VOL. XCIV, NO. 247

★ WIDE MOAT STOCKS COMPARISON ★

NO ADVICE

Sunday, January 11, 2026

Wide Moat Stocks Expansion-Stage Stocks Home My Collections

Stock Comparison

Morningstar, Inc. vs Pro Medicus Limited

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

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

Pro Medicus Limited

PME · ASX

Market cap (USD)$22B

Gross margin (TTM)77.8%

Operating margin (TTM)72.1%

Net margin (TTM)52.9%

SectorHealthcare

IndustryMedical - Healthcare Information Services

CountryAU

Data as of—

Moat score

80/ 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 Pro Medicus Limited's moat claims, evidence, and risks.

View PME analysis

Comparison highlights

Moat score gap: Pro Medicus Limited leads (80 / 100 vs 67 / 100 for Morningstar, Inc.).
Segment focus: Morningstar, Inc. has 7 segments (34.6% in Morningstar Data and Analytics); Pro Medicus Limited has 2 segments (92.5% in Visage 7 Enterprise Imaging Platform (PACS / CloudPACS)).
Primary market structure: Oligopoly vs Oligopoly. Pricing power: Moderate vs Strong.
Moat breadth: Morningstar, Inc. has 6 moat types across 3 domains; Pro Medicus Limited has 6 across 2.

Primary market context

Morningstar, Inc.

Morningstar Data and Analytics

Market

Investment data, research, and analytics platforms

Geography

Global

Revenue share

34.6%

Pro Medicus Limited

Visage 7 Enterprise Imaging Platform (PACS / CloudPACS)

Market

Enterprise imaging / PACS and related modules for hospitals and integrated delivery networks (IDNs)

Geography

Primarily North America; also Europe and Australia

Customer

Hospitals, imaging centers, integrated delivery networks (IDNs)

Role

Healthcare IT software vendor / platform provider

Revenue share

92.5%

Side-by-side metrics

Morningstar, Inc.

Pro Medicus Limited

Ticker / Exchange

MORN - NASDAQ

PME - ASX

Market cap (USD)

n/a

$22B

Gross margin (TTM)

n/a

77.8%

Operating margin (TTM)

n/a

72.1%

Net margin (TTM)

n/a

52.9%

Sector

Financials

Healthcare

Industry

n/a

Medical - Healthcare Information Services

HQ country

Primary segment

Morningstar Data and Analytics

Visage 7 Enterprise Imaging Platform (PACS / CloudPACS)

Market structure

Oligopoly

Market share

n/a

55% (implied)

HHI estimate

n/a

Pricing power

Moderate

Strong

Moat score

67 / 100

80 / 100

Moat domains

Demand, Network, Legal

Demand, Supply

Last update

2026-01-10

2026-01-11

Moat coverage

Shared moat types

Data Workflow LockinSuite Bundling

Morningstar, Inc. strengths

De Facto StandardRegulated Standards PipeTraining Org Change CostsIP Choke Point

Pro Medicus Limited strengths

Keystone ComponentOperational ExcellenceSwitching Costs GeneralLong Term Contracts

Segment mix

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%

Pro Medicus Limited segments

Full profile >

Visage 7 Enterprise Imaging Platform (PACS / CloudPACS)

Oligopoly

92.5%

Visage RIS (Radiology Information System) and Promedicus.net

Oligopoly

7.5%

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

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.