VOL. XCIV, NO. 247

★ WIDE MOAT STOCKS COMPARISON ★

NO ADVICE

Wednesday, December 31, 2025

Stock Comparison

Canadian National Railway Company vs Nasdaq, 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

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: Canadian National Railway Company leads (97 / 100 vs 76 / 100 for Nasdaq, Inc.).
  • Segment focus: Canadian National Railway Company has 2 segments (96.2% in Rail freight transportation network); Nasdaq, Inc. has 3 segments (42.4% in Capital Access Platforms).
  • Primary market structure: Duopoly vs Oligopoly. Pricing power: Moderate vs Moderate.
  • Moat breadth: Canadian National Railway Company has 4 moat types across 2 domains; Nasdaq, Inc. has 9 across 5.

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%

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

Canadian National Railway Company
Nasdaq, Inc.
Ticker / Exchange
CNR - Toronto Stock Exchange
NDAQ - NASDAQ
Market cap (USD)
$61.2B
n/a
Sector
Industrials
Financials
HQ country
CA
US
Primary segment
Rail freight transportation network
Capital Access Platforms
Market structure
Duopoly
Oligopoly
Market share
50%-56% (estimated)
80%-84% (reported)
HHI estimate
4,031
n/a
Pricing power
Moderate
Moderate
Moat score
97 / 100
76 / 100
Moat domains
Legal, Supply
Legal, Network, Supply, Demand, Financial
Last update
2025-12-30
2025-12-31

Moat coverage

Shared moat types

Physical Network Density

Canadian National Railway Company strengths

Permits Rights Of WayScale Economies Unit CostScope Economies

Nasdaq, Inc. strengths

Concession LicenseTwo Sided NetworkBrand TrustDe Facto StandardBenchmark Pricing PowerData Workflow LockinCompliance AdvantageLong Term Contracts

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%

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.

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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.