VOL. XCIV, NO. 247

★ WIDE MOAT STOCKS COMPARISON ★

NO ADVICE

Friday, January 2, 2026

Stock Comparison

MarketAxess Holdings Inc. vs Norfolk Southern Corporation

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

MarketAxess Holdings Inc.

MKTX · NASDAQ Global Select Market

Market cap (USD)$6.7B
Gross margin (TTM)66.2%
Operating margin (TTM)41.2%
Net margin (TTM)26.2%
SectorFinancials
IndustryFinancial - Capital Markets
CountryUS
Data as of2025-12-23
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 MarketAxess Holdings Inc.'s moat claims, evidence, and risks.

View MKTX 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: MarketAxess Holdings Inc. leads (74 / 100 vs 70 / 100 for Norfolk Southern Corporation).
  • Segment focus: MarketAxess Holdings Inc. has 2 segments (87.1% in Trade Execution Solutions); Norfolk Southern Corporation has 3 segments (62% in Merchandise).
  • Moat breadth: MarketAxess Holdings Inc. has 6 moat types across 3 domains; Norfolk Southern Corporation has 4 across 3.

Primary market context

MarketAxess Holdings Inc.

Trade Execution Solutions

Market

Electronic fixed-income trade execution platforms (credit and rates)

Geography

Global

Customer

Institutional investors, broker-dealers, and alternative liquidity providers

Role

Electronic trading venue / marketplace operator

Revenue share

87.1%

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

MarketAxess Holdings Inc.
Norfolk Southern Corporation
Ticker / Exchange
MKTX - NASDAQ Global Select Market
NSC - New York Stock Exchange
Market cap (USD)
$6.7B
$65B
Gross margin (TTM)
66.2%
n/a
Operating margin (TTM)
41.2%
n/a
Net margin (TTM)
26.2%
n/a
Sector
Financials
Industrials
Industry
Financial - Capital Markets
Railroads
HQ country
US
US
Primary segment
Trade Execution Solutions
Merchandise
Market structure
Oligopoly
Oligopoly
Market share
19% (reported)
n/a
HHI estimate
n/a
n/a
Pricing power
Moderate
Moderate
Moat score
74 / 100
70 / 100
Moat domains
Network, Demand, Legal
Supply, Legal, Demand
Last update
2025-12-23
2026-01-02

Moat coverage

Shared moat types

Switching Costs General

MarketAxess Holdings Inc. strengths

Two Sided NetworkData Workflow LockinData Network EffectsCompliance AdvantageEcosystem Complements

Norfolk Southern Corporation strengths

Physical Network DensityPermits Rights Of WayScale Economies Unit Cost

Segment mix

MarketAxess Holdings Inc. segments

Full profile >

Trade Execution Solutions

Oligopoly

87.1%

Services (Data, Post-Trade and Technology)

Competitive

12.9%

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.

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.