VOL. XCIV, NO. 247

★ WIDE MOAT STOCKS COMPARISON ★

NO ADVICE

Sunday, January 11, 2026

Stock Comparison

Mastercard Incorporated vs Morningstar, Inc.

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

Mastercard Incorporated

MA · New York Stock Exchange

Market cap (USD)$516.8B
Gross margin (TTM)77.5%
Operating margin (TTM)57%
Net margin (TTM)45.3%
SectorFinancials
IndustryFinancial - Credit Services
CountryUS
Data as of2025-12-21
Moat score
77/ 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 Mastercard Incorporated's moat claims, evidence, and risks.

View MA 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: Mastercard Incorporated leads (77 / 100 vs 67 / 100 for Morningstar, Inc.).
  • Segment focus: Mastercard Incorporated has 2 segments (61.5% in Payment Network); Morningstar, Inc. has 7 segments (34.6% in Morningstar Data and Analytics).
  • Moat breadth: Mastercard Incorporated has 6 moat types across 3 domains; Morningstar, Inc. has 6 across 3.

Primary market context

Mastercard Incorporated

Payment Network

Market

Four-party card payment network (switching, acceptance, and network-related services)

Geography

Global

Customer

Issuers, acquirers, merchants, account holders

Role

Network operator (authorization, clearing, settlement) and rules/standards steward

Revenue share

61.5%

Morningstar, Inc.

Morningstar Data and Analytics

Market

Investment data, research, and analytics platforms

Geography

Global

Revenue share

34.6%

Side-by-side metrics

Mastercard Incorporated
Morningstar, Inc.
Ticker / Exchange
MA - New York Stock Exchange
MORN - NASDAQ
Market cap (USD)
$516.8B
n/a
Gross margin (TTM)
77.5%
n/a
Operating margin (TTM)
57%
n/a
Net margin (TTM)
45.3%
n/a
Sector
Financials
Financials
Industry
Financial - Credit Services
n/a
HQ country
US
US
Primary segment
Payment Network
Morningstar Data and Analytics
Market structure
Oligopoly
Oligopoly
Market share
29.7% (reported)
n/a
HHI estimate
n/a
n/a
Pricing power
Moderate
Moderate
Moat score
77 / 100
67 / 100
Moat domains
Network, Demand, Legal
Demand, Network, Legal
Last update
2025-12-21
2026-01-10

Moat coverage

Shared moat types

Regulated Standards PipeData Workflow Lockin

Mastercard Incorporated strengths

Two Sided NetworkClearing SettlementBrand TrustData Network Effects

Morningstar, Inc. strengths

De Facto StandardSuite BundlingTraining Org Change CostsIP Choke Point

Segment mix

Mastercard Incorporated segments

Full profile >

Payment Network

Oligopoly

61.5%

Value-Added Services and Solutions

Competitive

38.5%

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

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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.