VOL. XCIV, NO. 247

★ WIDE MOAT STOCKS COMPARISON ★

NO ADVICE

Wednesday, January 7, 2026

Stock Comparison

Nasdaq, Inc. vs Texas Roadhouse, Inc.

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

Texas Roadhouse, Inc.

TXRH · NASDAQ Global Select Market

Market cap (USD)$11.6B
Gross margin (TTM)16.7%
Operating margin (TTM)8.9%
Net margin (TTM)7.5%
SectorConsumer
IndustryRestaurants
CountryUS
Data as of2026-01-06
Moat score
66/ 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 Texas Roadhouse, Inc.'s moat claims, evidence, and risks.

View TXRH analysis

Comparison highlights

  • Moat score gap: Nasdaq, Inc. leads (76 / 100 vs 66 / 100 for Texas Roadhouse, Inc.).
  • Segment focus: Nasdaq, Inc. has 3 segments (42.4% in Capital Access Platforms); Texas Roadhouse, Inc. has 3 segments (93.8% in Texas Roadhouse).
  • Primary market structure: Oligopoly vs Competitive. Pricing power: Moderate vs Moderate.
  • Moat breadth: Nasdaq, Inc. has 9 moat types across 5 domains; Texas Roadhouse, Inc. has 4 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%

Texas Roadhouse, Inc.

Texas Roadhouse

Market

Casual dining steakhouse restaurants

Geography

United States (plus international via franchise)

Customer

Consumers

Role

Restaurant operator & franchisor

Revenue share

93.8%

Side-by-side metrics

Nasdaq, Inc.
Texas Roadhouse, Inc.
Ticker / Exchange
NDAQ - NASDAQ
TXRH - NASDAQ Global Select Market
Market cap (USD)
$56.5B
$11.6B
Gross margin (TTM)
41.1%
16.7%
Operating margin (TTM)
27.2%
8.9%
Net margin (TTM)
19.9%
7.5%
Sector
Financials
Consumer
Industry
Financial - Data & Stock Exchanges
Restaurants
HQ country
US
US
Primary segment
Capital Access Platforms
Texas Roadhouse
Market structure
Oligopoly
Competitive
Market share
80%-84% (reported)
n/a
HHI estimate
n/a
n/a
Pricing power
Moderate
Moderate
Moat score
76 / 100
66 / 100
Moat domains
Legal, Network, Supply, Demand, Financial
Demand, Supply, Legal
Last update
2025-12-31
2026-01-06

Moat coverage

Shared moat types

Brand Trust

Nasdaq, Inc. strengths

Concession LicenseTwo Sided NetworkPhysical Network DensityDe Facto StandardBenchmark Pricing PowerData Workflow LockinCompliance AdvantageLong Term Contracts

Texas Roadhouse, Inc. strengths

Operational ExcellenceHabit DefaultIP Choke Point

Segment mix

Nasdaq, Inc. segments

Full profile >

Market Services

Competitive

21.9%

Capital Access Platforms

Oligopoly

42.4%

Financial Technology

Competitive

35.6%

Texas Roadhouse, Inc. segments

Full profile >

Texas Roadhouse

Competitive

93.8%

Bubba's 33

Competitive

5.6%

Other (Jaggers + retail initiatives)

Competitive

0.6%

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

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.