VOL. XCIV, NO. 247

★ WIDE MOAT STOCKS COMPARISON ★

NO ADVICE

Friday, January 2, 2026

Stock Comparison

Mastercard Incorporated vs Norfolk Southern Corporation

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)$507.2B
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

Norfolk Southern Corporation

NSC · New York Stock Exchange

Market cap (USD)$65B
Gross margin (TTM)
Operating margin (TTM)
Net margin (TTM)
SectorIndustrials
IndustryRailroads
CountryUS
Data as of2026-01-02
Moat score
70/ 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 Norfolk Southern Corporation's moat claims, evidence, and risks.

View NSC analysis

Comparison highlights

  • Moat score gap: Mastercard Incorporated leads (77 / 100 vs 70 / 100 for Norfolk Southern Corporation).
  • Segment focus: Mastercard Incorporated has 2 segments (61.5% in Payment Network); Norfolk Southern Corporation has 3 segments (62% in Merchandise).
  • Moat breadth: Mastercard Incorporated has 6 moat types across 3 domains; Norfolk Southern Corporation has 4 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%

Norfolk Southern Corporation

Merchandise

Market

Eastern U.S. freight rail transportation for industrial & consumer goods

Geography

United States (Southeast/East/Midwest; NS network + interchanges)

Customer

Manufacturers, producers, and distributors

Role

Rail carrier

Revenue share

62%

Side-by-side metrics

Mastercard Incorporated
Norfolk Southern Corporation
Ticker / Exchange
MA - New York Stock Exchange
NSC - New York Stock Exchange
Market cap (USD)
$507.2B
$65B
Gross margin (TTM)
77.5%
n/a
Operating margin (TTM)
57%
n/a
Net margin (TTM)
45.3%
n/a
Sector
Financials
Industrials
Industry
Financial - Credit Services
Railroads
HQ country
US
US
Primary segment
Payment Network
Merchandise
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
70 / 100
Moat domains
Network, Demand, Legal
Supply, Legal, Demand
Last update
2025-12-21
2026-01-02

Moat coverage

Shared moat types

No overlap yet.

Mastercard Incorporated strengths

Two Sided NetworkClearing SettlementBrand TrustRegulated Standards PipeData Network EffectsData Workflow Lockin

Norfolk Southern Corporation strengths

Physical Network DensityPermits Rights Of WayScale Economies Unit CostSwitching Costs General

Segment mix

Mastercard Incorporated segments

Full profile >

Payment Network

Oligopoly

61.5%

Value-Added Services and Solutions

Competitive

38.5%

Norfolk Southern Corporation segments

Full profile >

Merchandise

Oligopoly

62%

Intermodal

Oligopoly

25%

Coal

Oligopoly

13%

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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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.