VOL. XCIV, NO. 247

★ WIDE MOAT STOCKS COMPARISON ★

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Thursday, January 8, 2026

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Stock Comparison

Brookfield Corporation vs TMX Group Limited

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

Brookfield Corporation

BN · New York Stock Exchange

Market cap (USD)$109.6B

Gross margin (TTM)34.5%

Operating margin (TTM)24.1%

Net margin (TTM)1.3%

SectorFinancials

IndustryAsset Management

CountryCA

Data as of2026-01-05

Moat score

65/ 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 Brookfield Corporation's moat claims, evidence, and risks.

View BN 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: TMX Group Limited leads (70 / 100 vs 65 / 100 for Brookfield Corporation).
Segment focus: Brookfield Corporation has 6 segments; TMX Group Limited has 9 segments (16.1% in Trayport energy trading workflow software and network).
Moat breadth: Brookfield Corporation has 10 moat types across 5 domains; TMX Group Limited has 12 across 5.

Primary market context

Brookfield Corporation

Asset Management

Market

Alternative asset management (private markets: infrastructure, renewables, private equity, real estate, credit)

Geography

Global

Customer

Institutional investors and private wealth channels

Role

General partner (GP) / asset manager

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

Brookfield Corporation

TMX Group Limited

Ticker / Exchange

BN - New York Stock Exchange

X - Toronto Stock Exchange

Market cap (USD)

$109.6B

$14.4B

Gross margin (TTM)

34.5%

59.3%

Operating margin (TTM)

24.1%

38.7%

Net margin (TTM)

1.3%

23.8%

Sector

Financials

Industry

Asset Management

Financial - Data & Stock Exchanges

HQ country

Primary segment

Asset Management

Trayport energy trading workflow software and network

Market structure

Oligopoly

Market share

n/a

HHI estimate

n/a

Pricing power

Moderate

Moat score

65 / 100

70 / 100

Moat domains

Demand, Network, Financial, Supply, Legal

Legal, Network, Demand, Supply, Financial

Last update

2026-01-05

2026-01-03

Moat coverage

Shared moat types

Brand Trust

Brookfield Corporation strengths

Long Term ContractsEcosystem ComplementsFloat PrepaymentCost Of Capital AdvantageCapex Knowhow ScalePermits Rights Of WayPhysical Network DensityOperational ExcellenceGeographic Natural

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

Brookfield Corporation segments

Full profile >

Asset Management

Oligopoly

n/a

Wealth Solutions (Insurance)

Competitive

n/a

Renewable Power and Transition

Competitive

n/a

Infrastructure

Oligopoly

n/a

Private Equity (Operating Businesses)

Competitive

n/a

Real Estate

Competitive

n/a

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?

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

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Looking for expansion-stage stocks?

Proven models entering the expansion stage with unit economics that work.

View expansion-stage stocks

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.