VOL. XCIV, NO. 247

★ WIDE MOAT STOCKS COMPARISON ★

NO ADVICE

Wednesday, January 7, 2026

Stock Comparison

CrowdStrike Holdings, Inc. vs Nasdaq, Inc.

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

CrowdStrike Holdings, Inc.

CRWD · NASDAQ

Market cap (USD)$113.8B
Gross margin (TTM)74.3%
Operating margin (TTM)-7.9%
Net margin (TTM)-6.9%
SectorTechnology
IndustrySoftware - Infrastructure
CountryUS
Data as of2026-01-05
Moat score
80/ 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 CrowdStrike Holdings, Inc.'s moat claims, evidence, and risks.

View CRWD analysis

Nasdaq, Inc.

NDAQ · NASDAQ

Market cap (USD)$56.5B
Gross margin (TTM)41.1%
Operating margin (TTM)27.2%
Net margin (TTM)19.9%
SectorFinancials
IndustryFinancial - Data & Stock Exchanges
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: CrowdStrike Holdings, Inc. leads (80 / 100 vs 76 / 100 for Nasdaq, Inc.).
  • Segment focus: CrowdStrike Holdings, Inc. has 2 segments (95.1% in Falcon Platform Subscriptions); Nasdaq, Inc. has 3 segments (42.4% in Capital Access Platforms).
  • Moat breadth: CrowdStrike Holdings, Inc. has 5 moat types across 2 domains; Nasdaq, Inc. has 9 across 5.

Primary market context

CrowdStrike Holdings, Inc.

Falcon Platform Subscriptions

Market

Cloud-native endpoint, workload and identity protection / XDR cybersecurity platforms

Geography

Global

Customer

Enterprises, SMBs, and public sector organizations (end-users via direct sales and channel partners)

Role

SaaS cybersecurity platform vendor

Revenue share

95.1%

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

CrowdStrike Holdings, Inc.
Nasdaq, Inc.
Ticker / Exchange
CRWD - NASDAQ
NDAQ - NASDAQ
Market cap (USD)
$113.8B
$56.5B
Gross margin (TTM)
74.3%
41.1%
Operating margin (TTM)
-7.9%
27.2%
Net margin (TTM)
-6.9%
19.9%
Sector
Technology
Financials
Industry
Software - Infrastructure
Financial - Data & Stock Exchanges
HQ country
US
US
Primary segment
Falcon Platform Subscriptions
Capital Access Platforms
Market structure
Oligopoly
Oligopoly
Market share
17.7% (reported)
80%-84% (reported)
HHI estimate
n/a
n/a
Pricing power
Moderate
Moderate
Moat score
80 / 100
76 / 100
Moat domains
Network, Demand
Legal, Network, Supply, Demand, Financial
Last update
2026-01-05
2025-12-31

Moat coverage

Shared moat types

No overlap yet.

CrowdStrike Holdings, Inc. strengths

Data Network EffectsEcosystem ComplementsSuite BundlingSwitching Costs GeneralReputation Reviews

Nasdaq, Inc. strengths

Concession LicenseTwo Sided NetworkPhysical Network DensityBrand TrustDe Facto StandardBenchmark Pricing PowerData Workflow LockinCompliance AdvantageLong Term Contracts

Segment mix

CrowdStrike Holdings, Inc. segments

Full profile >

Falcon Platform Subscriptions

Oligopoly

95.1%

Professional Services (Incident Response & Proactive Services)

Competitive

4.9%

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

Looking for expansion-stage stocks?

Proven models entering the expansion stage with unit economics that work.

View expansion-stage stocks

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.