VOL. XCIV, NO. 247

★ WIDE MOAT STOCKS COMPARISON ★

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Thursday, January 8, 2026

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Stock Comparison

Netflix, Inc. vs TC Energy Corporation

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

Netflix, Inc.

NFLX · NASDAQ

Market cap (USD)$387.5B
Gross margin (TTM)48.1%
Operating margin (TTM)29.1%
Net margin (TTM)24.1%
SectorCommunication Services
IndustryEntertainment
CountryUS
Data as of2026-01-05
Moat score
65/ 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 Netflix, Inc.'s moat claims, evidence, and risks.

View NFLX analysis

TC Energy Corporation

TRP · New York Stock Exchange

Market cap (USD)$57.6B
Gross margin (TTM)50.7%
Operating margin (TTM)44.4%
Net margin (TTM)28.2%
SectorEnergy
IndustryOil & Gas Midstream
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 65 / 100 for Netflix, Inc.).
  • Segment focus: Netflix, Inc. has 1 segment (100% in Streaming entertainment platform); 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: Netflix, Inc. has 5 moat types across 4 domains; TC Energy Corporation has 4 across 3.

Primary market context

Netflix, Inc.

Streaming entertainment platform

Market

Paid streaming video entertainment (SVOD/AVOD)

Geography

Global

Customer

Consumers (B2C); advertisers via ad-supported inventory

Role

Streaming platform operator; content producer/licensor

Revenue share

100%

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

Netflix, Inc.
TC Energy Corporation
Ticker / Exchange
NFLX - NASDAQ
TRP - New York Stock Exchange
Market cap (USD)
$387.5B
$57.6B
Gross margin (TTM)
48.1%
50.7%
Operating margin (TTM)
29.1%
44.4%
Net margin (TTM)
24.1%
28.2%
Sector
Communication Services
Energy
Industry
Entertainment
Oil & Gas Midstream
HQ country
US
CA
Primary segment
Streaming entertainment platform
U.S. Natural Gas Pipelines
Market structure
Oligopoly
Oligopoly
Market share
8.2%-8.4% (reported)
n/a
HHI estimate
n/a
n/a
Pricing power
Moderate
Weak
Moat score
65 / 100
80 / 100
Moat domains
Network, Supply, Legal, Financial
Legal, Demand, Supply
Last update
2026-01-05
2026-01-02

Moat coverage

Shared moat types

Physical Network Density

Netflix, Inc. strengths

Data Network EffectsScale Economies Unit CostContent Rights CurrencyFloat Prepayment

TC Energy Corporation strengths

Regulated Standards PipeLong Term ContractsGovernment Contracting Relationships

Segment mix

Netflix, Inc. segments

Full profile >

Streaming entertainment platform

Oligopoly

100%

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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Looking for expansion-stage stocks?

Proven models entering the expansion stage with unit economics that work.

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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.