VOL. XCIV, NO. 247

★ WIDE MOAT STOCKS COMPARISON ★

NO ADVICE

Wednesday, January 7, 2026

Stock Comparison

Kubota Corporation vs TMX Group Limited

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

Kubota Corporation

6326 · Tokyo Stock Exchange

Market cap (USD)$2.6T
Gross margin (TTM)29.9%
Operating margin (TTM)9%
Net margin (TTM)5.9%
SectorIndustrials
IndustryAgricultural - Machinery
CountryJP
Data as of2025-12-30
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 Kubota Corporation's moat claims, evidence, and risks.

View 6326 analysis

TMX Group Limited

X · Toronto Stock Exchange

Market cap (USD)$14.4B
Gross margin (TTM)59.3%
Operating margin (TTM)38.7%
Net margin (TTM)23.8%
SectorFinancials
IndustryFinancial - Data & Stock Exchanges
CountryCA
Data as of2026-01-03
Moat score
70/ 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 TMX Group Limited's moat claims, evidence, and risks.

View X analysis

Comparison highlights

  • Moat score gap: Kubota Corporation leads (73 / 100 vs 70 / 100 for TMX Group Limited).
  • Segment focus: Kubota Corporation has 3 segments (87.4% in Farm & Industrial Machinery); TMX Group Limited has 9 segments (16.1% in Trayport energy trading workflow software and network).
  • Moat breadth: Kubota Corporation has 6 moat types across 3 domains; TMX Group Limited has 12 across 5.

Primary market context

Kubota Corporation

Farm & Industrial Machinery

Market

Agricultural machinery and compact construction equipment (incl. compact/utility tractors, construction machinery, engines)

Geography

Global

Customer

Dealers and end users (farmers, contractors, municipalities)

Role

OEM

Revenue share

87.4%

TMX Group Limited

Trayport energy trading workflow software and network

Market

Wholesale energy trading workflow software and network connectivity

Geography

Europe-centric, with global customers

Customer

Energy traders, brokers, exchanges/venues

Role

Interoperability hub / workflow platform

Revenue share

16.1%

Side-by-side metrics

Kubota Corporation
TMX Group Limited
Ticker / Exchange
6326 - Tokyo Stock Exchange
X - Toronto Stock Exchange
Market cap (USD)
$2.6T
$14.4B
Gross margin (TTM)
29.9%
59.3%
Operating margin (TTM)
9%
38.7%
Net margin (TTM)
5.9%
23.8%
Sector
Industrials
Financials
Industry
Agricultural - Machinery
Financial - Data & Stock Exchanges
HQ country
JP
CA
Primary segment
Farm & Industrial Machinery
Trayport energy trading workflow software and network
Market structure
Oligopoly
Oligopoly
Market share
22%-28% (estimated)
n/a
HHI estimate
n/a
n/a
Pricing power
Moderate
Moderate
Moat score
73 / 100
70 / 100
Moat domains
Supply, Demand, Legal
Legal, Network, Demand, Supply, Financial
Last update
2025-12-30
2026-01-03

Moat coverage

Shared moat types

Brand Trust

Kubota Corporation strengths

Service Field NetworkInstalled Base ConsumablesLong Term ContractsGovernment Contracting RelationshipsAdjacency moat from captive support services

TMX Group Limited strengths

Concession LicenseTwo Sided NetworkSwitching Costs GeneralCompliance AdvantageScale Economies Unit CostClearing SettlementRegulated Standards PipeInteroperability HubDistribution ControlData Workflow LockinBenchmark Pricing Power

Segment mix

Kubota Corporation segments

Full profile >

Farm & Industrial Machinery

Oligopoly

87.4%

Water & Environment

Competitive

12%

Other

Competitive

0.6%

TMX Group Limited segments

Full profile >

TSX & TSXV listing and sustaining fees

Oligopoly

10.8%

Issuer services (TSX Trust and TMX Newsfile)

Competitive

7.9%

Equities and fixed income trading venues (TSX, TSXV, TSX Alpha, Shorcan)

Oligopoly

8.8%

Post-trade clearing, settlement and depository (CDS / CDSX)

Quasi-Monopoly

8.6%

Canadian listed derivatives trading and clearing (Montreal Exchange + CDCC, excl. BOX)

Quasi-Monopoly

12.9%

U.S. equity options exchange (BOX)

Competitive

9.6%

Trayport energy trading workflow software and network

Oligopoly

16.1%

TMX Datalinx market data and co-location

Quasi-Monopoly

15.8%

TMX VettaFi indexing, ETF analytics, and digital distribution

Oligopoly

9.5%

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.