VOL. XCIV, NO. 247

★ WIDE MOAT STOCKS COMPARISON ★

NO ADVICE

Friday, January 2, 2026

Stock Comparison

Etsy, Inc. vs TC Energy Corporation

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

Etsy, Inc.

ETSY · New York Stock Exchange

Market cap (USD)$5.7B
Gross margin (TTM)72%
Operating margin (TTM)10.2%
Net margin (TTM)6.4%
SectorConsumer
IndustrySpecialty Retail
CountryUS
Data as of2025-12-28
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 Etsy, Inc.'s moat claims, evidence, and risks.

View ETSY analysis

TC Energy Corporation

TRP · New York Stock Exchange

Market cap (USD)$37B
Gross margin (TTM)
Operating margin (TTM)
Net margin (TTM)
SectorEnergy
Industry
CountryCA
Data as of2026-01-02
Moat score
80/ 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 TC Energy Corporation's moat claims, evidence, and risks.

View TRP analysis

Comparison highlights

  • Moat score gap: TC Energy Corporation leads (80 / 100 vs 66 / 100 for Etsy, Inc.).
  • Segment focus: Etsy, Inc. has 2 segments (72% in Marketplace Platform (transaction fees + payments processing + listing fees)); TC Energy Corporation has 4 segments (46.1% in U.S. Natural Gas Pipelines).
  • Primary market structure: Competitive vs Oligopoly. Pricing power: Moderate vs Weak.
  • Moat breadth: Etsy, Inc. has 6 moat types across 3 domains; TC Energy Corporation has 4 across 3.

Primary market context

Etsy, Inc.

Marketplace Platform (transaction fees + payments processing + listing fees)

Market

Specialty e-commerce marketplaces (handmade/unique goods and resale fashion)

Geography

Global

Customer

Consumers and independent sellers

Role

Two-sided marketplace operator and payments facilitator

Revenue share

72%

TC Energy Corporation

U.S. Natural Gas Pipelines

Market

U.S. interstate natural gas pipeline transportation (FERC-regulated)

Geography

United States

Customer

Utilities/LDCs, power generators, LNG/export facilities, industrial users and marketers (as shippers)

Role

Midstream pipeline operator

Revenue share

46.1%

Side-by-side metrics

Etsy, Inc.
TC Energy Corporation
Ticker / Exchange
ETSY - New York Stock Exchange
TRP - New York Stock Exchange
Market cap (USD)
$5.7B
$37B
Gross margin (TTM)
72%
n/a
Operating margin (TTM)
10.2%
n/a
Net margin (TTM)
6.4%
n/a
Sector
Consumer
Energy
Industry
Specialty Retail
n/a
HQ country
US
CA
Primary segment
Marketplace Platform (transaction fees + payments processing + listing fees)
U.S. Natural Gas Pipelines
Market structure
Competitive
Oligopoly
Market share
n/a
n/a
HHI estimate
n/a
n/a
Pricing power
Moderate
Weak
Moat score
66 / 100
80 / 100
Moat domains
Network, Demand, Supply
Legal, Demand, Supply
Last update
2025-12-28
2026-01-02

Moat coverage

Shared moat types

No overlap yet.

Etsy, Inc. strengths

Two Sided NetworkBrand TrustOperational ExcellenceSuite BundlingData Workflow LockinScale Economies Unit Cost

TC Energy Corporation strengths

Regulated Standards PipeLong Term ContractsPhysical Network DensityGovernment Contracting Relationships

Segment mix

Etsy, Inc. segments

Full profile >

Marketplace Platform (transaction fees + payments processing + listing fees)

Competitive

72%

Seller Services (on-site advertising + shipping labels + other)

Quasi-Monopoly

28%

TC Energy Corporation segments

Full profile >

Canadian Natural Gas Pipelines

Quasi-Monopoly

40.7%

U.S. Natural Gas Pipelines

Oligopoly

46.1%

Mexico Natural Gas Pipelines

Oligopoly

6.3%

Power and Energy Solutions

Competitive

6.9%

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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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.