VOL. XCIV, NO. 247

★ WIDE MOAT STOCKS COMPARISON ★

NO ADVICE

Wednesday, December 31, 2025

Stock Comparison

Intercontinental Exchange, Inc. vs Thomson Reuters 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)
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

Thomson Reuters Corporation

TRI · Toronto Stock Exchange

Market cap (USD)
SectorIndustrials
CountryCA
Data as of2025-12-30
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 Thomson Reuters Corporation's moat claims, evidence, and risks.

View TRI analysis

Comparison highlights

  • Moat score gap: Intercontinental Exchange, Inc. leads (87 / 100 vs 84 / 100 for Thomson Reuters Corporation).
  • Segment focus: Intercontinental Exchange, Inc. has 3 segments (53.4% in Exchanges); Thomson Reuters Corporation has 5 segments (40.1% in Legal Professionals).
  • Primary market structure: Oligopoly vs Duopoly. Pricing power: Strong vs Strong.
  • Moat breadth: Intercontinental Exchange, Inc. has 10 moat types across 4 domains; Thomson Reuters 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%

Thomson Reuters Corporation

Legal Professionals

Market

Legal research and legal workflow software

Geography

Global

Customer

Law firms, corporate legal departments, and governments

Role

Subscription software + proprietary legal content

Revenue share

40.1%

Side-by-side metrics

Intercontinental Exchange, Inc.
Thomson Reuters Corporation
Ticker / Exchange
ICE - New York Stock Exchange
TRI - Toronto Stock Exchange
Market cap (USD)
n/a
n/a
Sector
Financials
Industrials
HQ country
US
CA
Primary segment
Exchanges
Legal Professionals
Market structure
Oligopoly
Duopoly
Market share
75% (reported)
n/a
HHI estimate
n/a
n/a
Pricing power
Strong
Strong
Moat score
87 / 100
84 / 100
Moat domains
Network, Legal, Demand, Supply
Demand, Legal, Supply
Last update
2025-12-30
2025-12-30

Moat coverage

Shared moat types

Brand TrustData Workflow Lockin

Intercontinental Exchange, Inc. strengths

Clearing SettlementConcession LicenseTwo Sided NetworkData Network EffectsPhysical Network DensityInteroperability HubStandards RegistryCompliance Advantage

Thomson Reuters Corporation strengths

Regulated Standards PipeScale Economies Unit Cost

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%

Thomson Reuters Corporation segments

Full profile >

Legal Professionals

Duopoly

40.1%

Corporates

Oligopoly

25.3%

Tax & Accounting Professionals

Oligopoly

16%

Reuters News

Oligopoly

11.4%

Global Print

Competitive

7.1%

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.