Stocks with Strong Network Effects
Companies scoring 7+/10 on the network effects pillar — businesses that get stronger with every additional user.
Network effects are the most powerful moat source in modern markets: each additional user makes the product more valuable for every other user. Marketplaces get better with more buyers and sellers, payment networks with more cardholders and merchants, social platforms with more participants, and developer ecosystems with more tools built on top. Once a network reaches critical mass, challengers face a brutal cold-start problem — a technically superior product with an empty network usually loses to a good-enough product with a full one.
Not every claimed network effect is real, though. Many companies describe ordinary scale or brand loyalty as a "network" in investor materials. MoatScan’s AI scores the network effects pillar from 0 to 10 for every company it analyzes, looking for evidence of genuine user-to-user value creation, winner-take-most market structure, and rising switching friction as the network grows. This page lists every company in our database scoring at least 7 out of 10 on that pillar, ranked by pillar rating.
Network-effect businesses often trade at premium valuations precisely because the moat is so visible. Click through to any company for the full five-pillar analysis, the overall Moat Score, and an AI-estimated fair value to judge whether the premium is justified.
| # | Company | Network Effects Rating | Moat Score | Moat Rating | Financial Score | Fair Value |
|---|---|---|---|---|---|---|
| 1 | METAMeta Platforms, Inc. | 9.5/10 | 82 | Wide Moat | 81 | $732.51 |
| 2 | VVisa Inc. | 9/10 | 81 | Wide Moat | 78 | $342.74 |
| 3 | MAMastercard Incorporated | 9/10 | 79 | Wide Moat | 80 | $725.55 |
| 4 | NVDANVIDIA Corporation | 8.5/10 | 84 | Wide Moat | 88 | $331.30 |
| 5 | CMECME Group Inc. | 8.5/10 | 83 | Wide Moat | 76 | $411.50 |
| 6 | CPRTCopart Inc. | 8.5/10 | 81 | Wide Moat | 78 | $42.05 |
| 7 | MELIMercadoLibre, Inc. | 8.5/10 | 77 | Wide Moat | 80 | $2,577.49 |
| 8 | SPGIS&P Global Inc. | 8/10 | 83 | Wide Moat | 73 | $666.80 |
| 9 | AAPLApple Inc. | 8/10 | 81 | Wide Moat | 80 | $243.24 |
| 10 | GOOGLAlphabet Inc. | 8/10 | 81 | Wide Moat | 82 | $401.86 |
| 11 | AMZNAmazon.com Inc. | 8/10 | 79 | Wide Moat | 77 | $355.01 |
| 12 | ICEIntercontinental Exchange Inc. | 8/10 | 79 | Wide Moat | 74 | $216.29 |
| 13 | KSPIJoint Stock Company Kaspi.kz | 8/10 | 78 | Narrow Moat | 69 | $639.00 |
| 14 | AVGOBroadcom Inc. | 8/10 | 76 | Wide Moat | 76 | $154.85 |
| 15 | EQIXEquinix, Inc. | 8/10 | 68 | Narrow Moat | — | — |
| 16 | UBERUber Technologies, Inc. | 8/10 | 64 | Narrow Moat | 75 | $128.31 |
| 17 | RDDTReddit Inc. | 8/10 | 50 | Narrow Moat | — | — |
| 18 | SPCXSpace Exploration Technologies Corp. | 7.5/10 | 80 | Wide Moat | 54 | — |
| 19 | MSFTMicrosoft Corp | 7.5/10 | 77 | Wide Moat | 84 | $607.60 |
| 20 | BNYThe Bank of New York Mellon Corporation | 7.5/10 | 75 | Narrow Moat | 73 | $127.57 |
| 21 | IDXXIDEXX Laboratories, Inc. | 7.5/10 | 75 | Wide Moat | 78 | $508.91 |
| 22 | VEEVVeeva Systems Inc. | 7.5/10 | 75 | Wide Moat | 82 | $206.22 |
| 23 | VRSKVerisk Analytics Inc | 7.5/10 | 74 | Narrow Moat | 67 | $217.97 |
| 24 | RMDResMed Inc. | 7.5/10 | 72 | Narrow Moat | 80 | $330.88 |
| 25 | DLRDigital Realty Trust, Inc. | 7.5/10 | 68 | Narrow Moat | 61 | $83.62 |
| 26 | BKNGBooking Holdings Inc. | 7.5/10 | 67 | Narrow Moat | 72 | $220.52 |
| 27 | DASHDoorDash, Inc. | 7.5/10 | 62 | Narrow Moat | 72 | $300.84 |
| 28 | EBAYeBay Inc. | 7.5/10 | 60 | Narrow Moat | 61 | $132.92 |
| 29 | ASMLASML Holding N.V. | 7/10 | 83 | Wide Moat | 82 | $1,353.00 |
| 30 | MCDMcDonald's Corporation | 7/10 | 77 | Wide Moat | 66 | $338.61 |
| 31 | SNPSSynopsys, Inc. | 7/10 | 76 | Wide Moat | 64 | $452.78 |
| 32 | ISRGIntuitive Surgical, Inc. | 7/10 | 75 | Wide Moat | 83 | $514.00 |
| 33 | AXONAxon Enterprise, Inc. | 7/10 | 70 | Narrow Moat | 58 | — |
| 34 | CSGPCoStar Group Inc | 7/10 | 70 | Narrow Moat | 53 | $32.62 |
| 35 | SONYSony Group Corporation | 7/10 | 70 | Narrow Moat | 70 | $25.40 |
| 36 | LYVLive Nation Entertainment, Inc. | 7/10 | 69 | Narrow Moat | 59 | $334.63 |
| 37 | NDAQNasdaq Inc. | 7/10 | 69 | Narrow Moat | 72 | $117.98 |
| 38 | TTWOTake-Two Interactive Software, Inc. | 7/10 | 69 | Narrow Moat | 53 | $89.48 |
| 39 | DSGXThe Descartes Systems Group Inc. | 7/10 | 66 | Narrow Moat | 80 | $56.60 |
| 40 | TOSTToast, Inc. | 7/10 | 66 | Narrow Moat | 77 | $35.51 |
| 41 | AXPAmerican Express Company | 7/10 | 65 | Narrow Moat | — | — |
| 42 | CRWDCrowdStrike Holdings Inc. | 7/10 | 63 | Narrow Moat | 70 | $270.49 |
| 43 | BABAAlibaba Group Holding Ltd. | 7/10 | 61 | Narrow Moat | 62 | $216.82 |
| 44 | SHOPShopify Inc. | 7/10 | 61 | Narrow Moat | 77 | $190.69 |
| 45 | PDDPDD Holdings Inc. | 7/10 | 59 | Narrow Moat | 77 | $161.53 |
| 46 | SESea Limited | 7/10 | 59 | Narrow Moat | 76 | $188.61 |
| 47 | DLODLocal Limited | 7/10 | 58 | Narrow Moat | 70 | $35.48 |
| 48 | ALABAstera Labs, Inc. | 7/10 | 57 | Narrow Moat | — | — |
| 49 | FIGFigma, Inc. | 7/10 | 56 | Narrow Moat | 53 | $25.00 |
| 50 | ABNBAirbnb Inc. | 7/10 | 52 | Narrow Moat | 74 | $135.25 |
50 companies · List refreshed July 22, 2026 · Scores and fair values are AI-generated from each company's latest MoatScan analysis.
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Disclaimer: This list is generated by AI from archived analyses and is provided for informational purposes only. It does not constitute financial advice, investment recommendations, or an offer to buy or sell any security. Always conduct your own due diligence before making investment decisions.