VOL. XCIV, NO. 247

★ WIDE MOAT STOCKS COMPARISON ★

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Friday, January 2, 2026

Stock Comparison

Canadian National Railway Company vs Vulcan Materials 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)$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

Vulcan Materials Company

VMC · New York Stock Exchange

Market cap (USD)$38.3B
Gross margin (TTM)
Operating margin (TTM)
Net margin (TTM)
SectorMaterials
IndustryConstruction Materials
CountryUS
Data as of2026-01-01
Moat score
73/ 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 Vulcan Materials Company's moat claims, evidence, and risks.

View VMC analysis

Comparison highlights

  • Moat score gap: Canadian National Railway Company leads (97 / 100 vs 73 / 100 for Vulcan Materials Company).
  • Segment focus: Canadian National Railway Company has 2 segments (96.2% in Rail freight transportation network); Vulcan Materials Company has 3 segments (74.4% in Aggregates).
  • Primary market structure: Duopoly vs Oligopoly. Pricing power: Moderate vs Strong.
  • Moat breadth: Canadian National Railway Company has 4 moat types across 2 domains; Vulcan Materials 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%

Vulcan Materials Company

Aggregates

Market

Construction aggregates (crushed stone, sand & gravel)

Geography

United States (local/regional markets)

Customer

Construction contractors and public infrastructure agencies

Role

Upstream raw materials producer

Revenue share

74.4%

Side-by-side metrics

Canadian National Railway Company
Vulcan Materials Company
Ticker / Exchange
CNR - Toronto Stock Exchange
VMC - New York Stock Exchange
Market cap (USD)
$86.1B
$38.3B
Gross margin (TTM)
48.8%
n/a
Operating margin (TTM)
37.7%
n/a
Net margin (TTM)
26.9%
n/a
Sector
Industrials
Materials
Industry
Railroads
Construction Materials
HQ country
CA
US
Primary segment
Rail freight transportation network
Aggregates
Market structure
Duopoly
Oligopoly
Market share
50%-56% (estimated)
8%-11% (implied)
HHI estimate
4,031
n/a
Pricing power
Moderate
Strong
Moat score
97 / 100
73 / 100
Moat domains
Legal, Supply
Legal, Supply
Last update
2025-12-30
2026-01-01

Moat coverage

Shared moat types

Permits Rights Of WayPhysical Network DensityScale Economies Unit Cost

Canadian National Railway Company strengths

Scope Economies

Vulcan Materials Company strengths

Geographic NaturalSupply Chain Control

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%

Vulcan Materials Company segments

Full profile >

Aggregates

Oligopoly

74.4%

Asphalt

Competitive

16.8%

Concrete

Competitive

8.8%

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.