VOL. XCIV, NO. 247

★ WIDE MOAT STOCKS COMPARISON ★

NO ADVICE

Wednesday, January 7, 2026

Stock Comparison

Crown Castle Inc. vs TMX Group Limited

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

Crown Castle Inc.

CCI · New York Stock Exchange

Market cap (USD)$38.5B
Gross margin (TTM)73.4%
Operating margin (TTM)-61%
Net margin (TTM)-95.4%
SectorReal Estate
IndustryREIT - Specialty
CountryUS
Data as of2026-01-02
Moat score
84/ 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 Crown Castle Inc.'s moat claims, evidence, and risks.

View CCI 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: Crown Castle Inc. leads (84 / 100 vs 70 / 100 for TMX Group Limited).
  • Segment focus: Crown Castle Inc. has 2 segments (67% in Towers); TMX Group Limited has 9 segments (16.1% in Trayport energy trading workflow software and network).
  • Primary market structure: Oligopoly vs Oligopoly. Pricing power: Strong vs Moderate.
  • Moat breadth: Crown Castle Inc. has 3 moat types across 3 domains; TMX Group Limited has 12 across 5.

Primary market context

Crown Castle Inc.

Towers

Market

U.S. macrocell tower leasing (wireless site rental)

Geography

United States

Customer

Mobile network operators

Role

Infrastructure owner/lessor

Revenue share

67%

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

Crown Castle Inc.
TMX Group Limited
Ticker / Exchange
CCI - New York Stock Exchange
X - Toronto Stock Exchange
Market cap (USD)
$38.5B
$14.4B
Gross margin (TTM)
73.4%
59.3%
Operating margin (TTM)
-61%
38.7%
Net margin (TTM)
-95.4%
23.8%
Sector
Real Estate
Financials
Industry
REIT - Specialty
Financial - Data & Stock Exchanges
HQ country
US
CA
Primary segment
Towers
Trayport energy trading workflow software and network
Market structure
Oligopoly
Oligopoly
Market share
16%-26% (implied)
n/a
HHI estimate
n/a
n/a
Pricing power
Strong
Moderate
Moat score
84 / 100
70 / 100
Moat domains
Supply, Legal, Demand
Legal, Network, Demand, Supply, Financial
Last update
2026-01-02
2026-01-03

Moat coverage

Shared moat types

No overlap yet.

Crown Castle Inc. strengths

Physical Network DensityPermits Rights Of WayLong Term Contracts

TMX Group Limited strengths

Concession LicenseTwo Sided NetworkBrand TrustSwitching Costs GeneralCompliance AdvantageScale Economies Unit CostClearing SettlementRegulated Standards PipeInteroperability HubDistribution ControlData Workflow LockinBenchmark Pricing Power

Segment mix

Crown Castle Inc. segments

Full profile >

Towers

Oligopoly

67%

Fiber (small cells + fiber solutions)

Competitive

33%

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?

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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.