VOL. XCIV, NO. 247

★ WIDE MOAT STOCKS COMPARISON ★

NO ADVICE

Thursday, January 8, 2026

Stock Comparison

Cochlear Limited vs TC Energy Corporation

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

Cochlear Limited

COH · ASX

Market cap (USD)$17B
Gross margin (TTM)74.5%
Operating margin (TTM)22.7%
Net margin (TTM)16.2%
SectorHealthcare
IndustryMedical - Devices
CountryAU
Data as of2026-01-04
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 Cochlear Limited's moat claims, evidence, and risks.

View COH analysis

TC Energy Corporation

TRP · New York Stock Exchange

Market cap (USD)$57.6B
Gross margin (TTM)50.7%
Operating margin (TTM)44.4%
Net margin (TTM)28.2%
SectorEnergy
IndustryOil & Gas Midstream
CountryCA
Data as of2026-01-02
Moat score
80/ 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 TC Energy Corporation's moat claims, evidence, and risks.

View TRP analysis

Comparison highlights

  • Moat score gap: Cochlear Limited leads (81 / 100 vs 80 / 100 for TC Energy Corporation).
  • Segment focus: Cochlear Limited has 3 segments (62.4% in Cochlear Implants); TC Energy Corporation has 4 segments (46.1% in U.S. Natural Gas Pipelines).
  • Primary market structure: Oligopoly vs Oligopoly. Pricing power: Moderate vs Weak.
  • Moat breadth: Cochlear Limited has 8 moat types across 3 domains; TC Energy Corporation has 4 across 3.

Primary market context

Cochlear Limited

Cochlear Implants

Market

Cochlear implant systems (internal implant + external sound processors) for severe-to-profound hearing loss

Geography

Global

Customer

Hospitals/ENT clinics and audiology programs (providers) serving implant candidates/recipients; reimbursed by public/private payers

Role

Medical device OEM / platform owner (implant + processor + fitting software + clinical support)

Revenue share

62.4%

TC Energy Corporation

U.S. Natural Gas Pipelines

Market

U.S. interstate natural gas pipeline transportation (FERC-regulated)

Geography

United States

Customer

Utilities/LDCs, power generators, LNG/export facilities, industrial users and marketers (as shippers)

Role

Midstream pipeline operator

Revenue share

46.1%

Side-by-side metrics

Cochlear Limited
TC Energy Corporation
Ticker / Exchange
COH - ASX
TRP - New York Stock Exchange
Market cap (USD)
$17B
$57.6B
Gross margin (TTM)
74.5%
50.7%
Operating margin (TTM)
22.7%
44.4%
Net margin (TTM)
16.2%
28.2%
Sector
Healthcare
Energy
Industry
Medical - Devices
Oil & Gas Midstream
HQ country
AU
CA
Primary segment
Cochlear Implants
U.S. Natural Gas Pipelines
Market structure
Oligopoly
Oligopoly
Market share
60%-65% (reported)
n/a
HHI estimate
n/a
n/a
Pricing power
Moderate
Weak
Moat score
81 / 100
80 / 100
Moat domains
Demand, Legal, Supply
Legal, Demand, Supply
Last update
2026-01-04
2026-01-02

Moat coverage

Shared moat types

No overlap yet.

Cochlear Limited strengths

Brand TrustCompliance AdvantageCapex Knowhow ScaleIP Choke PointService Field NetworkInstalled Base ConsumablesFormat Lock InData Workflow Lockin

TC Energy Corporation strengths

Regulated Standards PipeLong Term ContractsPhysical Network DensityGovernment Contracting Relationships

Segment mix

Cochlear Limited segments

Full profile >

Cochlear Implants

Oligopoly

62.4%

Services

Monopoly

25.9%

Acoustics

Oligopoly

11.7%

TC Energy Corporation segments

Full profile >

Canadian Natural Gas Pipelines

Quasi-Monopoly

40.7%

U.S. Natural Gas Pipelines

Oligopoly

46.1%

Mexico Natural Gas Pipelines

Oligopoly

6.3%

Power and Energy Solutions

Competitive

6.9%

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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Looking for expansion-stage stocks?

Proven models entering the expansion stage with unit economics that work.

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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.