VOL. XCIV, NO. 247

★ WIDE MOAT STOCKS COMPARISON ★

NO ADVICE

Monday, January 5, 2026

Stock Comparison

Canadian National Railway Company vs Deutsche Boerse AG

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

Canadian National Railway Company

CNR · Toronto Stock Exchange

Market cap (USD)$86.1B
Gross margin (TTM)48.8%
Operating margin (TTM)37.7%
Net margin (TTM)26.9%
SectorIndustrials
IndustryRailroads
CountryCA
Data as of2025-12-30
Moat score
97/ 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 Canadian National Railway Company's moat claims, evidence, and risks.

View CNR analysis

Deutsche Boerse AG

DB1 · Xetra

Market cap (USD)
Gross margin (TTM)
Operating margin (TTM)
Net margin (TTM)
SectorFinancials
Industry
CountryDE
Data as of2026-01-03
Moat score
81/ 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 Deutsche Boerse AG's moat claims, evidence, and risks.

View DB1 analysis

Comparison highlights

  • Moat score gap: Canadian National Railway Company leads (97 / 100 vs 81 / 100 for Deutsche Boerse AG).
  • Segment focus: Canadian National Railway Company has 2 segments (96.2% in Rail freight transportation network); Deutsche Boerse AG has 8 segments (28.2% in Securities Services (Clearstream: ICSD/CSD settlement + custody)).
  • Moat breadth: Canadian National Railway Company has 4 moat types across 2 domains; Deutsche Boerse AG has 12 across 5.

Primary market context

Canadian National Railway Company

Rail freight transportation network

Market

Canadian Class I freight rail transportation

Geography

Canada (with U.S. cross-border corridors)

Customer

Industrial shippers, intermodal customers, and auto supply chains

Role

Line-haul freight railway (Class I)

Revenue share

96.2%

Deutsche Boerse AG

Securities Services (Clearstream: ICSD/CSD settlement + custody)

Market

Securities settlement and custody infrastructure (ICSD/CSD) for Eurobonds and domestic markets

Geography

Global (Eurobonds + multiple domestic markets)

Customer

Custodian banks, broker-dealers, central banks, institutional investors

Role

Settlement/custody infrastructure and asset servicing

Revenue share

28.2%

Side-by-side metrics

Canadian National Railway Company
Deutsche Boerse AG
Ticker / Exchange
CNR - Toronto Stock Exchange
DB1 - Xetra
Market cap (USD)
$86.1B
n/a
Gross margin (TTM)
48.8%
n/a
Operating margin (TTM)
37.7%
n/a
Net margin (TTM)
26.9%
n/a
Sector
Industrials
Financials
Industry
Railroads
n/a
HQ country
CA
DE
Primary segment
Rail freight transportation network
Securities Services (Clearstream: ICSD/CSD settlement + custody)
Market structure
Duopoly
Duopoly
Market share
50%-56% (estimated)
n/a
HHI estimate
4,031
n/a
Pricing power
Moderate
Moderate
Moat score
97 / 100
81 / 100
Moat domains
Legal, Supply
Legal, Network, Demand, Financial, Supply
Last update
2025-12-30
2026-01-03

Moat coverage

Shared moat types

Scale Economies Unit Cost

Canadian National Railway Company strengths

Permits Rights Of WayPhysical Network DensityScope Economies

Deutsche Boerse AG strengths

Regulated Standards PipeTwo Sided NetworkDe Facto StandardClearing SettlementBrand TrustInteroperability HubFloat PrepaymentSwitching Costs GeneralData Workflow LockinSuite BundlingFormat Lock In

Segment mix

Canadian National Railway Company segments

Full profile >

Rail freight transportation network

Duopoly

96.2%

Non-rail logistics and ancillary services

Competitive

3.8%

Deutsche Boerse AG segments

Full profile >

Financial Derivatives (Eurex trading + Eurex Clearing)

Oligopoly

22.4%

Commodities (EEX marketplaces + clearing)

Oligopoly

10.9%

Cash Equities (Xetra + Boerse Frankfurt)

Quasi-Monopoly

5.1%

FX & Digital Assets (360T + Crypto Finance)

Competitive

2.8%

Securities Services (Clearstream: ICSD/CSD settlement + custody)

Duopoly

28.2%

Fund Services (Vestima fund processing + Fund Centre distribution)

Oligopoly

8.5%

Software Solutions (SimCorp + Axioma Analytics)

Competitive

11.9%

ESG & Index (ISS STOXX: indices + ESG/governance data)

Oligopoly

10.1%

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.