VOL. XCIV, NO. 247

★ WIDE MOAT STOCKS COMPARISON ★

NO ADVICE

Friday, January 2, 2026

Stock Comparison

Norfolk Southern Corporation vs PepsiCo, Inc.

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

Norfolk Southern Corporation

NSC · New York Stock Exchange

Market cap (USD)$65B
Gross margin (TTM)
Operating margin (TTM)
Net margin (TTM)
SectorIndustrials
IndustryRailroads
CountryUS
Data as of2026-01-02
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 Norfolk Southern Corporation's moat claims, evidence, and risks.

View NSC analysis

PepsiCo, Inc.

PEP · Nasdaq Global Select Market

Market cap (USD)$195.5B
Gross margin (TTM)54.2%
Operating margin (TTM)14.3%
Net margin (TTM)7.8%
SectorConsumer
IndustryBeverages - Non-Alcoholic
CountryUS
Data as of2025-12-23
Moat score
72/ 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 PepsiCo, Inc.'s moat claims, evidence, and risks.

View PEP analysis

Comparison highlights

  • Moat score gap: PepsiCo, Inc. leads (72 / 100 vs 70 / 100 for Norfolk Southern Corporation).
  • Segment focus: Norfolk Southern Corporation has 3 segments (62% in Merchandise); PepsiCo, Inc. has 7 segments (27% in Frito-Lay North America (FLNA)).
  • Moat breadth: Norfolk Southern Corporation has 4 moat types across 3 domains; PepsiCo, Inc. has 4 across 2.

Primary market context

Norfolk Southern Corporation

Merchandise

Market

Eastern U.S. freight rail transportation for industrial & consumer goods

Geography

United States (Southeast/East/Midwest; NS network + interchanges)

Customer

Manufacturers, producers, and distributors

Role

Rail carrier

Revenue share

62%

PepsiCo, Inc.

Frito-Lay North America (FLNA)

Market

Branded convenient foods (salty snacks, dips and adjacent categories)

Geography

United States and Canada

Customer

Retailers, convenience stores, foodservice

Role

Branded manufacturer + distributor (DSD/warehouse/distributor networks)

Revenue share

27%

Side-by-side metrics

Norfolk Southern Corporation
PepsiCo, Inc.
Ticker / Exchange
NSC - New York Stock Exchange
PEP - Nasdaq Global Select Market
Market cap (USD)
$65B
$195.5B
Gross margin (TTM)
n/a
54.2%
Operating margin (TTM)
n/a
14.3%
Net margin (TTM)
n/a
7.8%
Sector
Industrials
Consumer
Industry
Railroads
Beverages - Non-Alcoholic
HQ country
US
US
Primary segment
Merchandise
Frito-Lay North America (FLNA)
Market structure
Oligopoly
Oligopoly
Market share
n/a
54%-58% (implied)
HHI estimate
n/a
3,530
Pricing power
Moderate
Moderate
Moat score
70 / 100
72 / 100
Moat domains
Supply, Legal, Demand
Supply, Demand
Last update
2026-01-02
2025-12-23

Moat coverage

Shared moat types

Scale Economies Unit Cost

Norfolk Southern Corporation strengths

Physical Network DensityPermits Rights Of WaySwitching Costs General

PepsiCo, Inc. strengths

Distribution ControlBrand TrustScope Economies

Segment mix

Norfolk Southern Corporation segments

Full profile >

Merchandise

Oligopoly

62%

Intermodal

Oligopoly

25%

Coal

Oligopoly

13%

PepsiCo, Inc. segments

Full profile >

Frito-Lay North America (FLNA)

Oligopoly

27%

Quaker Foods North America (QFNA)

Competitive

4.2%

PepsiCo Beverages North America (PBNA)

Oligopoly

19.9%

Latin America (LatAm)

Oligopoly

12.3%

Europe

Oligopoly

22.4%

Africa, Middle East and South Asia (AMESA)

Competitive

8.8%

Asia Pacific, Australia & New Zealand and China Region (APAC)

Competitive

5.5%

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.