VOL. XCIV, NO. 247

★ WIDE MOAT STOCKS COMPARISON ★

NO ADVICE

Friday, January 2, 2026

Stock Comparison

GSK plc vs TC Energy Corporation

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

GSK plc

GSK · London Stock Exchange

Market cap (USD)$73.6B
Gross margin (TTM)72.4%
Operating margin (TTM)23.5%
Net margin (TTM)17.1%
SectorHealthcare
IndustryDrug Manufacturers - General
CountryGB
Data as of2025-12-28
Moat score
62/ 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 GSK plc's moat claims, evidence, and risks.

View GSK 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 62 / 100 for GSK plc).
  • Segment focus: GSK plc has 3 segments (37.6% in Specialty Medicines); TC Energy Corporation has 4 segments (46.1% in U.S. Natural Gas Pipelines).
  • Primary market structure: Oligopoly vs Oligopoly. Pricing power: Strong vs Weak.
  • Moat breadth: GSK plc has 4 moat types across 3 domains; TC Energy Corporation has 4 across 3.

Primary market context

GSK plc

Specialty Medicines

Market

Branded specialty pharmaceuticals (HIV, oncology, immunology/respiratory)

Geography

Global

Customer

Hospitals, specialist physicians, payers

Role

Innovator & branded manufacturer

Revenue share

37.6%

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

GSK plc
TC Energy Corporation
Ticker / Exchange
GSK - London Stock Exchange
TRP - New York Stock Exchange
Market cap (USD)
$73.6B
$37B
Gross margin (TTM)
72.4%
n/a
Operating margin (TTM)
23.5%
n/a
Net margin (TTM)
17.1%
n/a
Sector
Healthcare
Energy
Industry
Drug Manufacturers - General
n/a
HQ country
GB
CA
Primary segment
Specialty Medicines
U.S. Natural Gas Pipelines
Market structure
Oligopoly
Oligopoly
Market share
n/a
n/a
HHI estimate
n/a
n/a
Pricing power
Strong
Weak
Moat score
62 / 100
80 / 100
Moat domains
Supply, Legal, Demand
Legal, Demand, Supply
Last update
2025-12-28
2026-01-02

Moat coverage

Shared moat types

No overlap yet.

GSK plc strengths

Capex Knowhow ScaleCompliance AdvantageIP Choke PointSwitching Costs General

TC Energy Corporation strengths

Regulated Standards PipeLong Term ContractsPhysical Network DensityGovernment Contracting Relationships

Segment mix

GSK plc segments

Full profile >

Vaccines

Oligopoly

29.1%

Specialty Medicines

Oligopoly

37.6%

General Medicines

Competitive

33.2%

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.

View the moat stocks list

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.