VOL. XCIV, NO. 247

★ WIDE MOAT STOCKS COMPARISON ★

NO ADVICE

Wednesday, January 7, 2026

Stock Comparison

Prologis, Inc. vs TMX Group Limited

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

Prologis, Inc.

PLD · New York Stock Exchange

Market cap (USD)$120.3B
Gross margin (TTM)67.7%
Operating margin (TTM)47%
Net margin (TTM)36.7%
SectorReal Estate
IndustryREIT - Industrial
CountryUS
Data as of2025-12-31
Moat score
67/ 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 Prologis, Inc.'s moat claims, evidence, and risks.

View PLD 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: TMX Group Limited leads (70 / 100 vs 67 / 100 for Prologis, Inc.).
  • Segment focus: Prologis, Inc. has 2 segments (91.8% in Real Estate (Rental Operations and Development)); TMX Group Limited has 9 segments (16.1% in Trayport energy trading workflow software and network).
  • Primary market structure: Competitive vs Oligopoly. Pricing power: Strong vs Moderate.
  • Moat breadth: Prologis, Inc. has 7 moat types across 4 domains; TMX Group Limited has 12 across 5.

Primary market context

Prologis, Inc.

Real Estate (Rental Operations and Development)

Market

Logistics/industrial real estate leasing & development

Geography

Global

Customer

Logistics users (retail, e-commerce, 3PL, manufacturing)

Role

Owner/operator/developer (landlord)

Revenue share

91.8%

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

Prologis, Inc.
TMX Group Limited
Ticker / Exchange
PLD - New York Stock Exchange
X - Toronto Stock Exchange
Market cap (USD)
$120.3B
$14.4B
Gross margin (TTM)
67.7%
59.3%
Operating margin (TTM)
47%
38.7%
Net margin (TTM)
36.7%
23.8%
Sector
Real Estate
Financials
Industry
REIT - Industrial
Financial - Data & Stock Exchanges
HQ country
US
CA
Primary segment
Real Estate (Rental Operations and Development)
Trayport energy trading workflow software and network
Market structure
Competitive
Oligopoly
Market share
n/a
n/a
HHI estimate
n/a
n/a
Pricing power
Strong
Moderate
Moat score
67 / 100
70 / 100
Moat domains
Supply, Legal, Financial, Demand
Legal, Network, Demand, Supply, Financial
Last update
2025-12-31
2026-01-03

Moat coverage

Shared moat types

Scale Economies Unit Cost

Prologis, Inc. strengths

Geographic NaturalPermits Rights Of WayCost Of Capital AdvantageLong Term ContractsProcurement InertiaReputation Reviews

TMX Group Limited strengths

Concession LicenseTwo Sided NetworkBrand TrustSwitching Costs GeneralCompliance AdvantageClearing SettlementRegulated Standards PipeInteroperability HubDistribution ControlData Workflow LockinBenchmark Pricing Power

Segment mix

Prologis, Inc. segments

Full profile >

Real Estate (Rental Operations and Development)

Competitive

91.8%

Strategic Capital (co-investment ventures / investment management)

Competitive

8.2%

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?

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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.