VOL. XCIV, NO. 247

★ WIDE MOAT STOCKS COMPARISON ★

NO ADVICE

Wednesday, January 7, 2026

Stock Comparison

Moody's Corporation vs TMX Group Limited

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

Moody's Corporation

MCO · New York Stock Exchange

Market cap (USD)$94.7B
Gross margin (TTM)67.5%
Operating margin (TTM)43.5%
Net margin (TTM)29.9%
SectorFinancials
IndustryFinancial - Data & Stock Exchanges
CountryUS
Data as of2025-12-21
Moat score
79/ 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 Moody's Corporation's moat claims, evidence, and risks.

View MCO analysis

TMX Group Limited

X · Toronto Stock Exchange

Market cap (USD)$14.4B
Gross margin (TTM)59.3%
Operating margin (TTM)38.7%
Net margin (TTM)23.8%
SectorFinancials
IndustryFinancial - Data & Stock Exchanges
CountryCA
Data as of2026-01-03
Moat score
70/ 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 TMX Group Limited's moat claims, evidence, and risks.

View X analysis

Comparison highlights

  • Moat score gap: Moody's Corporation leads (79 / 100 vs 70 / 100 for TMX Group Limited).
  • Segment focus: Moody's Corporation has 2 segments (53.5% in Moody's Investors Service (Credit Ratings)); TMX Group Limited has 9 segments (16.1% in Trayport energy trading workflow software and network).
  • Primary market structure: Oligopoly vs Oligopoly. Pricing power: Strong vs Moderate.
  • Moat breadth: Moody's Corporation has 5 moat types across 4 domains; TMX Group Limited has 12 across 5.

Primary market context

Moody's Corporation

Moody's Investors Service (Credit Ratings)

Market

Credit ratings and ratings-related research

Geography

Global

Customer

Issuers, investors, regulators

Role

Credit rating agency / research provider

Revenue share

53.5%

TMX Group Limited

Trayport energy trading workflow software and network

Market

Wholesale energy trading workflow software and network connectivity

Geography

Europe-centric, with global customers

Customer

Energy traders, brokers, exchanges/venues

Role

Interoperability hub / workflow platform

Revenue share

16.1%

Side-by-side metrics

Moody's Corporation
TMX Group Limited
Ticker / Exchange
MCO - New York Stock Exchange
X - Toronto Stock Exchange
Market cap (USD)
$94.7B
$14.4B
Gross margin (TTM)
67.5%
59.3%
Operating margin (TTM)
43.5%
38.7%
Net margin (TTM)
29.9%
23.8%
Sector
Financials
Financials
Industry
Financial - Data & Stock Exchanges
Financial - Data & Stock Exchanges
HQ country
US
CA
Primary segment
Moody's Investors Service (Credit Ratings)
Trayport energy trading workflow software and network
Market structure
Oligopoly
Oligopoly
Market share
29%-32% (estimated)
n/a
HHI estimate
3,568
n/a
Pricing power
Strong
Moderate
Moat score
79 / 100
70 / 100
Moat domains
Legal, Network, Demand, Supply
Legal, Network, Demand, Supply, Financial
Last update
2025-12-21
2026-01-03

Moat coverage

Shared moat types

Regulated Standards PipeBrand TrustData Workflow Lockin

Moody's Corporation strengths

De Facto StandardScope Economies

TMX Group Limited strengths

Concession LicenseTwo Sided NetworkSwitching Costs GeneralCompliance AdvantageScale Economies Unit CostClearing SettlementInteroperability HubDistribution ControlBenchmark Pricing Power

Segment mix

Moody's Corporation segments

Full profile >

Moody's Investors Service (Credit Ratings)

Oligopoly

53.5%

Moody's Analytics (Risk & Data/Software)

Competitive

46.5%

TMX Group Limited segments

Full profile >

TSX & TSXV listing and sustaining fees

Oligopoly

10.8%

Issuer services (TSX Trust and TMX Newsfile)

Competitive

7.9%

Equities and fixed income trading venues (TSX, TSXV, TSX Alpha, Shorcan)

Oligopoly

8.8%

Post-trade clearing, settlement and depository (CDS / CDSX)

Quasi-Monopoly

8.6%

Canadian listed derivatives trading and clearing (Montreal Exchange + CDCC, excl. BOX)

Quasi-Monopoly

12.9%

U.S. equity options exchange (BOX)

Competitive

9.6%

Trayport energy trading workflow software and network

Oligopoly

16.1%

TMX Datalinx market data and co-location

Quasi-Monopoly

15.8%

TMX VettaFi indexing, ETF analytics, and digital distribution

Oligopoly

9.5%

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.