VOL. XCIV, NO. 247

★ WIDE MOAT STOCKS COMPARISON ★

NO ADVICE

Monday, January 5, 2026

Stock Comparison

Canadian National Railway Company vs Euronext N.V.

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

Euronext N.V.

ENX · Euronext Paris

Market cap (USD)
Gross margin (TTM)
Operating margin (TTM)
Net margin (TTM)
SectorFinancials
Industry
CountryNL
Data as of2026-01-03
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 Euronext N.V.'s moat claims, evidence, and risks.

View ENX analysis

Comparison highlights

  • Moat score gap: Canadian National Railway Company leads (97 / 100 vs 74 / 100 for Euronext N.V.).
  • Segment focus: Canadian National Railway Company has 2 segments (96.2% in Rail freight transportation network); Euronext N.V. has 7 segments (34.4% in Trading).
  • Primary market structure: Duopoly vs Oligopoly. Pricing power: Moderate vs Moderate.
  • Moat breadth: Canadian National Railway Company has 4 moat types across 2 domains; Euronext N.V. has 7 across 4.

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%

Euronext N.V.

Trading

Market

Multi-asset exchange trading venues (cash equities, derivatives, fixed income, FX, power)

Geography

Europe (with global participants)

Customer

Broker-dealers, banks, proprietary trading firms, asset managers, and other market participants

Role

Trading venue operator

Revenue share

34.4%

Side-by-side metrics

Canadian National Railway Company
Euronext N.V.
Ticker / Exchange
CNR - Toronto Stock Exchange
ENX - Euronext Paris
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
NL
Primary segment
Rail freight transportation network
Trading
Market structure
Duopoly
Oligopoly
Market share
50%-56% (estimated)
64.8% (reported)
HHI estimate
4,031
n/a
Pricing power
Moderate
Moderate
Moat score
97 / 100
74 / 100
Moat domains
Legal, Supply
Legal, Network, Supply, Demand
Last update
2025-12-30
2026-01-03

Moat coverage

Shared moat types

No overlap yet.

Canadian National Railway Company strengths

Permits Rights Of WayPhysical Network DensityScale Economies Unit CostScope Economies

Euronext N.V. strengths

Concession LicenseTwo Sided NetworkOperational ExcellenceIP Choke PointFormat Lock InClearing SettlementData Workflow Lockin

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%

Euronext N.V. segments

Full profile >

Listing

Oligopoly

14.3%

Trading

Oligopoly

34.4%

Advanced Data Services

Quasi-Monopoly

14.9%

Clearing

Oligopoly

12.4%

Custody & Settlement

Quasi-Monopoly

16.6%

Technology Solutions & Other

Competitive

6.5%

Investor Services

Competitive

0.9%

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.