VOL. XCIV, NO. 247

★ WIDE MOAT STOCKS COMPARISON ★

NO ADVICE

Thursday, January 8, 2026

Stock Comparison

Constellation Software Inc. vs Duolingo, Inc.

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

Constellation Software Inc.

CSU · Toronto Stock Exchange

Market cap (USD)$68B
Gross margin (TTM)50.8%
Operating margin (TTM)10%
Net margin (TTM)6.2%
SectorTechnology
IndustrySoftware - Application
CountryCA
Data as of2026-01-02
Moat score
74/ 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 Constellation Software Inc.'s moat claims, evidence, and risks.

View CSU 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: Constellation Software Inc. leads (74 / 100 vs 68 / 100 for Duolingo, Inc.).
  • Segment focus: Constellation Software Inc. has 6 segments; Duolingo, Inc. has 2 segments (93.9% in Duolingo App).
  • Moat breadth: Constellation Software Inc. has 3 moat types across 2 domains; Duolingo, Inc. has 6 across 3.

Primary market context

Constellation Software Inc.

Volaris Operating Group

Market

Vertical market software (VMS) portfolios across diverse industries (Volaris)

Geography

Global (North America, Continental Europe, UK, Australia, South America, Africa)

Customer

Organizations in specific verticals (mix of public and private sector)

Role

Vertical market software vendor (application provider + long-term maintainer)

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

Constellation Software Inc.
Duolingo, Inc.
Ticker / Exchange
CSU - Toronto Stock Exchange
DUOL - NASDAQ
Market cap (USD)
$68B
$8.6B
Gross margin (TTM)
50.8%
72%
Operating margin (TTM)
10%
11%
Net margin (TTM)
6.2%
40%
Sector
Technology
Technology
Industry
Software - Application
Software - Application
HQ country
CA
US
Primary segment
Volaris Operating Group
Duolingo App
Market structure
Competitive
Competitive
Market share
n/a
n/a
HHI estimate
n/a
n/a
Pricing power
Moderate
Moderate
Moat score
74 / 100
68 / 100
Moat domains
Demand, Supply
Network, Demand, Supply
Last update
2026-01-02
2026-01-06

Moat coverage

Shared moat types

Operational Excellence

Constellation Software Inc. strengths

Switching Costs GeneralInstalled Base Consumables

Duolingo, Inc. strengths

Data Network EffectsHabit DefaultBrand TrustScope EconomiesDesign In Qualification

Segment mix

Constellation Software Inc. segments

Full profile >

Volaris Operating Group

Competitive

n/a

Harris Operating Group

Competitive

n/a

Topicus.com Operating Group

Competitive

n/a

Jonas Operating Group

Competitive

n/a

Perseus Operating Group

Competitive

n/a

Vela Operating Group

Competitive

n/a

Duolingo, Inc. segments

Full profile >

Duolingo App

Competitive

93.9%

Duolingo English Test

Oligopoly

6.1%

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.