VOL. XCIV, NO. 247

★ WIDE MOAT STOCKS COMPARISON ★

NO ADVICE

Wednesday, December 31, 2025

Stock Comparison

Nasdaq, Inc. vs Zimmer Biomet Holdings, 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

Zimmer Biomet Holdings, Inc.

ZBH · New York Stock Exchange

Market cap (USD)
SectorHealthcare
CountryUS
Data as of2025-12-23
Moat score
72/ 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 Zimmer Biomet Holdings, Inc.'s moat claims, evidence, and risks.

View ZBH analysis

Comparison highlights

  • Moat score gap: Nasdaq, Inc. leads (76 / 100 vs 72 / 100 for Zimmer Biomet Holdings, Inc.).
  • Segment focus: Nasdaq, Inc. has 3 segments (42.4% in Capital Access Platforms); Zimmer Biomet Holdings, Inc. has 4 segments (41.3% in Knees).
  • Moat breadth: Nasdaq, Inc. has 9 moat types across 5 domains; Zimmer Biomet Holdings, Inc. has 7 across 5.

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%

Zimmer Biomet Holdings, Inc.

Knees

Market

Knee reconstruction implants (primary, partial, revision) plus associated instruments and orthopedic robotics/navigation

Geography

Global

Customer

Hospitals and ambulatory surgery centers

Role

OEM manufacturer

Revenue share

41.3%

Side-by-side metrics

Nasdaq, Inc.
Zimmer Biomet Holdings, Inc.
Ticker / Exchange
NDAQ - NASDAQ
ZBH - New York Stock Exchange
Market cap (USD)
n/a
n/a
Sector
Financials
Healthcare
HQ country
US
US
Primary segment
Capital Access Platforms
Knees
Market structure
Oligopoly
Oligopoly
Market share
80%-84% (reported)
30.1% (reported)
HHI estimate
n/a
2,265
Pricing power
Moderate
Moderate
Moat score
76 / 100
72 / 100
Moat domains
Legal, Network, Supply, Demand, Financial
Demand, Supply, Legal, Financial, Network
Last update
2025-12-31
2025-12-23

Moat coverage

Shared moat types

Benchmark Pricing PowerData Workflow Lockin

Nasdaq, Inc. strengths

Concession LicenseTwo Sided NetworkPhysical Network DensityBrand TrustDe Facto StandardCompliance AdvantageLong Term Contracts

Zimmer Biomet Holdings, Inc. strengths

Design In QualificationService Field NetworkRegulated Standards PipeScope EconomiesEcosystem Complements

Segment mix

Nasdaq, Inc. segments

Full profile >

Market Services

Competitive

21.9%

Capital Access Platforms

Oligopoly

42.4%

Financial Technology

Competitive

35.6%

Zimmer Biomet Holdings, Inc. segments

Full profile >

Knees

Oligopoly

41.3%

Hips

Oligopoly

26%

S.E.T. (Sports Medicine, Extremities, Trauma, CMFT)

Competitive

24.3%

Technology & Data, Bone Cement and Surgical

Oligopoly

8.3%

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.