VOL. XCIV, NO. 247

★ WIDE MOAT STOCKS COMPARISON ★

NO ADVICE

Wednesday, December 31, 2025

Stock Comparison

Enbridge Inc. vs Union Pacific 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)$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

Union Pacific Corporation

UNP · New York Stock Exchange

Market cap (USD)
SectorIndustrials
CountryUS
Data as of2025-12-30
Moat score
72/ 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 Union Pacific Corporation's moat claims, evidence, and risks.

View UNP analysis

Comparison highlights

  • Moat score gap: Enbridge Inc. leads (92 / 100 vs 72 / 100 for Union Pacific Corporation).
  • Segment focus: Enbridge Inc. has 4 segments (72.8% in Liquids Pipelines); Union Pacific Corporation has 4 segments (34.8% in Industrial).
  • Moat breadth: Enbridge Inc. has 6 moat types across 3 domains; Union Pacific Corporation has 5 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%

Union Pacific Corporation

Industrial

Market

Rail freight transportation for industrial commodities (chemicals and plastics, metals and minerals, forest products, energy and specialized markets)

Geography

U.S. western two-thirds with interchange to other railroads; cross-border corridors to Mexico and Canada

Customer

Chemical producers, refiners, plastics manufacturers, construction and material suppliers, metals and mining, industrial shippers

Role

Class I rail carrier / linehaul freight transport

Revenue share

34.8%

Side-by-side metrics

Enbridge Inc.
Union Pacific Corporation
Ticker / Exchange
ENB - Toronto Stock Exchange
UNP - New York Stock Exchange
Market cap (USD)
$104.9B
n/a
Sector
Energy
Industrials
HQ country
CA
US
Primary segment
Liquids Pipelines
Industrial
Market structure
Oligopoly
Oligopoly
Market share
29%-31% (reported)
n/a
HHI estimate
n/a
n/a
Pricing power
Moderate
Moderate
Moat score
92 / 100
72 / 100
Moat domains
Legal, Supply, Demand
Legal, Supply
Last update
2025-12-31
2025-12-30

Moat coverage

Shared moat types

Permits Rights Of WayPhysical Network Density

Enbridge Inc. strengths

Long Term ContractsRegulated Standards PipeConcession LicenseCapex Knowhow Scale

Union Pacific Corporation strengths

Scale Economies Unit CostOperational ExcellenceScope Economies

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%

Union Pacific Corporation segments

Full profile >

Bulk

Oligopoly

29.7%

Industrial

Oligopoly

34.8%

Premium

Oligopoly

29.5%

Other subsidiary, accessorial and other revenues

Competitive

5.9%

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.