VOL. XCIV, NO. 247

★ WIDE MOAT STOCKS COMPARISON ★

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Friday, January 2, 2026

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Stock Comparison

Jack Henry & Associates, Inc. vs TC Energy Corporation

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

Jack Henry & Associates, Inc.

JKHY · Nasdaq

Market cap (USD)$13.1B
Gross margin (TTM)43.5%
Operating margin (TTM)24.9%
Net margin (TTM)19.9%
SectorTechnology
IndustryInformation Technology Services
CountryUS
Data as of2025-12-25
Moat score
59/ 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 Jack Henry & Associates, Inc.'s moat claims, evidence, and risks.

View JKHY 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 59 / 100 for Jack Henry & Associates, Inc.).
  • Segment focus: Jack Henry & Associates, Inc. has 3 segments (36.8% in Payments); 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: Jack Henry & Associates, Inc. has 7 moat types across 3 domains; TC Energy Corporation has 4 across 3.

Primary market context

Jack Henry & Associates, Inc.

Payments

Market

Payment processing and transaction services for financial institutions (card, ACH, bill pay, faster payments, settlement support)

Geography

United States

Customer

Banks, credit unions, and their accountholders; businesses via FI clients

Role

Processor and settlement/risk services provider

Revenue share

36.8%

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

Jack Henry & Associates, Inc.
TC Energy Corporation
Ticker / Exchange
JKHY - Nasdaq
TRP - New York Stock Exchange
Market cap (USD)
$13.1B
$37B
Gross margin (TTM)
43.5%
n/a
Operating margin (TTM)
24.9%
n/a
Net margin (TTM)
19.9%
n/a
Sector
Technology
Energy
Industry
Information Technology Services
n/a
HQ country
US
CA
Primary segment
Payments
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
59 / 100
80 / 100
Moat domains
Demand, Legal, Supply
Legal, Demand, Supply
Last update
2025-12-25
2026-01-02

Moat coverage

Shared moat types

Long Term Contracts

Jack Henry & Associates, Inc. strengths

Switching Costs GeneralSuite BundlingCompliance AdvantageScale Economies Unit CostData Workflow LockinBrand Trust

TC Energy Corporation strengths

Regulated Standards PipePhysical Network DensityGovernment Contracting Relationships

Segment mix

Jack Henry & Associates, Inc. segments

Full profile >

Core

Oligopoly

31.1%

Payments

Competitive

36.8%

Complementary

Competitive

28.4%

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.