VOL. XCIV, NO. 247

★ WIDE MOAT STOCKS COMPARISON ★

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Sunday, January 11, 2026

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Stock Comparison

International Flavors & Fragrances Inc. vs Morningstar, Inc.

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

International Flavors & Fragrances Inc.

IFF · New York Stock Exchange

Market cap (USD)$17.7B

Gross margin (TTM)36.4%

Operating margin (TTM)-3.2%

Net margin (TTM)-3.7%

SectorMaterials

IndustryChemicals - Specialty

CountryUS

Data as of2025-12-29

Moat score

59/ 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 International Flavors & Fragrances Inc.'s moat claims, evidence, and risks.

View IFF analysis

Morningstar, Inc.

MORN · NASDAQ

Market cap (USD)—

Gross margin (TTM)—

Operating margin (TTM)—

Net margin (TTM)—

SectorFinancials

Industry—

CountryUS

Data as of2026-01-10

Moat score

67/ 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 Morningstar, Inc.'s moat claims, evidence, and risks.

View MORN analysis

Comparison highlights

Moat score gap: Morningstar, Inc. leads (67 / 100 vs 59 / 100 for International Flavors & Fragrances Inc.).
Segment focus: International Flavors & Fragrances Inc. has 4 segments (31.2% in Food Ingredients); Morningstar, Inc. has 7 segments (34.6% in Morningstar Data and Analytics).
Primary market structure: Competitive vs Oligopoly. Pricing power: Weak vs Moderate.
Moat breadth: International Flavors & Fragrances Inc. has 8 moat types across 3 domains; Morningstar, Inc. has 6 across 3.

Primary market context

International Flavors & Fragrances Inc.

Food Ingredients

Market

Specialty food ingredients (texturizers, food protection, plant proteins, emulsifiers, sweeteners)

Geography

Global

Customer

B2B (food manufacturers)

Role

Ingredient supplier

Revenue share

31.2%

Morningstar, Inc.

Morningstar Data and Analytics

Market

Investment data, research, and analytics platforms

Geography

Global

Revenue share

34.6%

Side-by-side metrics

International Flavors & Fragrances Inc.

Morningstar, Inc.

Ticker / Exchange

IFF - New York Stock Exchange

MORN - NASDAQ

Market cap (USD)

$17.7B

n/a

Gross margin (TTM)

36.4%

n/a

Operating margin (TTM)

-3.2%

n/a

Net margin (TTM)

-3.7%

n/a

Sector

Materials

Financials

Industry

Chemicals - Specialty

n/a

HQ country

Primary segment

Food Ingredients

Morningstar Data and Analytics

Market structure

Competitive

Oligopoly

Market share

n/a

HHI estimate

n/a

Pricing power

Weak

Moderate

Moat score

59 / 100

67 / 100

Moat domains

Demand, Legal, Supply

Demand, Network, Legal

Last update

2025-12-29

2026-01-10

Moat coverage

Shared moat types

IP Choke Point

International Flavors & Fragrances Inc. strengths

Design In QualificationService Field NetworkSupply Chain ControlCompliance AdvantageSwitching Costs GeneralCapex Knowhow ScaleScale Economies Unit Cost

Morningstar, Inc. strengths

Data Workflow LockinDe Facto StandardRegulated Standards PipeSuite BundlingTraining Org Change Costs

Segment mix

International Flavors & Fragrances Inc. segments

Full profile >

Taste

Oligopoly

23.9%

Food Ingredients

Competitive

31.2%

Health & Biosciences

Oligopoly

21.4%

Scent

Oligopoly

23.6%

Morningstar, Inc. segments

Full profile >

Morningstar Data and Analytics

Oligopoly

34.6%

PitchBook

Oligopoly

27.2%

Morningstar Credit

Oligopoly

12.8%

Morningstar Wealth

Competitive

10.9%

Morningstar Retirement

Competitive

5.6%

Morningstar Sustainalytics

Oligopoly

5.2%

Morningstar Indexes

Oligopoly

3.7%

Want the full wide moat stocks list?

Browse the full ranking of wide moat stocks, updated with moat scores and segment context.

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Looking for expansion-stage stocks?

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

View expansion-stage stocks

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.