VOL. XCIV, NO. 247

★ WIDE MOAT STOCKS COMPARISON ★

NO ADVICE

Friday, January 2, 2026

Stock Comparison

American Tower Corporation vs Norfolk Southern Corporation

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

American Tower Corporation

AMT · New York Stock Exchange

Market cap (USD)$82.1B
Gross margin (TTM)74.6%
Operating margin (TTM)45.9%
Net margin (TTM)28.1%
SectorReal Estate
IndustryREIT - Specialty
CountryUS
Data as of2025-12-31
Moat score
76/ 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 American Tower Corporation's moat claims, evidence, and risks.

View AMT analysis

Norfolk Southern Corporation

NSC · New York Stock Exchange

Market cap (USD)$65B
Gross margin (TTM)
Operating margin (TTM)
Net margin (TTM)
SectorIndustrials
IndustryRailroads
CountryUS
Data as of2026-01-02
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 Norfolk Southern Corporation's moat claims, evidence, and risks.

View NSC analysis

Comparison highlights

  • Moat score gap: American Tower Corporation leads (76 / 100 vs 70 / 100 for Norfolk Southern Corporation).
  • Segment focus: American Tower Corporation has 3 segments; Norfolk Southern Corporation has 3 segments (62% in Merchandise).
  • Moat breadth: American Tower Corporation has 6 moat types across 4 domains; Norfolk Southern Corporation has 4 across 3.

Primary market context

American Tower Corporation

U.S. & Canada Communications Sites

Market

Wireless communications site leasing (macro towers, rooftops and DAS)

Geography

United States and Canada

Customer

Wireless carriers and other tenants (broadcast, data, government/municipal)

Role

Independent owner/operator of communications real estate (towerco)

Norfolk Southern Corporation

Merchandise

Market

Eastern U.S. freight rail transportation for industrial & consumer goods

Geography

United States (Southeast/East/Midwest; NS network + interchanges)

Customer

Manufacturers, producers, and distributors

Role

Rail carrier

Revenue share

62%

Side-by-side metrics

American Tower Corporation
Norfolk Southern Corporation
Ticker / Exchange
AMT - New York Stock Exchange
NSC - New York Stock Exchange
Market cap (USD)
$82.1B
$65B
Gross margin (TTM)
74.6%
n/a
Operating margin (TTM)
45.9%
n/a
Net margin (TTM)
28.1%
n/a
Sector
Real Estate
Industrials
Industry
REIT - Specialty
Railroads
HQ country
US
US
Primary segment
U.S. & Canada Communications Sites
Merchandise
Market structure
Oligopoly
Oligopoly
Market share
n/a
n/a
HHI estimate
n/a
n/a
Pricing power
Moderate
Moderate
Moat score
76 / 100
70 / 100
Moat domains
Demand, Legal, Supply, Network
Supply, Legal, Demand
Last update
2025-12-31
2026-01-02

Moat coverage

Shared moat types

Permits Rights Of WayPhysical Network DensitySwitching Costs General

American Tower Corporation strengths

Long Term ContractsInteroperability HubCapacity Moat

Norfolk Southern Corporation strengths

Scale Economies Unit Cost

Segment mix

American Tower Corporation segments

Full profile >

U.S. & Canada Communications Sites

Oligopoly

n/a

International Communications Sites

Oligopoly

n/a

Data Centers

Competitive

n/a

Norfolk Southern Corporation segments

Full profile >

Merchandise

Oligopoly

62%

Intermodal

Oligopoly

25%

Coal

Oligopoly

13%

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.