VOL. XCIV, NO. 247

★ WIDE MOAT STOCKS COMPARISON ★

NO ADVICE

Wednesday, December 31, 2025

Stock Comparison

Merck & Co., Inc. vs Nasdaq, Inc.

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

Merck & Co., Inc.

MRK · New York Stock Exchange

Market cap (USD)$250.9B
SectorHealthcare
CountryUS
Data as of2025-12-22
Moat score
71/ 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 Merck & Co., Inc.'s moat claims, evidence, and risks.

View MRK analysis

Nasdaq, Inc.

NDAQ · NASDAQ

Market cap (USD)
SectorFinancials
CountryUS
Data as of2025-12-31
Moat score
76/ 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 Nasdaq, Inc.'s moat claims, evidence, and risks.

View NDAQ analysis

Comparison highlights

  • Moat score gap: Nasdaq, Inc. leads (76 / 100 vs 71 / 100 for Merck & Co., Inc.).
  • Segment focus: Merck & Co., Inc. has 2 segments (89.5% in Pharmaceutical); Nasdaq, Inc. has 3 segments (42.4% in Capital Access Platforms).
  • Primary market structure: Competitive vs Oligopoly. Pricing power: Moderate vs Moderate.
  • Moat breadth: Merck & Co., Inc. has 5 moat types across 3 domains; Nasdaq, Inc. has 9 across 5.

Primary market context

Merck & Co., Inc.

Pharmaceutical

Market

Branded prescription pharmaceuticals & human vaccines

Geography

Global

Customer

Wholesalers/retailers, managed care and government payers, hospitals/clinics

Role

R&D-intensive innovator, manufacturer, and marketer

Revenue share

89.5%

Nasdaq, Inc.

Capital Access Platforms

Market

Issuer and investor solutions: listings, index licensing, market data, and investment analytics/workflow platforms

Geography

Global (with major exposure to U.S. and Nordic/Baltic markets)

Customer

Public/private companies (issuers), asset managers, institutional investors, data subscribers

Role

Listing venue + index administrator/licensor + data/analytics provider

Revenue share

42.4%

Side-by-side metrics

Merck & Co., Inc.
Nasdaq, Inc.
Ticker / Exchange
MRK - New York Stock Exchange
NDAQ - NASDAQ
Market cap (USD)
$250.9B
n/a
Sector
Healthcare
Financials
HQ country
US
US
Primary segment
Pharmaceutical
Capital Access Platforms
Market structure
Competitive
Oligopoly
Market share
n/a
80%-84% (reported)
HHI estimate
n/a
n/a
Pricing power
Moderate
Moderate
Moat score
71 / 100
76 / 100
Moat domains
Legal, Supply, Demand
Legal, Network, Supply, Demand, Financial
Last update
2025-12-22
2025-12-31

Moat coverage

Shared moat types

Data Workflow Lockin

Merck & Co., Inc. strengths

IP Choke PointRegulated Standards PipeCapex Knowhow ScaleScope Economies

Nasdaq, Inc. strengths

Concession LicenseTwo Sided NetworkPhysical Network DensityBrand TrustDe Facto StandardBenchmark Pricing PowerCompliance AdvantageLong Term Contracts

Segment mix

Merck & Co., Inc. segments

Full profile >

Pharmaceutical

Competitive

89.5%

Animal Health

Oligopoly

9.2%

Nasdaq, Inc. segments

Full profile >

Market Services

Competitive

21.9%

Capital Access Platforms

Oligopoly

42.4%

Financial Technology

Competitive

35.6%

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.