VOL. XCIV, NO. 247

★ WIDE MOAT STOCKS COMPARISON ★

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Friday, January 2, 2026

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Stock Comparison

Lam Research Corporation vs TC Energy Corporation

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

Lam Research Corporation

LRCX · NASDAQ

Market cap (USD)$225.8B
Gross margin (TTM)49.3%
Operating margin (TTM)33%
Net margin (TTM)29.7%
SectorTechnology
IndustrySemiconductors
CountryUS
Data as of2025-12-29
Moat score
73/ 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 Lam Research Corporation's moat claims, evidence, and risks.

View LRCX 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 73 / 100 for Lam Research Corporation).
  • Segment focus: Lam Research Corporation has 2 segments (62.3% in Systems); TC Energy Corporation has 4 segments (46.1% in U.S. Natural Gas Pipelines).
  • Primary market structure: Oligopoly vs Oligopoly. Pricing power: Moderate vs Weak.
  • Moat breadth: Lam Research Corporation has 6 moat types across 2 domains; TC Energy Corporation has 4 across 3.

Primary market context

Lam Research Corporation

Systems

Market

Wafer fabrication equipment (etch, deposition, clean and related wafer processing tools)

Geography

Global

Customer

Semiconductor manufacturers (memory, foundry, logic/IDM)

Role

Equipment OEM

Revenue share

62.3%

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

Lam Research Corporation
TC Energy Corporation
Ticker / Exchange
LRCX - NASDAQ
TRP - New York Stock Exchange
Market cap (USD)
$225.8B
$37B
Gross margin (TTM)
49.3%
n/a
Operating margin (TTM)
33%
n/a
Net margin (TTM)
29.7%
n/a
Sector
Technology
Energy
Industry
Semiconductors
n/a
HQ country
US
CA
Primary segment
Systems
U.S. Natural Gas Pipelines
Market structure
Oligopoly
Oligopoly
Market share
8%-12% (implied)
n/a
HHI estimate
n/a
n/a
Pricing power
Moderate
Weak
Moat score
73 / 100
80 / 100
Moat domains
Demand, Supply
Legal, Demand, Supply
Last update
2025-12-29
2026-01-02

Moat coverage

Shared moat types

No overlap yet.

Lam Research Corporation strengths

Design In QualificationCapex Knowhow ScaleLearning Curve YieldInstalled Base ConsumablesService Field NetworkData Workflow Lockin

TC Energy Corporation strengths

Regulated Standards PipeLong Term ContractsPhysical Network DensityGovernment Contracting Relationships

Segment mix

Lam Research Corporation segments

Full profile >

Systems

Oligopoly

62.3%

Customer Support Business Group (CSBG)

Quasi-Monopoly

37.7%

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.