VOL. XCIV, NO. 247

★ WIDE MOAT STOCKS COMPARISON ★

NO ADVICE

Thursday, January 8, 2026

Stock Comparison

Eaton Corporation plc vs TMX Group Limited

Compare moat strength, market structure, and segment coverage to understand how each company defends its edge.

Eaton Corporation plc

ETN · New York Stock Exchange

Market cap (USD)$125.2B
Gross margin (TTM)38.1%
Operating margin (TTM)19.4%
Net margin (TTM)14.7%
SectorIndustrials
IndustryIndustrial - Machinery
CountryIE
Data as of2025-12-31
Moat score
66/ 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 Eaton Corporation plc's moat claims, evidence, and risks.

View ETN analysis

TMX Group Limited

X · Toronto Stock Exchange

Market cap (USD)$14.4B
Gross margin (TTM)59.3%
Operating margin (TTM)38.7%
Net margin (TTM)23.8%
SectorFinancials
IndustryFinancial - Data & Stock Exchanges
CountryCA
Data as of2026-01-03
Moat score
70/ 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 TMX Group Limited's moat claims, evidence, and risks.

View X analysis

Comparison highlights

  • Moat score gap: TMX Group Limited leads (70 / 100 vs 66 / 100 for Eaton Corporation plc).
  • Segment focus: Eaton Corporation plc has 5 segments (46% in Electrical Americas); TMX Group Limited has 9 segments (16.1% in Trayport energy trading workflow software and network).
  • Moat breadth: Eaton Corporation plc has 7 moat types across 3 domains; TMX Group Limited has 12 across 5.

Primary market context

Eaton Corporation plc

Electrical Americas

Market

Electrical components, power distribution systems/assemblies, and related services (Americas)

Geography

North and South America

Customer

Industrial, commercial/institutional, utilities, residential, and IT/data center customers (end users and channel partners)

Role

Manufacturer + systems/assembly provider + service provider

Revenue share

46%

TMX Group Limited

Trayport energy trading workflow software and network

Market

Wholesale energy trading workflow software and network connectivity

Geography

Europe-centric, with global customers

Customer

Energy traders, brokers, exchanges/venues

Role

Interoperability hub / workflow platform

Revenue share

16.1%

Side-by-side metrics

Eaton Corporation plc
TMX Group Limited
Ticker / Exchange
ETN - New York Stock Exchange
X - Toronto Stock Exchange
Market cap (USD)
$125.2B
$14.4B
Gross margin (TTM)
38.1%
59.3%
Operating margin (TTM)
19.4%
38.7%
Net margin (TTM)
14.7%
23.8%
Sector
Industrials
Financials
Industry
Industrial - Machinery
Financial - Data & Stock Exchanges
HQ country
IE
CA
Primary segment
Electrical Americas
Trayport energy trading workflow software and network
Market structure
Oligopoly
Oligopoly
Market share
n/a
n/a
HHI estimate
n/a
n/a
Pricing power
Moderate
Moderate
Moat score
66 / 100
70 / 100
Moat domains
Supply, Demand, Legal
Legal, Network, Demand, Supply, Financial
Last update
2025-12-31
2026-01-03

Moat coverage

Shared moat types

Distribution ControlCompliance Advantage

Eaton Corporation plc strengths

Scope EconomiesDesign In QualificationInstalled Base ConsumablesLong Term ContractsService Field Network

TMX Group Limited strengths

Concession LicenseTwo Sided NetworkBrand TrustSwitching Costs GeneralScale Economies Unit CostClearing SettlementRegulated Standards PipeInteroperability HubData Workflow LockinBenchmark Pricing Power

Segment mix

Eaton Corporation plc segments

Full profile >

Electrical Americas

Oligopoly

46%

Electrical Global

Oligopoly

25.1%

Aerospace

Oligopoly

15%

Vehicle

Competitive

11.2%

eMobility

Competitive

2.7%

TMX Group Limited segments

Full profile >

TSX & TSXV listing and sustaining fees

Oligopoly

10.8%

Issuer services (TSX Trust and TMX Newsfile)

Competitive

7.9%

Equities and fixed income trading venues (TSX, TSXV, TSX Alpha, Shorcan)

Oligopoly

8.8%

Post-trade clearing, settlement and depository (CDS / CDSX)

Quasi-Monopoly

8.6%

Canadian listed derivatives trading and clearing (Montreal Exchange + CDCC, excl. BOX)

Quasi-Monopoly

12.9%

U.S. equity options exchange (BOX)

Competitive

9.6%

Trayport energy trading workflow software and network

Oligopoly

16.1%

TMX Datalinx market data and co-location

Quasi-Monopoly

15.8%

TMX VettaFi indexing, ETF analytics, and digital distribution

Oligopoly

9.5%

Want the full wide moat stocks list?

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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.