VOL. XCIV, NO. 247

★ WIDE MOAT STOCKS COMPARISON ★

NO ADVICE

Friday, January 2, 2026

Stock Comparison

Keyence Corporation vs Canadian National Railway Company

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

Keyence Corporation

6861.T · Tokyo Stock Exchange

Market cap (USD)$87.6B
Gross margin (TTM)
Operating margin (TTM)
Net margin (TTM)
SectorTechnology
Industry
CountryJP
Data as of2026-01-02
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 Keyence Corporation's moat claims, evidence, and risks.

View 6861.T analysis

Canadian National Railway Company

CNR · Toronto Stock Exchange

Market cap (USD)$86.1B
Gross margin (TTM)48.8%
Operating margin (TTM)37.7%
Net margin (TTM)26.9%
SectorIndustrials
IndustryRailroads
CountryCA
Data as of2025-12-30
Moat score
97/ 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 Canadian National Railway Company's moat claims, evidence, and risks.

View CNR analysis

Comparison highlights

  • Moat score gap: Canadian National Railway Company leads (97 / 100 vs 73 / 100 for Keyence Corporation).
  • Segment focus: Keyence Corporation has 3 segments; Canadian National Railway Company has 2 segments (96.2% in Rail freight transportation network).
  • Primary market structure: Oligopoly vs Duopoly. Pricing power: Strong vs Moderate.
  • Moat breadth: Keyence Corporation has 7 moat types across 2 domains; Canadian National Railway Company has 4 across 2.

Primary market context

Keyence Corporation

Sensors & Safety/Static Control

Market

Industrial sensors and safety/static control for factory automation

Geography

Global

Customer

Manufacturers (production/automation teams) and machine builders

Role

Component OEM and application-solution provider

Canadian National Railway Company

Rail freight transportation network

Market

Canadian Class I freight rail transportation

Geography

Canada (with U.S. cross-border corridors)

Customer

Industrial shippers, intermodal customers, and auto supply chains

Role

Line-haul freight railway (Class I)

Revenue share

96.2%

Side-by-side metrics

Keyence Corporation
Canadian National Railway Company
Ticker / Exchange
6861.T - Tokyo Stock Exchange
CNR - Toronto Stock Exchange
Market cap (USD)
$87.6B
$86.1B
Gross margin (TTM)
n/a
48.8%
Operating margin (TTM)
n/a
37.7%
Net margin (TTM)
n/a
26.9%
Sector
Technology
Industrials
Industry
n/a
Railroads
HQ country
JP
CA
Primary segment
Sensors & Safety/Static Control
Rail freight transportation network
Market structure
Oligopoly
Duopoly
Market share
n/a
50%-56% (estimated)
HHI estimate
n/a
4,031
Pricing power
Strong
Moderate
Moat score
73 / 100
97 / 100
Moat domains
Supply, Demand
Legal, Supply
Last update
2026-01-02
2025-12-30

Moat coverage

Shared moat types

Scope Economies

Keyence Corporation strengths

Service Field NetworkDesign In QualificationLearning Curve YieldOperational ExcellenceDistribution ControlBrand Trust

Canadian National Railway Company strengths

Permits Rights Of WayPhysical Network DensityScale Economies Unit Cost

Segment mix

Keyence Corporation segments

Full profile >

Sensors & Safety/Static Control

Oligopoly

n/a

Machine Vision, Code Reading & Laser Marking

Oligopoly

n/a

Metrology & Microscopes

Oligopoly

n/a

Canadian National Railway Company segments

Full profile >

Rail freight transportation network

Duopoly

96.2%

Non-rail logistics and ancillary services

Competitive

3.8%

Want the full wide moat stocks list?

Browse the full ranking of wide moat stocks, updated with moat scores and segment context.

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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.