VOL. XCIV, NO. 247

★ WIDE MOAT STOCKS COMPARISON ★

NO ADVICE

Thursday, January 8, 2026

Stock Comparison

Nasdaq, Inc. vs Sea Limited

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

Nasdaq, Inc.

NDAQ · NASDAQ

Market cap (USD)$56.5B
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

Sea Limited

SE · New York Stock Exchange

Market cap (USD)$82.8B
Gross margin (TTM)44.9%
Operating margin (TTM)8.2%
Net margin (TTM)6.8%
SectorConsumer
IndustrySpecialty Retail
CountrySG
Data as of2026-01-06
Moat score
69/ 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 Sea Limited's moat claims, evidence, and risks.

View SE analysis

Comparison highlights

  • Moat score gap: Nasdaq, Inc. leads (76 / 100 vs 69 / 100 for Sea Limited).
  • Segment focus: Nasdaq, Inc. has 3 segments (42.4% in Capital Access Platforms); Sea Limited has 3 segments (73.8% in Shopee (E-commerce)).
  • Moat breadth: Nasdaq, Inc. has 9 moat types across 5 domains; Sea Limited has 6 across 3.

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%

Sea Limited

Shopee (E-commerce)

Market

E-commerce marketplace and related value-added services

Geography

Southeast Asia, Taiwan, Brazil

Customer

Consumers and sellers

Role

Marketplace operator

Revenue share

73.8%

Side-by-side metrics

Nasdaq, Inc.
Sea Limited
Ticker / Exchange
NDAQ - NASDAQ
SE - New York Stock Exchange
Market cap (USD)
$56.5B
$82.8B
Gross margin (TTM)
41.1%
44.9%
Operating margin (TTM)
27.2%
8.2%
Net margin (TTM)
19.9%
6.8%
Sector
Financials
Consumer
Industry
Financial - Data & Stock Exchanges
Specialty Retail
HQ country
US
SG
Primary segment
Capital Access Platforms
Shopee (E-commerce)
Market structure
Oligopoly
Oligopoly
Market share
80%-84% (reported)
52% (reported)
HHI estimate
n/a
n/a
Pricing power
Moderate
Moderate
Moat score
76 / 100
69 / 100
Moat domains
Legal, Network, Supply, Demand, Financial
Network, Supply, Legal
Last update
2025-12-31
2026-01-06

Moat coverage

Shared moat types

Two Sided Network

Nasdaq, Inc. strengths

Concession LicensePhysical Network DensityBrand TrustDe Facto StandardBenchmark Pricing PowerData Workflow LockinCompliance AdvantageLong Term Contracts

Sea Limited strengths

Distribution ControlEcosystem ComplementsRegulated Standards PipeDirect Network EffectsContractual Exclusivity

Segment mix

Nasdaq, Inc. segments

Full profile >

Market Services

Competitive

21.9%

Capital Access Platforms

Oligopoly

42.4%

Financial Technology

Competitive

35.6%

Sea Limited segments

Full profile >

Shopee (E-commerce)

Oligopoly

73.8%

SeaMoney (Digital Financial Services)

Competitive

14.1%

Garena (Digital Entertainment)

Competitive

11.4%

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.