VOL. XCIV, NO. 247

★ WIDE MOAT STOCKS COMPARISON ★

NO ADVICE

Thursday, January 8, 2026

Stock Comparison

Enbridge Inc. vs Sea Limited

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)$139.7B
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

Sea Limited

SE · New York Stock Exchange

Market cap (USD)$82.8B
Gross margin (TTM)44.9%
Operating margin (TTM)8.2%
Net margin (TTM)6.8%
SectorConsumer
IndustrySpecialty Retail
CountrySG
Data as of2026-01-06
Moat score
69/ 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 Sea Limited's moat claims, evidence, and risks.

View SE analysis

Comparison highlights

  • Moat score gap: Enbridge Inc. leads (92 / 100 vs 69 / 100 for Sea Limited).
  • Segment focus: Enbridge Inc. has 4 segments (72.8% in Liquids Pipelines); Sea Limited has 3 segments (73.8% in Shopee (E-commerce)).
  • Moat breadth: Enbridge Inc. has 6 moat types across 3 domains; Sea Limited has 6 across 3.

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%

Sea Limited

Shopee (E-commerce)

Market

E-commerce marketplace and related value-added services

Geography

Southeast Asia, Taiwan, Brazil

Customer

Consumers and sellers

Role

Marketplace operator

Revenue share

73.8%

Side-by-side metrics

Enbridge Inc.
Sea Limited
Ticker / Exchange
ENB - Toronto Stock Exchange
SE - New York Stock Exchange
Market cap (USD)
$139.7B
$82.8B
Gross margin (TTM)
35.2%
44.9%
Operating margin (TTM)
17.5%
8.2%
Net margin (TTM)
9.4%
6.8%
Sector
Energy
Consumer
Industry
Oil & Gas Midstream
Specialty Retail
HQ country
CA
SG
Primary segment
Liquids Pipelines
Shopee (E-commerce)
Market structure
Oligopoly
Oligopoly
Market share
29%-31% (reported)
52% (reported)
HHI estimate
n/a
n/a
Pricing power
Moderate
Moderate
Moat score
92 / 100
69 / 100
Moat domains
Legal, Supply, Demand
Network, Supply, Legal
Last update
2025-12-31
2026-01-06

Moat coverage

Shared moat types

Regulated Standards Pipe

Enbridge Inc. strengths

Permits Rights Of WayPhysical Network DensityLong Term ContractsConcession LicenseCapex Knowhow Scale

Sea Limited strengths

Two Sided NetworkDistribution ControlEcosystem ComplementsDirect Network EffectsContractual Exclusivity

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%

Sea Limited segments

Full profile >

Shopee (E-commerce)

Oligopoly

73.8%

SeaMoney (Digital Financial Services)

Competitive

14.1%

Garena (Digital Entertainment)

Competitive

11.4%

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.