VOL. XCIV, NO. 247

★ WIDE MOAT STOCKS COMPARISON ★

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Friday, January 2, 2026

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Stock Comparison

ASM International N.V. vs TC Energy Corporation

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

ASM International N.V.

ASM · Euronext Amsterdam

Market cap (USD)$27.2B

Gross margin (TTM)51.9%

Operating margin (TTM)30.1%

Net margin (TTM)23.9%

SectorTechnology

IndustrySemiconductors

CountryNL

Data as of2025-12-29

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 ASM International N.V.'s moat claims, evidence, and risks.

View ASM analysis

TC Energy Corporation

TRP · New York Stock Exchange

Market cap (USD)$37B

Gross margin (TTM)—

Operating margin (TTM)—

Net margin (TTM)—

SectorEnergy

Industry—

CountryCA

Data as of2026-01-02

Moat score

80/ 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 TC Energy Corporation's moat claims, evidence, and risks.

View TRP analysis

Comparison highlights

Moat score gap: TC Energy Corporation leads (80 / 100 vs 74 / 100 for ASM International N.V.).
Segment focus: ASM International N.V. has 3 segments; TC Energy Corporation has 4 segments (46.1% in U.S. Natural Gas Pipelines).
Primary market structure: Quasi-Monopoly vs Oligopoly. Pricing power: n/a vs Weak.
Moat breadth: ASM International N.V. has 5 moat types across 3 domains; TC Energy Corporation has 4 across 3.

Primary market context

ASM International N.V.

ALD equipment

Market

Single-wafer atomic layer deposition (ALD) equipment for semiconductor manufacturing

Geography

Global

Customer

Semiconductor manufacturers (logic/foundry, memory)

Role

Wafer fab equipment supplier

TC Energy Corporation

U.S. Natural Gas Pipelines

Market

U.S. interstate natural gas pipeline transportation (FERC-regulated)

Geography

United States

Customer

Utilities/LDCs, power generators, LNG/export facilities, industrial users and marketers (as shippers)

Role

Midstream pipeline operator

Revenue share

46.1%

Side-by-side metrics

ASM International N.V.

TC Energy Corporation

Ticker / Exchange

ASM - Euronext Amsterdam

TRP - New York Stock Exchange

Market cap (USD)

$27.2B

$37B

Gross margin (TTM)

51.9%

n/a

Operating margin (TTM)

30.1%

n/a

Net margin (TTM)

23.9%

n/a

Sector

Technology

Energy

Industry

Semiconductors

n/a

HQ country

Primary segment

ALD equipment

U.S. Natural Gas Pipelines

Market structure

Quasi-Monopoly

Oligopoly

Market share

55%-60% (reported)

n/a

HHI estimate

n/a

Pricing power

n/a

Weak

Moat score

74 / 100

80 / 100

Moat domains

Supply, Demand, Legal

Legal, Demand, Supply

Last update

2025-12-29

2026-01-02

Moat coverage

Shared moat types

No overlap yet.

ASM International N.V. strengths

Learning Curve YieldDesign In QualificationIP Choke PointInstalled Base ConsumablesService Field Network

TC Energy Corporation strengths

Regulated Standards PipeLong Term ContractsPhysical Network DensityGovernment Contracting Relationships

Segment mix

ASM International N.V. segments

Full profile >

ALD equipment

Quasi-Monopoly

n/a

Silicon epitaxy equipment

Oligopoly

n/a

Spares and services

Quasi-Monopoly

n/a

TC Energy Corporation segments

Full profile >

Canadian Natural Gas Pipelines

Quasi-Monopoly

40.7%

U.S. Natural Gas Pipelines

Oligopoly

46.1%

Mexico Natural Gas Pipelines

Oligopoly

6.3%

Power and Energy Solutions

Competitive

6.9%

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.