VOL. XCIV, NO. 247

★ WIDE MOAT STOCKS COMPARISON ★

NO ADVICE

Friday, January 2, 2026

Stock Comparison

Altria Group, Inc. vs TC Energy Corporation

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

Altria Group, Inc.

MO · New York Stock Exchange

Market cap (USD)$96.7B
Gross margin (TTM)72%
Operating margin (TTM)55.2%
Net margin (TTM)44%
SectorConsumer
IndustryTobacco
CountryUS
Data as of2025-12-30
Moat score
88/ 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 Altria Group, Inc.'s moat claims, evidence, and risks.

View MO 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: Altria Group, Inc. leads (88 / 100 vs 80 / 100 for TC Energy Corporation).
  • Segment focus: Altria Group, Inc. has 3 segments (88.3% in Smokeable Products); 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: Altria Group, Inc. has 5 moat types across 3 domains; TC Energy Corporation has 4 across 3.

Primary market context

Altria Group, Inc.

Smokeable Products

Market

U.S. cigarettes and machine-made cigars

Geography

United States

Customer

Wholesalers/distributors and large retail organizations (serving adult tobacco consumers 21+)

Role

Manufacturer and brand owner

Revenue share

88.3%

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

Altria Group, Inc.
TC Energy Corporation
Ticker / Exchange
MO - New York Stock Exchange
TRP - New York Stock Exchange
Market cap (USD)
$96.7B
$37B
Gross margin (TTM)
72%
n/a
Operating margin (TTM)
55.2%
n/a
Net margin (TTM)
44%
n/a
Sector
Consumer
Energy
Industry
Tobacco
n/a
HQ country
US
CA
Primary segment
Smokeable Products
U.S. Natural Gas Pipelines
Market structure
Oligopoly
Oligopoly
Market share
45.9% (reported)
n/a
HHI estimate
n/a
n/a
Pricing power
Strong
Weak
Moat score
88 / 100
80 / 100
Moat domains
Demand, Financial, Legal
Legal, Demand, Supply
Last update
2025-12-30
2026-01-02

Moat coverage

Shared moat types

Regulated Standards Pipe

Altria Group, Inc. strengths

Brand TrustHabit DefaultBenchmark Pricing PowerCompliance Advantage

TC Energy Corporation strengths

Long Term ContractsPhysical Network DensityGovernment Contracting Relationships

Segment mix

Altria Group, Inc. segments

Full profile >

Smokeable Products

Oligopoly

88.3%

Oral Tobacco Products

Oligopoly

11.6%

E-Vapor and New Products (NJOY, Horizon, R&D)

Competitive

0.2%

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?

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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.