VOL. XCIV, NO. 247

★ WIDE MOAT STOCKS COMPARISON ★

NO ADVICE

Stock Comparison

Shopify Inc. vs Tyler Technologies, Inc.

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

Shopify Inc.

SHOP · Nasdaq Global Select Market

Market cap (USD)$163.7B
Gross margin (TTM)48.1%
Operating margin (TTM)12.7%
Net margin (TTM)10.7%
SectorTechnology
IndustrySoftware - Application
CountryCA
Data as of2026-04-25
Moat score
73/ 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 Shopify Inc.'s moat claims, evidence, and risks.

View SHOP analysis

Tyler Technologies, Inc.

TYL · New York Stock Exchange

Market cap (USD)$14.4B
Gross margin (TTM)44.7%
Operating margin (TTM)15.3%
Net margin (TTM)13.5%
SectorTechnology
IndustrySoftware - Application
CountryUS
Data as of2025-12-26
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 Tyler Technologies, Inc.'s moat claims, evidence, and risks.

View TYL analysis

Comparison highlights

  • Moat score gap: Shopify Inc. leads (73 / 100 vs 66 / 100 for Tyler Technologies, Inc.).
  • Segment focus: Shopify Inc. has 2 segments (76.2% in Merchant Solutions); Tyler Technologies, Inc. has 2 segments (70.7% in Enterprise Software).
  • Moat breadth: Shopify Inc. has 7 moat types across 3 domains; Tyler Technologies, Inc. has 7 across 2.

Primary market context

Shopify Inc.

Merchant Solutions

Market

Integrated merchant payments, checkout, lending, shipping, POS hardware, partner referrals, ads and buyer-acquisition services for Shopify merchants

Geography

Global, with Shopify Payments and related solutions available across selected countries

Customer

Shopify merchants, Shopify Plus merchants, retail operators and buyers using Shop Pay or Shop App

Role

Embedded payments, checkout, fintech, fulfillment-adjacent and commerce-services layer attached to Shopify storefronts

Revenue share

76.2%

Tyler Technologies, Inc.

Enterprise Software

Market

Public sector enterprise application software for mission-critical back-office functions (ERP/public administration, courts & justice, public safety, education, property & recording)

Geography

Primarily United States; also Canada and other international locations

Customer

Government agencies and other public entities (state/local/federal), school districts

Role

Vertical software vendor + implementation/services

Revenue share

70.7%

Side-by-side metrics

Shopify Inc.
Tyler Technologies, Inc.
Ticker / Exchange
SHOP - Nasdaq Global Select Market
TYL - New York Stock Exchange
Market cap (USD)
$163.7B
$14.4B
Gross margin (TTM)
48.1%
44.7%
Operating margin (TTM)
12.7%
15.3%
Net margin (TTM)
10.7%
13.5%
Sector
Technology
Technology
Industry
Software - Application
Software - Application
HQ country
CA
US
Primary segment
Merchant Solutions
Enterprise Software
Market structure
Competitive
Competitive
Market share
65.6% (reported)
5%-7% (reported)
HHI estimate
n/a
n/a
Pricing power
Moderate
Moderate
Moat score
73 / 100
66 / 100
Moat domains
Network, Demand, Supply
Demand, Supply
Last update
2026-04-25
2025-12-26

Moat coverage

Shared moat types

Data Workflow LockinBrand TrustSuite BundlingScale Economies Unit Cost

Shopify Inc. strengths

Ecosystem ComplementsKeystone ComponentHabit Default

Tyler Technologies, Inc. strengths

Training Org Change CostsProcurement InertiaLong Term Contracts

Segment mix

Shopify Inc. segments

Full profile >

Subscription Solutions

Competitive

23.8%

Merchant Solutions

Competitive

76.2%

Tyler Technologies, Inc. segments

Full profile >

Enterprise Software

Competitive

70.7%

Platform Technologies

Competitive

29%

Want the full wide moat stocks list?

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Looking for expansion-stage stocks?

Proven models entering the expansion stage with unit economics that work.

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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.