VOL. XCIV, NO. 247

★ WIDE MOAT STOCKS COMPARISON ★

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Friday, January 2, 2026

Stock Comparison

Tencent Holdings Limited vs CSX Corporation

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

Tencent Holdings Limited

0700.HK · Hong Kong Stock Exchange

Market cap (USD)$5.7T
Gross margin (TTM)54.9%
Operating margin (TTM)31.8%
Net margin (TTM)29.9%
SectorCommunication Services
IndustryInternet Content & Information
CountryCN
Data as of2025-12-28
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 Tencent Holdings Limited's moat claims, evidence, and risks.

View 0700.HK analysis

CSX Corporation

CSX · NASDAQ

Market cap (USD)$67.7B
Gross margin (TTM)
Operating margin (TTM)
Net margin (TTM)
SectorIndustrials
IndustryRailroads
CountryUS
Data as of2026-01-02
Moat score
74/ 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 CSX Corporation's moat claims, evidence, and risks.

View CSX analysis

Comparison highlights

  • Moat score gap: CSX Corporation leads (74 / 100 vs 73 / 100 for Tencent Holdings Limited).
  • Segment focus: Tencent Holdings Limited has 4 segments (48.3% in Value-Added Services (VAS)); CSX Corporation has 5 segments (61.2% in Merchandise (Rail)).
  • Moat breadth: Tencent Holdings Limited has 6 moat types across 2 domains; CSX Corporation has 6 across 2.

Primary market context

Tencent Holdings Limited

Value-Added Services (VAS)

Market

Consumer social platforms and digital entertainment (online games, subscriptions, virtual items, digital content)

Geography

Mainland China (core) + Global (games)

Customer

Consumers

Role

Platform/operator + content publisher

Revenue share

48.3%

CSX Corporation

Merchandise (Rail)

Market

Eastern U.S. rail freight transportation (merchandise carload)

Geography

Eastern United States (CSX network; interchange to other railroads)

Customer

Industrial, agricultural, automotive and consumer goods shippers; logistics providers

Role

Common-carrier freight railroad (line-haul + switching/terminal)

Revenue share

61.2%

Side-by-side metrics

Tencent Holdings Limited
CSX Corporation
Ticker / Exchange
0700.HK - Hong Kong Stock Exchange
CSX - NASDAQ
Market cap (USD)
$5.7T
$67.7B
Gross margin (TTM)
54.9%
n/a
Operating margin (TTM)
31.8%
n/a
Net margin (TTM)
29.9%
n/a
Sector
Communication Services
Industrials
Industry
Internet Content & Information
Railroads
HQ country
CN
US
Primary segment
Value-Added Services (VAS)
Merchandise (Rail)
Market structure
Oligopoly
Oligopoly
Market share
n/a
n/a
HHI estimate
n/a
n/a
Pricing power
Moderate
Moderate
Moat score
73 / 100
74 / 100
Moat domains
Network, Supply
Supply, Legal
Last update
2025-12-28
2026-01-02

Moat coverage

Shared moat types

Capex Knowhow Scale

Tencent Holdings Limited strengths

Direct Network EffectsEcosystem ComplementsDistribution ControlTwo Sided NetworkData Network Effects

CSX Corporation strengths

Physical Network DensityPermits Rights Of WayOperational ExcellenceGeographic NaturalScale Economies Unit Cost

Segment mix

Tencent Holdings Limited segments

Full profile >

Value-Added Services (VAS)

Oligopoly

48.3%

Marketing Services

Oligopoly

18.4%

FinTech and Business Services

Oligopoly

32.1%

Others

Competitive

1.2%

CSX Corporation segments

Full profile >

Merchandise (Rail)

Oligopoly

61.2%

Intermodal (Rail)

Competitive

14.1%

Coal (Rail)

Oligopoly

15.5%

Trucking (Quality Carriers)

Competitive

5.8%

Other Revenue (Rail/Ancillary)

Competitive

3.4%

Want the full wide moat stocks list?

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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.