VOL. XCIV, NO. 247

★ WIDE MOAT STOCKS COMPARISON ★

NO ADVICE

Stock Comparison

Caterpillar Inc. vs Norfolk Southern Corporation

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

Caterpillar Inc.

CAT · New York Stock Exchange

Market cap (USD)$355.5B
Gross margin (TTM)32.3%
Operating margin (TTM)16.6%
Net margin (TTM)13.1%
SectorIndustrials
IndustryAgricultural - Machinery
CountryUS
Data as of2025-12-25
Moat score
68/ 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 Caterpillar Inc.'s moat claims, evidence, and risks.

View CAT analysis

Norfolk Southern Corporation

NSC · New York Stock Exchange

Market cap (USD)$71B
Gross margin (TTM)42.4%
Operating margin (TTM)32.9%
Net margin (TTM)23.6%
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: Norfolk Southern Corporation leads (70 / 100 vs 68 / 100 for Caterpillar Inc.).
  • Segment focus: Caterpillar Inc. has 5 segments (40.7% in Energy & Transportation); Norfolk Southern Corporation has 3 segments (62% in Merchandise).
  • Moat breadth: Caterpillar Inc. has 9 moat types across 4 domains; Norfolk Southern Corporation has 4 across 3.

Primary market context

Caterpillar Inc.

Energy & Transportation

Market

Off-highway engines, power generation, turbines, locomotives and related services

Geography

Global

Customer

Energy companies, industrial customers, OEMs, rail and marine operators

Role

OEM + aftermarket parts/service

Revenue share

40.7%

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

Caterpillar Inc.
Norfolk Southern Corporation
Ticker / Exchange
CAT - New York Stock Exchange
NSC - New York Stock Exchange
Market cap (USD)
$355.5B
$71B
Gross margin (TTM)
32.3%
42.4%
Operating margin (TTM)
16.6%
32.9%
Net margin (TTM)
13.1%
23.6%
Sector
Industrials
Industrials
Industry
Agricultural - Machinery
Railroads
HQ country
US
US
Primary segment
Energy & Transportation
Merchandise
Market structure
Oligopoly
Oligopoly
Market share
n/a
n/a
HHI estimate
n/a
n/a
Pricing power
Moderate
Moderate
Moat score
68 / 100
70 / 100
Moat domains
Supply, Demand, Financial, Network
Supply, Legal, Demand
Last update
2025-12-25
2026-01-02

Moat coverage

Shared moat types

No overlap yet.

Caterpillar Inc. strengths

Distribution ControlInstalled Base ConsumablesBrand TrustService Field NetworkCapex Knowhow ScaleDesign In QualificationSuite BundlingUnderwriting Risk PoolingEcosystem Complements

Norfolk Southern Corporation strengths

Physical Network DensityPermits Rights Of WayScale Economies Unit CostSwitching Costs General

Segment mix

Caterpillar Inc. segments

Full profile >

Construction Industries

Oligopoly

35.9%

Resource Industries

Oligopoly

17.5%

Energy & Transportation

Oligopoly

40.7%

Financial Products

Competitive

5.3%

All Other

Competitive

0.6%

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

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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.