VOL. XCIV, NO. 247

★ WIDE MOAT STOCKS COMPARISON ★

NO ADVICE

Friday, January 2, 2026

Stock Comparison

Constellation Software Inc. vs Intercontinental Exchange, 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)
Gross margin (TTM)
Operating margin (TTM)
Net margin (TTM)
SectorTechnology
Industry
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

Intercontinental Exchange, Inc.

ICE · New York Stock Exchange

Market cap (USD)$91.9B
Gross margin (TTM)55.4%
Operating margin (TTM)38.1%
Net margin (TTM)25.2%
SectorFinancials
IndustryFinancial - Data & Stock Exchanges
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: Intercontinental Exchange, Inc. leads (87 / 100 vs 74 / 100 for Constellation Software Inc.).
  • Segment focus: Constellation Software Inc. has 6 segments; Intercontinental Exchange, Inc. has 3 segments (53.4% in Exchanges).
  • Primary market structure: Competitive vs Oligopoly. Pricing power: Moderate vs Strong.
  • Moat breadth: Constellation Software Inc. has 3 moat types across 2 domains; Intercontinental Exchange, Inc. has 10 across 4.

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)

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

Constellation Software Inc.
Intercontinental Exchange, Inc.
Ticker / Exchange
CSU - Toronto Stock Exchange
ICE - New York Stock Exchange
Market cap (USD)
n/a
$91.9B
Gross margin (TTM)
n/a
55.4%
Operating margin (TTM)
n/a
38.1%
Net margin (TTM)
n/a
25.2%
Sector
Technology
Financials
Industry
n/a
Financial - Data & Stock Exchanges
HQ country
CA
US
Primary segment
Volaris Operating Group
Exchanges
Market structure
Competitive
Oligopoly
Market share
n/a
75% (reported)
HHI estimate
n/a
n/a
Pricing power
Moderate
Strong
Moat score
74 / 100
87 / 100
Moat domains
Demand, Supply
Network, Legal, Demand, Supply
Last update
2026-01-02
2025-12-30

Moat coverage

Shared moat types

No overlap yet.

Constellation Software Inc. strengths

Switching Costs GeneralInstalled Base ConsumablesOperational Excellence

Intercontinental Exchange, Inc. strengths

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

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

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?

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.