VOL. XCIV, NO. 247

★ WIDE MOAT STOCKS COMPARISON ★

NO ADVICE

Sunday, January 11, 2026

Stock Comparison

Euronext N.V. vs Morningstar, Inc.

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

Euronext N.V.

ENX · Euronext Paris

Market cap (USD)$12.4B
Gross margin (TTM)58.9%
Operating margin (TTM)51.2%
Net margin (TTM)36.2%
SectorFinancials
IndustryFinancial - Data & Stock Exchanges
CountryNL
Data as of2026-01-03
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 Euronext N.V.'s moat claims, evidence, and risks.

View ENX 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: Euronext N.V. leads (74 / 100 vs 67 / 100 for Morningstar, Inc.).
  • Segment focus: Euronext N.V. has 7 segments (34.4% in Trading); Morningstar, Inc. has 7 segments (34.6% in Morningstar Data and Analytics).
  • Moat breadth: Euronext N.V. has 7 moat types across 4 domains; Morningstar, Inc. has 6 across 3.

Primary market context

Euronext N.V.

Trading

Market

Multi-asset exchange trading venues (cash equities, derivatives, fixed income, FX, power)

Geography

Europe (with global participants)

Customer

Broker-dealers, banks, proprietary trading firms, asset managers, and other market participants

Role

Trading venue operator

Revenue share

34.4%

Morningstar, Inc.

Morningstar Data and Analytics

Market

Investment data, research, and analytics platforms

Geography

Global

Revenue share

34.6%

Side-by-side metrics

Euronext N.V.
Morningstar, Inc.
Ticker / Exchange
ENX - Euronext Paris
MORN - NASDAQ
Market cap (USD)
$12.4B
n/a
Gross margin (TTM)
58.9%
n/a
Operating margin (TTM)
51.2%
n/a
Net margin (TTM)
36.2%
n/a
Sector
Financials
Financials
Industry
Financial - Data & Stock Exchanges
n/a
HQ country
NL
US
Primary segment
Trading
Morningstar Data and Analytics
Market structure
Oligopoly
Oligopoly
Market share
64.8% (reported)
n/a
HHI estimate
n/a
n/a
Pricing power
Moderate
Moderate
Moat score
74 / 100
67 / 100
Moat domains
Legal, Network, Supply, Demand
Demand, Network, Legal
Last update
2026-01-03
2026-01-10

Moat coverage

Shared moat types

IP Choke PointData Workflow Lockin

Euronext N.V. strengths

Concession LicenseTwo Sided NetworkOperational ExcellenceFormat Lock InClearing Settlement

Morningstar, Inc. strengths

De Facto StandardRegulated Standards PipeSuite BundlingTraining Org Change Costs

Segment mix

Euronext N.V. segments

Full profile >

Listing

Oligopoly

14.3%

Trading

Oligopoly

34.4%

Advanced Data Services

Quasi-Monopoly

14.9%

Clearing

Oligopoly

12.4%

Custody & Settlement

Quasi-Monopoly

16.6%

Technology Solutions & Other

Competitive

6.5%

Investor Services

Competitive

0.9%

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?

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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.