VOL. XCIV, NO. 247

★ WIDE MOAT STOCKS COMPARISON ★

NO ADVICE

Wednesday, December 31, 2025

Stock Comparison

Intercontinental Exchange, Inc. vs Tyler Technologies, 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

Tyler Technologies, Inc.

TYL · New York Stock Exchange

Market cap (USD)$19.9B
SectorTechnology
CountryUS
Data as of2025-12-26
Moat score
66/ 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 Tyler Technologies, Inc.'s moat claims, evidence, and risks.

View TYL analysis

Comparison highlights

  • Moat score gap: Intercontinental Exchange, Inc. leads (87 / 100 vs 66 / 100 for Tyler Technologies, Inc.).
  • Segment focus: Intercontinental Exchange, Inc. has 3 segments (53.4% in Exchanges); Tyler Technologies, Inc. has 2 segments (70.7% in Enterprise Software).
  • Primary market structure: Oligopoly vs Competitive. Pricing power: Strong vs Moderate.
  • Moat breadth: Intercontinental Exchange, Inc. has 10 moat types across 4 domains; Tyler Technologies, Inc. has 7 across 2.

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%

Tyler Technologies, Inc.

Enterprise Software

Market

Public sector enterprise application software for mission-critical back-office functions (ERP/public administration, courts & justice, public safety, education, property & recording)

Geography

Primarily United States; also Canada and other international locations

Customer

Government agencies and other public entities (state/local/federal), school districts

Role

Vertical software vendor + implementation/services

Revenue share

70.7%

Side-by-side metrics

Intercontinental Exchange, Inc.
Tyler Technologies, Inc.
Ticker / Exchange
ICE - New York Stock Exchange
TYL - New York Stock Exchange
Market cap (USD)
n/a
$19.9B
Sector
Financials
Technology
HQ country
US
US
Primary segment
Exchanges
Enterprise Software
Market structure
Oligopoly
Competitive
Market share
75% (reported)
5%-7% (reported)
HHI estimate
n/a
n/a
Pricing power
Strong
Moderate
Moat score
87 / 100
66 / 100
Moat domains
Network, Legal, Demand, Supply
Demand, Supply
Last update
2025-12-30
2025-12-26

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

Tyler Technologies, Inc. strengths

Training Org Change CostsProcurement InertiaSuite BundlingLong Term ContractsScale 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%

Tyler Technologies, Inc. segments

Full profile >

Enterprise Software

Competitive

70.7%

Platform Technologies

Competitive

29%

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.