VOL. XCIV, NO. 247

★ WIDE MOAT STOCKS COMPARISON ★

NO ADVICE

Friday, January 2, 2026

Stock Comparison

CSX Corporation vs Nasdaq, Inc.

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

CSX Corporation

CSX · NASDAQ

Market cap (USD)$67.7B
Gross margin (TTM)
Operating margin (TTM)
Net margin (TTM)
SectorIndustrials
IndustryRailroads
CountryUS
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 CSX Corporation's moat claims, evidence, and risks.

View CSX analysis

Nasdaq, Inc.

NDAQ · NASDAQ

Market cap (USD)$55.3B
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: Nasdaq, Inc. leads (76 / 100 vs 74 / 100 for CSX Corporation).
  • Segment focus: CSX Corporation has 5 segments (61.2% in Merchandise (Rail)); Nasdaq, Inc. has 3 segments (42.4% in Capital Access Platforms).
  • Moat breadth: CSX Corporation has 6 moat types across 2 domains; Nasdaq, Inc. has 9 across 5.

Primary market context

CSX Corporation

Merchandise (Rail)

Market

Eastern U.S. rail freight transportation (merchandise carload)

Geography

Eastern United States (CSX network; interchange to other railroads)

Customer

Industrial, agricultural, automotive and consumer goods shippers; logistics providers

Role

Common-carrier freight railroad (line-haul + switching/terminal)

Revenue share

61.2%

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

CSX Corporation
Nasdaq, Inc.
Ticker / Exchange
CSX - NASDAQ
NDAQ - NASDAQ
Market cap (USD)
$67.7B
$55.3B
Gross margin (TTM)
n/a
41.1%
Operating margin (TTM)
n/a
27.2%
Net margin (TTM)
n/a
19.9%
Sector
Industrials
Financials
Industry
Railroads
Financial - Data & Stock Exchanges
HQ country
US
US
Primary segment
Merchandise (Rail)
Capital Access Platforms
Market structure
Oligopoly
Oligopoly
Market share
n/a
80%-84% (reported)
HHI estimate
n/a
n/a
Pricing power
Moderate
Moderate
Moat score
74 / 100
76 / 100
Moat domains
Supply, Legal
Legal, Network, Supply, Demand, Financial
Last update
2026-01-02
2025-12-31

Moat coverage

Shared moat types

Physical Network Density

CSX Corporation strengths

Permits Rights Of WayCapex Knowhow ScaleOperational ExcellenceGeographic NaturalScale Economies Unit Cost

Nasdaq, Inc. strengths

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

Segment mix

CSX Corporation segments

Full profile >

Merchandise (Rail)

Oligopoly

61.2%

Intermodal (Rail)

Competitive

14.1%

Coal (Rail)

Oligopoly

15.5%

Trucking (Quality Carriers)

Competitive

5.8%

Other Revenue (Rail/Ancillary)

Competitive

3.4%

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

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.