WIDE MOAT STOCKS COMPARISON

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Stock Comparison

FactSet Research Systems Inc. vs Morningstar, Inc.

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

FactSet Research Systems Inc.

FDS · New York Stock Exchange

Market cap (USD)$10.7B
Gross margin (TTM)51.4%
Operating margin (TTM)29.6%
Net margin (TTM)23.2%
SectorFinancials
IndustryFinancial - Data & Stock Exchanges
CountryUS
Data as of2026-08-23
Moat score
86/ 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 FactSet Research Systems Inc.'s moat claims, evidence, and risks.

View FDS analysis

Morningstar, Inc.

MORN · NASDAQ

Market cap (USD)$7.9B
Gross margin (TTM)62.2%
Operating margin (TTM)23.5%
Net margin (TTM)16.4%
SectorFinancials
IndustryFinancial - Data & Stock Exchanges
CountryUS
Data as of2026-08-23
Moat score
67/ 100

Partial score covering 76% of segment weight.

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

  • Segment focus: FactSet Research Systems Inc. has 3 segments (65.4% in Americas); Morningstar, Inc. has 7 segments (33.5% in Morningstar Direct Platform).
  • Moat breadth: FactSet Research Systems Inc. has 3 moat types across 2 domains; Morningstar, Inc. has 2 across 2.

Primary market context

FactSet Research Systems Inc.

Americas

Market

Americas financial market data, analytics, workstations and enterprise data solutions

Geography

North, Central and South America

Customer

Institutional asset managers, wealth managers, bankers, asset owners, hedge funds, private equity, corporate users and market-infrastructure partners

Role

Subscription data, analytics, workstation, portfolio, enterprise data, API and identifier provider

Revenue share

65.4%

Morningstar, Inc.

Morningstar Direct Platform

Market

Investment data, research, and analytics platforms

Geography

Global

Revenue share

33.5%

Side-by-side metrics

FactSet Research Systems Inc.
Morningstar, Inc.
Ticker / Exchange
FDS - New York Stock Exchange
MORN - NASDAQ
Market cap (USD)
$10.7B
$7.9B
Gross margin (TTM)
51.4%
62.2%
Operating margin (TTM)
29.6%
23.5%
Net margin (TTM)
23.2%
16.4%
Sector
Financials
Financials
Industry
Financial - Data & Stock Exchanges
Financial - Data & Stock Exchanges
HQ country
US
US
Primary segment
Americas
Morningstar Direct Platform
Market structure
Oligopoly
Oligopoly
Market share
5.5%-6.5% (implied)
n/a
HHI estimate
n/a
n/a
Pricing power
Moderate
Moderate
Moat score
86 / 100
67 / 100 (partial, 76% coverage)
Moat domains
Demand, Network
Demand, Legal
Last update
2026-09-05
2026-09-05

Moat coverage

Shared moat types

Data Workflow Lockin

FactSet Research Systems Inc. strengths

Procurement InertiaStandards Registry

Morningstar, Inc. strengths

Regulated Standards Pipe

Segment mix

FactSet Research Systems Inc. segments

Full profile >

Americas

Oligopoly

65.4%

EMEA

Oligopoly

24.4%

Asia Pacific

Oligopoly

10.2%

Morningstar, Inc. segments

Full profile >

Morningstar Direct Platform

Oligopoly

33.5%

PitchBook

Oligopoly

26.3%

Morningstar Credit

Oligopoly

15.8%

Morningstar Wealth

Competitive

9.1%

Morningstar Retirement

Competitive

5.7%

Morningstar Sustainalytics

Oligopoly

3.8%

Morningstar Indexes

Oligopoly

5.7%

Act on this comparison

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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.