VOL. XCIV, NO. 247

★ WIDE MOAT STOCKS COMPARISON ★

NO ADVICE

Wednesday, January 7, 2026

Stock Comparison

PepsiCo, Inc. vs TMX Group Limited

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

PepsiCo, Inc.

PEP · Nasdaq Global Select Market

Market cap (USD)$191.3B
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

TMX Group Limited

X · Toronto Stock Exchange

Market cap (USD)$14.4B
Gross margin (TTM)59.3%
Operating margin (TTM)38.7%
Net margin (TTM)23.8%
SectorFinancials
IndustryFinancial - Data & Stock Exchanges
CountryCA
Data as of2026-01-03
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 TMX Group Limited's moat claims, evidence, and risks.

View X analysis

Comparison highlights

  • Moat score gap: PepsiCo, Inc. leads (72 / 100 vs 70 / 100 for TMX Group Limited).
  • Segment focus: PepsiCo, Inc. has 7 segments (27% in Frito-Lay North America (FLNA)); TMX Group Limited has 9 segments (16.1% in Trayport energy trading workflow software and network).
  • Moat breadth: PepsiCo, Inc. has 4 moat types across 2 domains; TMX Group Limited has 12 across 5.

Primary market context

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%

TMX Group Limited

Trayport energy trading workflow software and network

Market

Wholesale energy trading workflow software and network connectivity

Geography

Europe-centric, with global customers

Customer

Energy traders, brokers, exchanges/venues

Role

Interoperability hub / workflow platform

Revenue share

16.1%

Side-by-side metrics

PepsiCo, Inc.
TMX Group Limited
Ticker / Exchange
PEP - Nasdaq Global Select Market
X - Toronto Stock Exchange
Market cap (USD)
$191.3B
$14.4B
Gross margin (TTM)
54.2%
59.3%
Operating margin (TTM)
14.3%
38.7%
Net margin (TTM)
7.8%
23.8%
Sector
Consumer
Financials
Industry
Beverages - Non-Alcoholic
Financial - Data & Stock Exchanges
HQ country
US
CA
Primary segment
Frito-Lay North America (FLNA)
Trayport energy trading workflow software and network
Market structure
Oligopoly
Oligopoly
Market share
54%-58% (implied)
n/a
HHI estimate
3,530
n/a
Pricing power
Moderate
Moderate
Moat score
72 / 100
70 / 100
Moat domains
Supply, Demand
Legal, Network, Demand, Supply, Financial
Last update
2025-12-23
2026-01-03

Moat coverage

Shared moat types

Distribution ControlBrand TrustScale Economies Unit Cost

PepsiCo, Inc. strengths

Scope Economies

TMX Group Limited strengths

Concession LicenseTwo Sided NetworkSwitching Costs GeneralCompliance AdvantageClearing SettlementRegulated Standards PipeInteroperability HubData Workflow LockinBenchmark Pricing Power

Segment mix

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%

TMX Group Limited segments

Full profile >

TSX & TSXV listing and sustaining fees

Oligopoly

10.8%

Issuer services (TSX Trust and TMX Newsfile)

Competitive

7.9%

Equities and fixed income trading venues (TSX, TSXV, TSX Alpha, Shorcan)

Oligopoly

8.8%

Post-trade clearing, settlement and depository (CDS / CDSX)

Quasi-Monopoly

8.6%

Canadian listed derivatives trading and clearing (Montreal Exchange + CDCC, excl. BOX)

Quasi-Monopoly

12.9%

U.S. equity options exchange (BOX)

Competitive

9.6%

Trayport energy trading workflow software and network

Oligopoly

16.1%

TMX Datalinx market data and co-location

Quasi-Monopoly

15.8%

TMX VettaFi indexing, ETF analytics, and digital distribution

Oligopoly

9.5%

Want the full wide moat stocks list?

Browse the full ranking of wide moat stocks, updated with moat scores and segment context.

View the moat stocks list

Looking for expansion-stage stocks?

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

View expansion-stage stocks

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.