VOL. XCIV, NO. 247

★ WIDE MOAT STOCKS COMPARISON ★

NO ADVICE

Wednesday, December 31, 2025

Stock Comparison

Enbridge Inc. vs Universal Music Group N.V.

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

Universal Music Group N.V.

UMG · Euronext Amsterdam

Market cap (USD)
SectorCommunication Services
CountryNL
Data as of2025-12-28
Moat score
77/ 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 Universal Music Group N.V.'s moat claims, evidence, and risks.

View UMG analysis

Comparison highlights

  • Moat score gap: Enbridge Inc. leads (92 / 100 vs 77 / 100 for Universal Music Group N.V.).
  • Segment focus: Enbridge Inc. has 4 segments (72.8% in Liquids Pipelines); Universal Music Group N.V. has 3 segments (75.2% in Recorded Music).
  • Moat breadth: Enbridge Inc. has 6 moat types across 3 domains; Universal Music Group N.V. has 5 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%

Universal Music Group N.V.

Recorded Music

Market

Recorded music rights (labels) and monetization (streaming, physical, licensing/sync)

Geography

Global

Customer

Digital service providers (audio/video/social), physical retailers, and licensing counterparties

Role

Label / master rights holder; artist development, marketing and distribution

Revenue share

75.2%

Side-by-side metrics

Enbridge Inc.
Universal Music Group N.V.
Ticker / Exchange
ENB - Toronto Stock Exchange
UMG - Euronext Amsterdam
Market cap (USD)
$104.9B
n/a
Sector
Energy
Communication Services
HQ country
CA
NL
Primary segment
Liquids Pipelines
Recorded Music
Market structure
Oligopoly
Oligopoly
Market share
29%-31% (reported)
31%-33% (estimated)
HHI estimate
n/a
n/a
Pricing power
Moderate
Moderate
Moat score
92 / 100
77 / 100
Moat domains
Legal, Supply, Demand
Legal, Supply, Demand
Last update
2025-12-31
2025-12-28

Moat coverage

Shared moat types

Long Term Contracts

Enbridge Inc. strengths

Permits Rights Of WayPhysical Network DensityRegulated Standards PipeConcession LicenseCapex Knowhow Scale

Universal Music Group N.V. strengths

Content Rights CurrencyScale Economies Unit CostBrand TrustService Field Network

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%

Universal Music Group N.V. segments

Full profile >

Recorded Music

Oligopoly

75.2%

Music Publishing

Oligopoly

17.9%

Merchandising and Other

Competitive

7.1%

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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.