VOL. XCIV, NO. 247

★ WIDE MOAT STOCKS COMPARISON ★

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Friday, January 2, 2026

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Stock Comparison

Fastenal Company vs TC Energy Corporation

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

Fastenal Company

FAST · Nasdaq Stock Market

Market cap (USD)$46.4B
Gross margin (TTM)—
Operating margin (TTM)—
Net margin (TTM)—
SectorIndustrials
IndustryIndustrial - Distribution
CountryUS
Data as of2026-01-01
Moat score
60/ 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 Fastenal Company's moat claims, evidence, and risks.

View FAST 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 60 / 100 for Fastenal Company).
  • Segment focus: Fastenal Company has 3 segments (54.5% in Branch-based distribution (in-market branches)); TC Energy Corporation has 4 segments (46.1% in U.S. Natural Gas Pipelines).
  • Primary market structure: Competitive vs Oligopoly. Pricing power: Weak vs Weak.
  • Moat breadth: Fastenal Company has 5 moat types across 2 domains; TC Energy Corporation has 4 across 3.

Primary market context

Fastenal Company

Branch-based distribution (in-market branches)

Market

Industrial & construction supplies distribution (MRO/OEM consumables) via local branches

Geography

North America (primary) + select international

Customer

B2B

Role

Distributor / MRO supplier

Revenue share

54.5%

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

Fastenal Company
TC Energy Corporation
Ticker / Exchange
FAST - Nasdaq Stock Market
TRP - New York Stock Exchange
Market cap (USD)
$46.4B
$37B
Gross margin (TTM)
n/a
n/a
Operating margin (TTM)
n/a
n/a
Net margin (TTM)
n/a
n/a
Sector
Industrials
Energy
Industry
Industrial - Distribution
n/a
HQ country
US
CA
Primary segment
Branch-based distribution (in-market branches)
U.S. Natural Gas Pipelines
Market structure
Competitive
Oligopoly
Market share
n/a
n/a
HHI estimate
n/a
n/a
Pricing power
Weak
Weak
Moat score
60 / 100
80 / 100
Moat domains
Supply, Demand
Legal, Demand, Supply
Last update
2026-01-01
2026-01-02

Moat coverage

Shared moat types

Physical Network Density

Fastenal Company strengths

Operational ExcellenceSwitching Costs GeneralData Workflow LockinScope Economies

TC Energy Corporation strengths

Regulated Standards PipeLong Term ContractsGovernment Contracting Relationships

Segment mix

Fastenal Company segments

Full profile >

Branch-based distribution (in-market branches)

Competitive

54.5%

Onsite solutions (embedded customer locations)

Competitive

42.4%

Other / non-traditional sales (services & custom manufacturing)

Competitive

3.1%

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.