VOL. XCIV, NO. 247

★ WIDE MOAT STOCKS COMPARISON ★

NO ADVICE

Friday, January 9, 2026

Stock Comparison

Canadian National Railway Company vs Transurban Group

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)$85.7B
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

Transurban Group

TCL · Australian Securities Exchange

Market cap (USD)$42.6B
Gross margin (TTM)43.4%
Operating margin (TTM)39.4%
Net margin (TTM)5.8%
SectorIndustrials
IndustryIndustrial - Infrastructure Operations
CountryAU
Data as of2026-01-04
Moat score
91/ 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 Transurban Group's moat claims, evidence, and risks.

View TCL analysis

Comparison highlights

  • Moat score gap: Canadian National Railway Company leads (97 / 100 vs 91 / 100 for Transurban Group).
  • Segment focus: Canadian National Railway Company has 2 segments (96.2% in Rail freight transportation network); Transurban Group has 4 segments (49.5% in Sydney toll roads).
  • Primary market structure: Duopoly vs Quasi-Monopoly. Pricing power: Moderate vs Moderate.
  • Moat breadth: Canadian National Railway Company has 4 moat types across 2 domains; Transurban Group has 3 across 3.

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%

Transurban Group

Sydney toll roads

Market

Urban toll-road concessions (Sydney)

Geography

Sydney, New South Wales, Australia

Customer

Motorists and commercial fleet operators

Role

Concessionaire / operator and developer

Revenue share

49.5%

Side-by-side metrics

Canadian National Railway Company
Transurban Group
Ticker / Exchange
CNR - Toronto Stock Exchange
TCL - Australian Securities Exchange
Market cap (USD)
$85.7B
$42.6B
Gross margin (TTM)
48.8%
43.4%
Operating margin (TTM)
37.7%
39.4%
Net margin (TTM)
26.9%
5.8%
Sector
Industrials
Industrials
Industry
Railroads
Industrial - Infrastructure Operations
HQ country
CA
AU
Primary segment
Rail freight transportation network
Sydney toll roads
Market structure
Duopoly
Quasi-Monopoly
Market share
50%-56% (estimated)
n/a
HHI estimate
4,031
n/a
Pricing power
Moderate
Moderate
Moat score
97 / 100
91 / 100
Moat domains
Legal, Supply
Legal, Financial, Demand
Last update
2025-12-30
2026-01-04

Moat coverage

Shared moat types

No overlap yet.

Canadian National Railway Company strengths

Permits Rights Of WayPhysical Network DensityScale Economies Unit CostScope Economies

Transurban Group strengths

Concession LicenseBenchmark Pricing PowerDynamic congestion pricing

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%

Transurban Group segments

Full profile >

Sydney toll roads

Quasi-Monopoly

49.5%

Melbourne toll roads

Quasi-Monopoly

26.5%

Brisbane toll roads

Quasi-Monopoly

16%

North America managed lanes and concessions

Quasi-Monopoly

8.1%

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.