VOL. XCIV, NO. 247

★ WIDE MOAT STOCKS COMPARISON ★

NO ADVICE

Wednesday, December 31, 2025

Stock Comparison

Nasdaq, Inc. vs Walmart Inc.

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

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

Walmart Inc.

WMT · New York Stock Exchange

Market cap (USD)$894.3B
SectorConsumer
CountryUS
Data as of2025-12-30
Moat score
77/ 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 Walmart Inc.'s moat claims, evidence, and risks.

View WMT analysis

Comparison highlights

  • Moat score gap: Walmart Inc. leads (77 / 100 vs 76 / 100 for Nasdaq, Inc.).
  • Segment focus: Nasdaq, Inc. has 3 segments (42.4% in Capital Access Platforms); Walmart Inc. has 3 segments (68.3% in Walmart U.S.).
  • Primary market structure: Oligopoly vs Competitive. Pricing power: Moderate vs Weak.
  • Moat breadth: Nasdaq, Inc. has 9 moat types across 5 domains; Walmart Inc. has 6 across 4.

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%

Walmart Inc.

Walmart U.S.

Market

U.S. omnichannel discount retail and grocery (supercenters, neighborhood markets, eCommerce)

Geography

United States

Customer

Consumers and small businesses; marketplace sellers and advertisers (for marketplace and retail media offerings)

Role

Retailer / marketplace operator / last-mile fulfillment network

Revenue share

68.3%

Side-by-side metrics

Nasdaq, Inc.
Walmart Inc.
Ticker / Exchange
NDAQ - NASDAQ
WMT - New York Stock Exchange
Market cap (USD)
n/a
$894.3B
Sector
Financials
Consumer
HQ country
US
US
Primary segment
Capital Access Platforms
Walmart U.S.
Market structure
Oligopoly
Competitive
Market share
80%-84% (reported)
20%-22% (reported)
HHI estimate
n/a
n/a
Pricing power
Moderate
Weak
Moat score
76 / 100
77 / 100
Moat domains
Legal, Network, Supply, Demand, Financial
Supply, Demand, Network, Financial
Last update
2025-12-31
2025-12-30

Moat coverage

Shared moat types

Physical Network Density

Nasdaq, Inc. strengths

Concession LicenseTwo Sided NetworkBrand TrustDe Facto StandardBenchmark Pricing PowerData Workflow LockinCompliance AdvantageLong Term Contracts

Walmart Inc. strengths

Scale Economies Unit CostHabit DefaultSupply Chain ControlEcosystem ComplementsFloat Prepayment

Segment mix

Nasdaq, Inc. segments

Full profile >

Market Services

Competitive

21.9%

Capital Access Platforms

Oligopoly

42.4%

Financial Technology

Competitive

35.6%

Walmart Inc. segments

Full profile >

Walmart U.S.

Competitive

68.3%

Walmart International

Competitive

18.1%

Sam's Club U.S.

Oligopoly

13.6%

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.