VOL. XCIV, NO. 247

★ WIDE MOAT STOCKS COMPARISON ★

NO ADVICE

Wednesday, December 31, 2025

Stock Comparison

Enbridge Inc. vs Alphabet Inc.

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

Enbridge Inc.

ENB · Toronto Stock Exchange

Market cap (USD)$104.9B
SectorEnergy
CountryCA
Data as of2025-12-31
Moat score
92/ 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 Enbridge Inc.'s moat claims, evidence, and risks.

View ENB analysis

Alphabet Inc.

GOOGL · The Nasdaq Stock Market

Market cap (USD)$3.7T
SectorCommunication Services
CountryUS
Data as of2025-12-21
Moat score
86/ 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 Alphabet Inc.'s moat claims, evidence, and risks.

View GOOGL analysis

Comparison highlights

  • Moat score gap: Enbridge Inc. leads (92 / 100 vs 86 / 100 for Alphabet Inc.).
  • Segment focus: Enbridge Inc. has 4 segments (72.8% in Liquids Pipelines); Alphabet Inc. has 6 segments (56.6% in Google Search & other (Advertising)).
  • Primary market structure: Oligopoly vs Quasi-Monopoly. Pricing power: Moderate vs Strong.
  • Moat breadth: Enbridge Inc. has 6 moat types across 3 domains; Alphabet Inc. has 10 across 4.

Primary market context

Enbridge Inc.

Liquids Pipelines

Market

Crude oil & liquids pipeline transportation plus terminals/storage

Geography

North America (Canada & U.S.)

Customer

Producers, refiners, marketers (shippers)

Role

Midstream pipeline operator

Revenue share

72.8%

Alphabet Inc.

Google Search & other (Advertising)

Market

Search advertising (intent-based digital ads)

Geography

Global

Customer

Advertisers (SMB to enterprise)

Role

Ad platform / publisher

Revenue share

56.6%

Side-by-side metrics

Enbridge Inc.
Alphabet Inc.
Ticker / Exchange
ENB - Toronto Stock Exchange
GOOGL - The Nasdaq Stock Market
Market cap (USD)
$104.9B
$3.7T
Sector
Energy
Communication Services
HQ country
CA
US
Primary segment
Liquids Pipelines
Google Search & other (Advertising)
Market structure
Oligopoly
Quasi-Monopoly
Market share
29%-31% (reported)
88%-91% (reported)
HHI estimate
n/a
8,115
Pricing power
Moderate
Strong
Moat score
92 / 100
86 / 100
Moat domains
Legal, Supply, Demand
Network, Demand, Legal, Supply
Last update
2025-12-31
2025-12-21

Moat coverage

Shared moat types

Capex Knowhow Scale

Enbridge Inc. strengths

Permits Rights Of WayPhysical Network DensityLong Term ContractsRegulated Standards PipeConcession License

Alphabet Inc. strengths

Data Network EffectsHabit DefaultTwo Sided NetworkContent Rights CurrencyOperational ExcellenceDefault OS GatewaySwitching Costs GeneralEcosystem ComplementsIncubation & patient capital

Segment mix

Enbridge Inc. segments

Full profile >

Liquids Pipelines

Oligopoly

72.8%

Gas Transmission and Midstream

Oligopoly

11.8%

Gas Distribution and Storage

Monopoly

14.4%

Renewable Power Generation

Competitive

1%

Alphabet Inc. segments

Full profile >

Google Search & other (Advertising)

Quasi-Monopoly

56.6%

YouTube (Advertising)

Oligopoly

10.3%

Google Network (Advertising)

Competitive

8.7%

Google Subscriptions, Platforms & Devices

Quasi-Monopoly

11.5%

Google Cloud

Oligopoly

12.4%

Other Bets

Competitive

0.5%

Want the full wide moat stocks list?

Browse the full ranking of wide moat stocks, updated with moat scores and segment context.

View the moat stocks list

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.