VOL. XCIV, NO. 247

★ WIDE MOAT STOCKS COMPARISON ★

NO ADVICE

Friday, January 2, 2026

Stock Comparison

Intercontinental Exchange, Inc. vs Norfolk Southern Corporation

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)$91.9B
Gross margin (TTM)55.4%
Operating margin (TTM)38.1%
Net margin (TTM)25.2%
SectorFinancials
IndustryFinancial - Data & Stock Exchanges
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

Norfolk Southern Corporation

NSC · New York Stock Exchange

Market cap (USD)$65B
Gross margin (TTM)
Operating margin (TTM)
Net margin (TTM)
SectorIndustrials
IndustryRailroads
CountryUS
Data as of2026-01-02
Moat score
70/ 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 Norfolk Southern Corporation's moat claims, evidence, and risks.

View NSC analysis

Comparison highlights

  • Moat score gap: Intercontinental Exchange, Inc. leads (87 / 100 vs 70 / 100 for Norfolk Southern Corporation).
  • Segment focus: Intercontinental Exchange, Inc. has 3 segments (53.4% in Exchanges); Norfolk Southern Corporation has 3 segments (62% in Merchandise).
  • Primary market structure: Oligopoly vs Oligopoly. Pricing power: Strong vs Moderate.
  • Moat breadth: Intercontinental Exchange, Inc. has 10 moat types across 4 domains; Norfolk Southern Corporation has 4 across 3.

Primary market context

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%

Norfolk Southern Corporation

Merchandise

Market

Eastern U.S. freight rail transportation for industrial & consumer goods

Geography

United States (Southeast/East/Midwest; NS network + interchanges)

Customer

Manufacturers, producers, and distributors

Role

Rail carrier

Revenue share

62%

Side-by-side metrics

Intercontinental Exchange, Inc.
Norfolk Southern Corporation
Ticker / Exchange
ICE - New York Stock Exchange
NSC - New York Stock Exchange
Market cap (USD)
$91.9B
$65B
Gross margin (TTM)
55.4%
n/a
Operating margin (TTM)
38.1%
n/a
Net margin (TTM)
25.2%
n/a
Sector
Financials
Industrials
Industry
Financial - Data & Stock Exchanges
Railroads
HQ country
US
US
Primary segment
Exchanges
Merchandise
Market structure
Oligopoly
Oligopoly
Market share
75% (reported)
n/a
HHI estimate
n/a
n/a
Pricing power
Strong
Moderate
Moat score
87 / 100
70 / 100
Moat domains
Network, Legal, Demand, Supply
Supply, Legal, Demand
Last update
2025-12-30
2026-01-02

Moat coverage

Shared moat types

Physical Network Density

Intercontinental Exchange, Inc. strengths

Clearing SettlementConcession LicenseTwo Sided NetworkBrand TrustData Workflow LockinData Network EffectsInteroperability HubStandards RegistryCompliance Advantage

Norfolk Southern Corporation strengths

Permits Rights Of WayScale Economies Unit CostSwitching Costs General

Segment mix

Intercontinental Exchange, Inc. segments

Full profile >

Exchanges

Oligopoly

53.4%

Fixed Income and Data Services

Oligopoly

24.8%

Mortgage Technology

Oligopoly

21.8%

Norfolk Southern Corporation segments

Full profile >

Merchandise

Oligopoly

62%

Intermodal

Oligopoly

25%

Coal

Oligopoly

13%

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.