VOL. XCIV, NO. 247

★ WIDE MOAT STOCKS COMPARISON ★

NO ADVICE

Friday, January 2, 2026

Stock Comparison

Enbridge Inc. vs SBA Communications Corporation

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)$143.6B
Gross margin (TTM)35.2%
Operating margin (TTM)17.5%
Net margin (TTM)9.4%
SectorEnergy
IndustryOil & Gas Midstream
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

SBA Communications Corporation

SBAC · NASDAQ

Market cap (USD)
Gross margin (TTM)
Operating margin (TTM)
Net margin (TTM)
SectorReal Estate
IndustryREIT - Specialty
CountryUS
Data as of2026-01-02
Moat score
71/ 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 SBA Communications Corporation's moat claims, evidence, and risks.

View SBAC analysis

Comparison highlights

  • Moat score gap: Enbridge Inc. leads (92 / 100 vs 71 / 100 for SBA Communications Corporation).
  • Segment focus: Enbridge Inc. has 4 segments (72.8% in Liquids Pipelines); SBA Communications Corporation has 3 segments (69.5% in Domestic Site Leasing).
  • Moat breadth: Enbridge Inc. has 6 moat types across 3 domains; SBA Communications Corporation has 4 across 2.

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%

SBA Communications Corporation

Domestic Site Leasing

Market

U.S. wireless macro tower leasing (multi-tenant co-location on communications towers)

Geography

United States and territories

Customer

Wireless service providers and other wireless network operators/tenants

Role

Independent tower owner/operator (REIT)

Revenue share

69.5%

Side-by-side metrics

Enbridge Inc.
SBA Communications Corporation
Ticker / Exchange
ENB - Toronto Stock Exchange
SBAC - NASDAQ
Market cap (USD)
$143.6B
n/a
Gross margin (TTM)
35.2%
n/a
Operating margin (TTM)
17.5%
n/a
Net margin (TTM)
9.4%
n/a
Sector
Energy
Real Estate
Industry
Oil & Gas Midstream
REIT - Specialty
HQ country
CA
US
Primary segment
Liquids Pipelines
Domestic Site Leasing
Market structure
Oligopoly
Oligopoly
Market share
29%-31% (reported)
16%-19% (implied)
HHI estimate
n/a
3,710
Pricing power
Moderate
Moderate
Moat score
92 / 100
71 / 100
Moat domains
Legal, Supply, Demand
Supply, Demand
Last update
2025-12-31
2026-01-02

Moat coverage

Shared moat types

Physical Network DensityLong Term Contracts

Enbridge Inc. strengths

Permits Rights Of WayRegulated Standards PipeConcession LicenseCapex Knowhow Scale

SBA Communications Corporation strengths

Scale Economies Unit CostOperational Excellence

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%

SBA Communications Corporation segments

Full profile >

Domestic Site Leasing

Oligopoly

69.5%

International Site Leasing

Oligopoly

24.8%

Site Development

Competitive

5.7%

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.