VOL. XCIV, NO. 247

★ WIDE MOAT STOCKS COMPARISON ★

NO ADVICE

Friday, January 2, 2026

Stock Comparison

Canadian National Railway Company vs Fastenal Company

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)$61.2B
Gross margin (TTM)48.8%
Operating margin (TTM)37.7%
Net margin (TTM)26.9%
SectorIndustrials
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

Fastenal Company

FAST · Nasdaq Stock Market

Market cap (USD)
Gross margin (TTM)
Operating margin (TTM)
Net margin (TTM)
SectorIndustrials
CountryUS
Data as of2026-01-01
Moat score
60/ 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 Fastenal Company's moat claims, evidence, and risks.

View FAST analysis

Comparison highlights

  • Moat score gap: Canadian National Railway Company leads (97 / 100 vs 60 / 100 for Fastenal Company).
  • Segment focus: Canadian National Railway Company has 2 segments (96.2% in Rail freight transportation network); Fastenal Company has 3 segments (54.5% in Branch-based distribution (in-market branches)).
  • Primary market structure: Duopoly vs Competitive. Pricing power: Moderate vs Weak.
  • Moat breadth: Canadian National Railway Company has 4 moat types across 2 domains; Fastenal Company has 5 across 2.

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%

Fastenal Company

Branch-based distribution (in-market branches)

Market

Industrial & construction supplies distribution (MRO/OEM consumables) via local branches

Geography

North America (primary) + select international

Customer

B2B

Role

Distributor / MRO supplier

Revenue share

54.5%

Side-by-side metrics

Canadian National Railway Company
Fastenal Company
Ticker / Exchange
CNR - Toronto Stock Exchange
FAST - Nasdaq Stock Market
Market cap (USD)
$61.2B
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
Industrials
HQ country
CA
US
Primary segment
Rail freight transportation network
Branch-based distribution (in-market branches)
Market structure
Duopoly
Competitive
Market share
50%-56% (estimated)
n/a
HHI estimate
4,031
n/a
Pricing power
Moderate
Weak
Moat score
97 / 100
60 / 100
Moat domains
Legal, Supply
Supply, Demand
Last update
2025-12-30
2026-01-01

Moat coverage

Shared moat types

Physical Network DensityScope Economies

Canadian National Railway Company strengths

Permits Rights Of WayScale Economies Unit Cost

Fastenal Company strengths

Operational ExcellenceSwitching Costs GeneralData 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%

Fastenal Company segments

Full profile >

Branch-based distribution (in-market branches)

Competitive

54.5%

Onsite solutions (embedded customer locations)

Competitive

42.4%

Other / non-traditional sales (services & custom manufacturing)

Competitive

3.1%

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.