VOL. XCIV, NO. 247

★ WIDE MOAT STOCKS COMPARISON ★

Stock Comparison

Intercontinental Exchange, Inc. vs LPL Financial Holdings Inc.

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

Intercontinental Exchange, Inc.

ICE · New York Stock Exchange

Market cap (USD)$84.4B
Gross margin (TTM)69%
Operating margin (TTM)40.8%
Net margin (TTM)30%
SectorFinancials
IndustryFinancial - Data & Stock Exchanges
CountryUS
Data as of2026-05-26
Moat score
91/ 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

LPL Financial Holdings Inc.

LPLA · Nasdaq

Market cap (USD)$21.5B
Gross margin (TTM)23.6%
Operating margin (TTM)9.7%
Net margin (TTM)4.9%
SectorFinancials
IndustryFinancial - Capital Markets
CountryUS
Data as of2025-12-26
Moat score
79/ 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 LPL Financial Holdings Inc.'s moat claims, evidence, and risks.

View LPLA analysis

Comparison highlights

  • Moat score gap: Intercontinental Exchange, Inc. leads (91 / 100 vs 79 / 100 for LPL Financial Holdings Inc.).
  • Segment focus: Intercontinental Exchange, Inc. has 4 segments (46.2% in Exchange transaction and clearing); LPL Financial Holdings Inc. has 1 segment (100% in Advisor Platform).
  • Primary market structure: Oligopoly vs Oligopoly. Pricing power: Strong vs Moderate.
  • Moat breadth: Intercontinental Exchange, Inc. has 8 moat types across 4 domains; LPL Financial Holdings Inc. has 6 across 4.

Primary market context

Intercontinental Exchange, Inc.

Exchange transaction and clearing

Market

Global regulated derivatives, cash equities, equity options, OTC energy trading and clearing venues

Geography

Global, with major venues and clearing houses in the U.S., U.K., EU, Canada, Asia Pacific and the Middle East

Customer

Financial institutions, asset managers, market makers, hedgers, corporates, energy firms and brokers

Role

Regulated exchange operator, execution venue and central counterparty clearing infrastructure

Revenue share

46.2%

LPL Financial Holdings Inc.

Advisor Platform

Market

Advisor-mediated wealth management platform (independent broker-dealer + RIA custody/clearing)

Geography

United States

Customer

Financial advisors and financial institutions

Role

Platform / broker-dealer / custodian

Revenue share

100%

Side-by-side metrics

Intercontinental Exchange, Inc.
LPL Financial Holdings Inc.
Ticker / Exchange
ICE - New York Stock Exchange
LPLA - Nasdaq
Market cap (USD)
$84.4B
$21.5B
Gross margin (TTM)
69%
23.6%
Operating margin (TTM)
40.8%
9.7%
Net margin (TTM)
30%
4.9%
Sector
Financials
Financials
Industry
Financial - Data & Stock Exchanges
Financial - Capital Markets
HQ country
US
US
Primary segment
Exchange transaction and clearing
Advisor Platform
Market structure
Oligopoly
Oligopoly
Market share
19.8%-20.1% (reported)
23%-25% (reported)
HHI estimate
n/a
n/a
Pricing power
Strong
Moderate
Moat score
91 / 100
79 / 100
Moat domains
Network, Financial, Demand, Supply
Supply, Demand, Legal, Network
Last update
2026-05-26
2025-12-26

Moat coverage

Shared moat types

Two Sided Network

Intercontinental Exchange, Inc. strengths

Benchmark Pricing PowerClearing SettlementBrand TrustData Workflow LockinScope EconomiesEcosystem ComplementsData Network Effects

LPL Financial Holdings Inc. strengths

Scale Economies Unit CostSuite BundlingOperational ExcellenceCompliance AdvantageSwitching Costs General

Segment mix

Intercontinental Exchange, Inc. segments

Full profile >

Exchange transaction and clearing

Oligopoly

46.2%

Exchange data, connectivity and listings

Oligopoly

13.6%

Fixed Income and Data Services

Oligopoly

22.1%

Mortgage Technology

Quasi-Monopoly

18.1%

LPL Financial Holdings Inc. segments

Full profile >

Advisor Platform

Oligopoly

100%

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Proven models entering the expansion stage with unit economics that work.

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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.