc. has 10 across 4.

Primary market context

Canadian National Railway Company

Rail freight transportation network

Market

Canadian Class I freight rail transportation

Geography

Canada (with U.S. cross-border corridors)

Customer

Industrial shippers, intermodal customers, and auto supply chains

Role

Line-haul freight railway (Class I)

Revenue share

96.2%

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

Canadian National Railway Company
Intercontinental Exchange, Inc.
Ticker / Exchange
CNR - Toronto Stock Exchange
ICE - New York Stock Exchange
Market cap (USD)
$61.2B
n/a
Sector
Industrials
Financials
HQ country
CA
US
Primary segment
Rail freight transportation network
Exchanges
Market structure
Duopoly
Oligopoly
Market share
50%-56% (estimated)
75% (reported)
HHI estimate
4,031
n/a
Pricing power
Moderate
Strong
Moat score
97 / 100
87 / 100
Moat domains
Legal, Supply
Network, Legal, Demand, Supply
Last update
2025-12-30
2025-12-30

Moat coverage

Shared moat types

Physical Network Density

Canadian National Railway Company strengths

Permits Rights Of WayScale Economies Unit CostScope Economies

Intercontinental Exchange, Inc. strengths

Clearing SettlementConcession LicenseTwo Sided NetworkBrand TrustData Workflow LockinData Network EffectsInteroperability HubStandards RegistryCompliance Advantage

Segment mix

Canadian National Railway Company segments

Full profile >

Rail freight transportation network

Duopoly

96.2%

Non-rail logistics and ancillary services

Competitive

3.8%

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?

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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.