VOL. XCIV, NO. 247

★ WIDE MOAT STOCKS COMPARISON ★

NO ADVICE

Sunday, January 11, 2026

Stock Comparison

London Stock Exchange Group plc vs Morningstar, Inc.

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

London Stock Exchange Group plc

LSEG · London Stock Exchange

Market cap (USD)$45.5B
Gross margin (TTM)51.5%
Operating margin (TTM)19.6%
Net margin (TTM)9.4%
SectorFinancials
IndustryFinancial - Data & Stock Exchanges
CountryGB
Data as of2025-12-30
Moat score
74/ 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 London Stock Exchange Group plc's moat claims, evidence, and risks.

View LSEG 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: London Stock Exchange Group plc leads (74 / 100 vs 67 / 100 for Morningstar, Inc.).
  • Segment focus: London Stock Exchange Group plc has 5 segments (51% in Data & Analytics); Morningstar, Inc. has 7 segments (34.6% in Morningstar Data and Analytics).
  • Moat breadth: London Stock Exchange Group plc has 8 moat types across 4 domains; Morningstar, Inc. has 6 across 3.

Primary market context

London Stock Exchange Group plc

Data & Analytics

Market

Financial market data, analytics and workflows (terminals and enterprise feeds)

Geography

Global

Customer

Financial institutions and corporates

Role

Data & analytics vendor

Revenue share

51%

Morningstar, Inc.

Morningstar Data and Analytics

Market

Investment data, research, and analytics platforms

Geography

Global

Revenue share

34.6%

Side-by-side metrics

London Stock Exchange Group plc
Morningstar, Inc.
Ticker / Exchange
LSEG - London Stock Exchange
MORN - NASDAQ
Market cap (USD)
$45.5B
n/a
Gross margin (TTM)
51.5%
n/a
Operating margin (TTM)
19.6%
n/a
Net margin (TTM)
9.4%
n/a
Sector
Financials
Financials
Industry
Financial - Data & Stock Exchanges
n/a
HQ country
GB
US
Primary segment
Data & Analytics
Morningstar Data and Analytics
Market structure
Oligopoly
Oligopoly
Market share
n/a
n/a
HHI estimate
n/a
n/a
Pricing power
Moderate
Moderate
Moat score
74 / 100
67 / 100
Moat domains
Demand, Supply, Network, Legal
Demand, Network, Legal
Last update
2025-12-30
2026-01-10

Moat coverage

Shared moat types

Data Workflow LockinDe Facto Standard

London Stock Exchange Group plc strengths

Scale Economies Unit CostBrand TrustCompliance AdvantageTwo Sided NetworkClearing SettlementConcession License

Morningstar, Inc. strengths

Regulated Standards PipeSuite BundlingTraining Org Change CostsIP Choke Point

Segment mix

London Stock Exchange Group plc segments

Full profile >

Data & Analytics

Oligopoly

51%

FTSE Russell

Oligopoly

10.7%

Risk Intelligence

Oligopoly

6.2%

Capital Markets

Oligopoly

21.3%

Post Trade

Quasi-Monopoly

10.8%

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?

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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.