VOL. XCIV, NO. 247

★ WIDE MOAT STOCKS COMPARISON ★

NO ADVICE

Friday, January 2, 2026

Stock Comparison

Enbridge Inc. vs Vulcan Materials Company

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

Vulcan Materials Company

VMC · New York Stock Exchange

Market cap (USD)$38.3B
Gross margin (TTM)
Operating margin (TTM)
Net margin (TTM)
SectorMaterials
IndustryConstruction Materials
CountryUS
Data as of2026-01-01
Moat score
73/ 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 Vulcan Materials Company's moat claims, evidence, and risks.

View VMC analysis

Comparison highlights

  • Moat score gap: Enbridge Inc. leads (92 / 100 vs 73 / 100 for Vulcan Materials Company).
  • Segment focus: Enbridge Inc. has 4 segments (72.8% in Liquids Pipelines); Vulcan Materials Company has 3 segments (74.4% in Aggregates).
  • Primary market structure: Oligopoly vs Oligopoly. Pricing power: Moderate vs Strong.
  • Moat breadth: Enbridge Inc. has 6 moat types across 3 domains; Vulcan Materials Company 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%

Vulcan Materials Company

Aggregates

Market

Construction aggregates (crushed stone, sand & gravel)

Geography

United States (local/regional markets)

Customer

Construction contractors and public infrastructure agencies

Role

Upstream raw materials producer

Revenue share

74.4%

Side-by-side metrics

Enbridge Inc.
Vulcan Materials Company
Ticker / Exchange
ENB - Toronto Stock Exchange
VMC - New York Stock Exchange
Market cap (USD)
$143.6B
$38.3B
Gross margin (TTM)
35.2%
n/a
Operating margin (TTM)
17.5%
n/a
Net margin (TTM)
9.4%
n/a
Sector
Energy
Materials
Industry
Oil & Gas Midstream
Construction Materials
HQ country
CA
US
Primary segment
Liquids Pipelines
Aggregates
Market structure
Oligopoly
Oligopoly
Market share
29%-31% (reported)
8%-11% (implied)
HHI estimate
n/a
n/a
Pricing power
Moderate
Strong
Moat score
92 / 100
73 / 100
Moat domains
Legal, Supply, Demand
Legal, Supply
Last update
2025-12-31
2026-01-01

Moat coverage

Shared moat types

Permits Rights Of WayPhysical Network Density

Enbridge Inc. strengths

Long Term ContractsRegulated Standards PipeConcession LicenseCapex Knowhow Scale

Vulcan Materials Company strengths

Geographic NaturalScale Economies Unit CostSupply Chain Control

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%

Vulcan Materials Company segments

Full profile >

Aggregates

Oligopoly

74.4%

Asphalt

Competitive

16.8%

Concrete

Competitive

8.8%

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.