VOL. XCIV, NO. 247

★ WIDE MOAT STOCKS COMPARISON ★

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Sunday, January 11, 2026

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Stock Comparison

Constellation Software Inc. vs Morningstar, 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)$70.5B

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

Morningstar, Inc.

MORN · NASDAQ

Market cap (USD)—

Gross margin (TTM)—

Operating margin (TTM)—

Net margin (TTM)—

SectorFinancials

Industry—

CountryUS

Data as of2026-01-10

Moat score

67/ 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 Morningstar, Inc.'s moat claims, evidence, and risks.

View MORN analysis

Comparison highlights

Moat score gap: Constellation Software Inc. leads (74 / 100 vs 67 / 100 for Morningstar, Inc.).
Segment focus: Constellation Software Inc. has 6 segments; Morningstar, Inc. has 7 segments (34.6% in Morningstar Data and Analytics).
Primary market structure: Competitive vs Oligopoly. Pricing power: Moderate vs Moderate.
Moat breadth: Constellation Software Inc. has 3 moat types across 2 domains; Morningstar, 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)

Morningstar, Inc.

Morningstar Data and Analytics

Market

Investment data, research, and analytics platforms

Geography

Global

Revenue share

34.6%

Side-by-side metrics

Constellation Software Inc.

Morningstar, Inc.

Ticker / Exchange

CSU - Toronto Stock Exchange

MORN - NASDAQ

Market cap (USD)

$70.5B

n/a

Gross margin (TTM)

50.8%

n/a

Operating margin (TTM)

10%

n/a

Net margin (TTM)

6.2%

n/a

Sector

Technology

Financials

Industry

Software - Application

n/a

HQ country

Primary segment

Volaris Operating Group

Morningstar Data and Analytics

Market structure

Competitive

Oligopoly

Market share

n/a

HHI estimate

n/a

Pricing power

Moderate

Moat score

74 / 100

67 / 100

Moat domains

Demand, Supply

Demand, Network, Legal

Last update

2026-01-02

2026-01-10

Moat coverage

Shared moat types

No overlap yet.

Constellation Software Inc. strengths

Switching Costs GeneralInstalled Base ConsumablesOperational Excellence

Morningstar, Inc. strengths

Data Workflow LockinDe Facto StandardRegulated Standards PipeSuite BundlingTraining Org Change CostsIP Choke Point

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

Morningstar, Inc. segments

Full profile >

Morningstar Data and Analytics

Oligopoly

34.6%

PitchBook

Oligopoly

27.2%

Morningstar Credit

Oligopoly

12.8%

Morningstar Wealth

Competitive

10.9%

Morningstar Retirement

Competitive

5.6%

Morningstar Sustainalytics

Oligopoly

5.2%

Morningstar Indexes

Oligopoly

3.7%

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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Looking for expansion-stage stocks?

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

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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.