VOL. XCIV, NO. 247

★ WIDE MOAT STOCKS COMPARISON ★

NO ADVICE

Friday, January 2, 2026

Stock Comparison

General Dynamics Corporation vs TC Energy Corporation

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

General Dynamics Corporation

GD · New York Stock Exchange

Market cap (USD)$92.1B
Gross margin (TTM)15.3%
Operating margin (TTM)10.3%
Net margin (TTM)8.2%
SectorIndustrials
IndustryAerospace & Defense
CountryUS
Data as of2025-12-29
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 General Dynamics Corporation's moat claims, evidence, and risks.

View GD 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: both at 80 / 100.
  • Segment focus: General Dynamics Corporation has 4 segments (30.1% in Marine Systems (Nuclear subs + surface shipbuilding)); TC Energy Corporation has 4 segments (46.1% in U.S. Natural Gas Pipelines).
  • Primary market structure: Duopoly vs Oligopoly. Pricing power: Weak vs Weak.
  • Moat breadth: General Dynamics Corporation has 11 moat types across 3 domains; TC Energy Corporation has 4 across 3.

Primary market context

General Dynamics Corporation

Marine Systems (Nuclear subs + surface shipbuilding)

Market

U.S. Navy nuclear-powered submarine construction and major surface combatant shipbuilding/lifecycle services

Geography

United States

Customer

Government (primarily U.S. Navy)

Role

Prime contractor / shipbuilder / lifecycle services

Revenue share

30.1%

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

General Dynamics Corporation
TC Energy Corporation
Ticker / Exchange
GD - New York Stock Exchange
TRP - New York Stock Exchange
Market cap (USD)
$92.1B
$37B
Gross margin (TTM)
15.3%
n/a
Operating margin (TTM)
10.3%
n/a
Net margin (TTM)
8.2%
n/a
Sector
Industrials
Energy
Industry
Aerospace & Defense
n/a
HQ country
US
CA
Primary segment
Marine Systems (Nuclear subs + surface shipbuilding)
U.S. Natural Gas Pipelines
Market structure
Duopoly
Oligopoly
Market share
45%-55% (estimated)
n/a
HHI estimate
5,000
n/a
Pricing power
Weak
Weak
Moat score
80 / 100
80 / 100
Moat domains
Demand, Supply, Legal
Legal, Demand, Supply
Last update
2025-12-29
2026-01-02

Moat coverage

Shared moat types

Regulated Standards PipeLong Term ContractsGovernment Contracting Relationships

General Dynamics Corporation strengths

Brand TrustService Field NetworkCapex Knowhow ScaleDesign In QualificationProcurement InertiaCapacity MoatCompliance AdvantageSuite Bundling

TC Energy Corporation strengths

Physical Network Density

Segment mix

General Dynamics Corporation segments

Full profile >

Aerospace (Gulfstream + Jet Aviation)

Oligopoly

23.6%

Marine Systems (Nuclear subs + surface shipbuilding)

Duopoly

30.1%

Combat Systems (Land vehicles + munitions)

Oligopoly

18.9%

Technologies (C5ISR + Federal IT)

Competitive

27.5%

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?

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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.