VOL. XCIV, NO. 247

★ WIDE MOAT STOCKS COMPARISON ★

NO ADVICE

Wednesday, December 31, 2025

Stock Comparison

Thales S.A. vs Nasdaq, Inc.

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

Thales S.A.

HO · Euronext Paris

Market cap (USD)$55.3B
SectorIndustrials
CountryFR
Data as of2025-12-28
Moat score
73/ 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 Thales S.A.'s moat claims, evidence, and risks.

View HO analysis

Nasdaq, Inc.

NDAQ · NASDAQ

Market cap (USD)
SectorFinancials
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 73 / 100 for Thales S.A.).
  • Segment focus: Thales S.A. has 3 segments (53.3% in Defence); Nasdaq, Inc. has 3 segments (42.4% in Capital Access Platforms).
  • Moat breadth: Thales S.A. has 8 moat types across 3 domains; Nasdaq, Inc. has 9 across 5.

Primary market context

Thales S.A.

Defence

Market

Defense electronics, secure communications, and mission systems

Geography

Global

Customer

Government / defence ministries, armed forces, security forces

Role

Prime contractor and system integrator; OEM of defence electronics

Revenue share

53.3%

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

Thales S.A.
Nasdaq, Inc.
Ticker / Exchange
HO - Euronext Paris
NDAQ - NASDAQ
Market cap (USD)
$55.3B
n/a
Sector
Industrials
Financials
HQ country
FR
US
Primary segment
Defence
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
73 / 100
76 / 100
Moat domains
Legal, Demand, Supply
Legal, Network, Supply, Demand, Financial
Last update
2025-12-28
2025-12-31

Moat coverage

Shared moat types

Long Term ContractsBrand Trust

Thales S.A. strengths

Government Contracting RelationshipsDesign In QualificationRegulated Standards PipeService Field NetworkSuite BundlingCapex Knowhow Scale

Nasdaq, Inc. strengths

Concession LicenseTwo Sided NetworkPhysical Network DensityDe Facto StandardBenchmark Pricing PowerData Workflow LockinCompliance Advantage

Segment mix

Thales S.A. segments

Full profile >

Defence

Oligopoly

53.3%

Aerospace

Oligopoly

26.6%

Cyber & Digital

Competitive

19.6%

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.