VOL. XCIV, NO. 247

★ WIDE MOAT STOCKS COMPARISON ★

NO ADVICE

Friday, January 2, 2026

Stock Comparison

Nasdaq, Inc. vs Pro Medicus Limited

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

Nasdaq, Inc.

NDAQ · NASDAQ

Market cap (USD)$55.3B
Gross margin (TTM)41.1%
Operating margin (TTM)27.2%
Net margin (TTM)19.9%
SectorFinancials
IndustryFinancial - Data & Stock Exchanges
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

Pro Medicus Limited

PME · ASX

Market cap (USD)$15.5B
Gross margin (TTM)
Operating margin (TTM)
Net margin (TTM)
SectorHealthcare
Industry
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 76 / 100 for Nasdaq, Inc.).
  • Segment focus: Nasdaq, Inc. has 3 segments (42.4% in Capital Access Platforms); 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: Nasdaq, Inc. has 9 moat types across 5 domains; Pro Medicus Limited has 6 across 2.

Primary market context

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%

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

Nasdaq, Inc.
Pro Medicus Limited
Ticker / Exchange
NDAQ - NASDAQ
PME - ASX
Market cap (USD)
$55.3B
$15.5B
Gross margin (TTM)
41.1%
n/a
Operating margin (TTM)
27.2%
n/a
Net margin (TTM)
19.9%
n/a
Sector
Financials
Healthcare
Industry
Financial - Data & Stock Exchanges
n/a
HQ country
US
AU
Primary segment
Capital Access Platforms
Visage 7 Enterprise Imaging Platform (PACS / CloudPACS)
Market structure
Oligopoly
Oligopoly
Market share
80%-84% (reported)
55% (implied)
HHI estimate
n/a
n/a
Pricing power
Moderate
Strong
Moat score
76 / 100
80 / 100
Moat domains
Legal, Network, Supply, Demand, Financial
Demand, Supply
Last update
2025-12-31
2026-01-02

Moat coverage

Shared moat types

Data Workflow LockinLong Term Contracts

Nasdaq, Inc. strengths

Concession LicenseTwo Sided NetworkPhysical Network DensityBrand TrustDe Facto StandardBenchmark Pricing PowerCompliance Advantage

Pro Medicus Limited strengths

Keystone ComponentOperational ExcellenceSuite BundlingSwitching Costs General

Segment mix

Nasdaq, Inc. segments

Full profile >

Market Services

Competitive

21.9%

Capital Access Platforms

Oligopoly

42.4%

Financial Technology

Competitive

35.6%

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.

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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.