VOL. XCIV, NO. 247

★ WIDE MOAT STOCKS COMPARISON ★

NO ADVICE

Wednesday, December 31, 2025

Stock Comparison

Intercontinental Exchange, Inc. vs Philip Morris International 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)
SectorFinancials
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

Philip Morris International Inc.

PM · New York Stock Exchange

Market cap (USD)
SectorConsumer
CountryUS
Data as of2025-12-31
Moat score
84/ 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 Philip Morris International Inc.'s moat claims, evidence, and risks.

View PM analysis

Comparison highlights

  • Moat score gap: Intercontinental Exchange, Inc. leads (87 / 100 vs 84 / 100 for Philip Morris International Inc.).
  • Segment focus: Intercontinental Exchange, Inc. has 3 segments (53.4% in Exchanges); Philip Morris International Inc. has 3 segments (61.3% in Combustible Tobacco).
  • Moat breadth: Intercontinental Exchange, Inc. has 10 moat types across 4 domains; Philip Morris International Inc. has 6 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%

Philip Morris International Inc.

Combustible Tobacco

Market

International combustible tobacco (primarily cigarettes)

Geography

Global (primarily ex-U.S.)

Customer

Adult smokers; distributors/wholesalers and retail channels

Role

Branded manufacturer and distributor

Revenue share

61.3%

Side-by-side metrics

Intercontinental Exchange, Inc.
Philip Morris International Inc.
Ticker / Exchange
ICE - New York Stock Exchange
PM - New York Stock Exchange
Market cap (USD)
n/a
n/a
Sector
Financials
Consumer
HQ country
US
US
Primary segment
Exchanges
Combustible Tobacco
Market structure
Oligopoly
Oligopoly
Market share
75% (reported)
25.3% (reported)
HHI estimate
n/a
n/a
Pricing power
Strong
Strong
Moat score
87 / 100
84 / 100
Moat domains
Network, Legal, Demand, Supply
Demand, Supply, Legal
Last update
2025-12-30
2025-12-31

Moat coverage

Shared moat types

Brand TrustCompliance Advantage

Intercontinental Exchange, Inc. strengths

Clearing SettlementConcession LicenseTwo Sided NetworkData Workflow LockinData Network EffectsPhysical Network DensityInteroperability HubStandards Registry

Philip Morris International Inc. strengths

Distribution ControlInstalled Base ConsumablesIP Choke PointRegulated Standards Pipe

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%

Philip Morris International Inc. segments

Full profile >

Combustible Tobacco

Oligopoly

61.3%

Smoke-Free Products

Oligopoly

37.8%

Wellness & Healthcare

Competitive

0.9%

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.