VOL. XCIV, NO. 247

★ WIDE MOAT STOCKS COMPARISON ★

NO ADVICE

Wednesday, December 31, 2025

Stock Comparison

DLocal Limited vs Intercontinental Exchange, Inc.

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

DLocal Limited

DLO · Nasdaq Global Select Market

Market cap (USD)
SectorTechnology
CountryUY
Data as of2025-12-27
Moat score
53/ 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 DLocal Limited's moat claims, evidence, and risks.

View DLO analysis

Intercontinental Exchange, Inc.

ICE · New York Stock Exchange

Market cap (USD)
SectorFinancials
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 53 / 100 for DLocal Limited).
  • Segment focus: DLocal Limited has 1 segment; Intercontinental Exchange, Inc. has 3 segments (53.4% in Exchanges).
  • Primary market structure: Competitive vs Oligopoly. Pricing power: Moderate vs Strong.
  • Moat breadth: DLocal Limited has 4 moat types across 3 domains; Intercontinental Exchange, Inc. has 10 across 4.

Primary market context

DLocal Limited

Payment processing platform (Pay-ins & Pay-outs)

Market

Cross-border payment processing for global merchants in emerging markets

Geography

Global; emerging markets focus (Africa, Asia, Latin America, Middle East)

Customer

Enterprise merchants and platforms

Role

Payment service provider / processor

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

DLocal Limited
Intercontinental Exchange, Inc.
Ticker / Exchange
DLO - Nasdaq Global Select Market
ICE - New York Stock Exchange
Market cap (USD)
n/a
n/a
Sector
Technology
Financials
HQ country
UY
US
Primary segment
Payment processing platform (Pay-ins & Pay-outs)
Exchanges
Market structure
Competitive
Oligopoly
Market share
n/a
75% (reported)
HHI estimate
n/a
n/a
Pricing power
Moderate
Strong
Moat score
53 / 100
87 / 100
Moat domains
Supply, Legal, Demand
Network, Legal, Demand, Supply
Last update
2025-12-27
2025-12-30

Moat coverage

Shared moat types

Compliance Advantage

DLocal Limited strengths

Capex Knowhow ScaleSwitching Costs GeneralOperational Excellence

Intercontinental Exchange, Inc. strengths

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

Segment mix

DLocal Limited segments

Full profile >

Payment processing platform (Pay-ins & Pay-outs)

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.

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.