VOL. XCIV, NO. 247

★ WIDE MOAT STOCKS COMPARISON ★

NO ADVICE

Thursday, January 8, 2026

Stock Comparison

Norfolk Southern Corporation vs The Progressive Corporation

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)$64.6B
Gross margin (TTM)34.1%
Operating margin (TTM)34.1%
Net margin (TTM)24.2%
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

The Progressive Corporation

PGR · New York Stock Exchange

Market cap (USD)$124.8B
Gross margin (TTM)26.3%
Operating margin (TTM)15.9%
Net margin (TTM)12.6%
SectorFinancials
IndustryInsurance - Property & Casualty
CountryUS
Data as of2026-01-04
Moat score
75/ 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 The Progressive Corporation's moat claims, evidence, and risks.

View PGR analysis

Comparison highlights

  • Moat score gap: The Progressive Corporation leads (75 / 100 vs 70 / 100 for Norfolk Southern Corporation).
  • Segment focus: Norfolk Southern Corporation has 3 segments (62% in Merchandise); The Progressive Corporation has 2 segments (85% in Personal Lines).
  • Moat breadth: Norfolk Southern Corporation has 4 moat types across 3 domains; The Progressive Corporation has 5 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%

The Progressive Corporation

Personal Lines

Market

U.S. private passenger auto insurance (dominant) plus specialty personal lines and homeowners/renters (small portion)

Geography

United States

Customer

Individuals/households

Role

Primary insurer (P&C)

Revenue share

85%

Side-by-side metrics

Norfolk Southern Corporation
The Progressive Corporation
Ticker / Exchange
NSC - New York Stock Exchange
PGR - New York Stock Exchange
Market cap (USD)
$64.6B
$124.8B
Gross margin (TTM)
34.1%
26.3%
Operating margin (TTM)
34.1%
15.9%
Net margin (TTM)
24.2%
12.6%
Sector
Industrials
Financials
Industry
Railroads
Insurance - Property & Casualty
HQ country
US
US
Primary segment
Merchandise
Personal Lines
Market structure
Oligopoly
Oligopoly
Market share
n/a
16.7% (reported)
HHI estimate
n/a
n/a
Pricing power
Moderate
Moderate
Moat score
70 / 100
75 / 100
Moat domains
Supply, Legal, Demand
Supply, Demand
Last update
2026-01-02
2026-01-04

Moat coverage

Shared moat types

No overlap yet.

Norfolk Southern Corporation strengths

Physical Network DensityPermits Rights Of WayScale Economies Unit CostSwitching Costs General

The Progressive Corporation strengths

Learning Curve YieldBrand TrustService Field NetworkSuite BundlingOperational Excellence

Segment mix

Norfolk Southern Corporation segments

Full profile >

Merchandise

Oligopoly

62%

Intermodal

Oligopoly

25%

Coal

Oligopoly

13%

The Progressive Corporation segments

Full profile >

Personal Lines

Oligopoly

85%

Commercial Lines

Competitive

15%

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.