VOL. XCIV, NO. 247

★ WIDE MOAT STOCKS COMPARISON ★

NO ADVICE

Friday, January 2, 2026

Stock Comparison

Norfolk Southern Corporation vs Philip Morris International 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

Philip Morris International Inc.

PM · New York Stock Exchange

Market cap (USD)$251.2B
Gross margin (TTM)66.3%
Operating margin (TTM)37.7%
Net margin (TTM)21.6%
SectorConsumer
IndustryTobacco
CountryUS
Data as of2025-12-31
Moat score
84/ 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 Philip Morris International Inc.'s moat claims, evidence, and risks.

View PM analysis

Comparison highlights

  • Moat score gap: Philip Morris International Inc. leads (84 / 100 vs 70 / 100 for Norfolk Southern Corporation).
  • Segment focus: Norfolk Southern Corporation has 3 segments (62% in Merchandise); Philip Morris International Inc. has 3 segments (61.3% in Combustible Tobacco).
  • Primary market structure: Oligopoly vs Oligopoly. Pricing power: Moderate vs Strong.
  • Moat breadth: Norfolk Southern Corporation has 4 moat types across 3 domains; Philip Morris International Inc. has 6 across 3.

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%

Philip Morris International Inc.

Combustible Tobacco

Market

International combustible tobacco (primarily cigarettes)

Geography

Global (primarily ex-U.S.)

Customer

Adult smokers; distributors/wholesalers and retail channels

Role

Branded manufacturer and distributor

Revenue share

61.3%

Side-by-side metrics

Norfolk Southern Corporation
Philip Morris International Inc.
Ticker / Exchange
NSC - New York Stock Exchange
PM - New York Stock Exchange
Market cap (USD)
$65B
$251.2B
Gross margin (TTM)
n/a
66.3%
Operating margin (TTM)
n/a
37.7%
Net margin (TTM)
n/a
21.6%
Sector
Industrials
Consumer
Industry
Railroads
Tobacco
HQ country
US
US
Primary segment
Merchandise
Combustible Tobacco
Market structure
Oligopoly
Oligopoly
Market share
n/a
25.3% (reported)
HHI estimate
n/a
n/a
Pricing power
Moderate
Strong
Moat score
70 / 100
84 / 100
Moat domains
Supply, Legal, Demand
Demand, Supply, Legal
Last update
2026-01-02
2025-12-31

Moat coverage

Shared moat types

No overlap yet.

Norfolk Southern Corporation strengths

Physical Network DensityPermits Rights Of WayScale Economies Unit CostSwitching Costs General

Philip Morris International Inc. strengths

Brand TrustDistribution ControlCompliance AdvantageInstalled Base ConsumablesIP Choke PointRegulated Standards Pipe

Segment mix

Norfolk Southern Corporation segments

Full profile >

Merchandise

Oligopoly

62%

Intermodal

Oligopoly

25%

Coal

Oligopoly

13%

Philip Morris International Inc. segments

Full profile >

Combustible Tobacco

Oligopoly

61.3%

Smoke-Free Products

Oligopoly

37.8%

Wellness & Healthcare

Competitive

0.9%

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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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.