VOL. XCIV, NO. 247

★ WIDE MOAT STOCKS COMPARISON ★

NO ADVICE

Friday, January 2, 2026

Stock Comparison

Roche Holding AG vs TC Energy Corporation

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

Roche Holding AG

ROG · SIX Swiss Exchange

Market cap (USD)$261.4B
Gross margin (TTM)73.6%
Operating margin (TTM)29.1%
Net margin (TTM)15.4%
SectorHealthcare
IndustryDrug Manufacturers - General
CountryCH
Data as of2025-12-28
Moat score
68/ 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 Roche Holding AG's moat claims, evidence, and risks.

View ROG analysis

TC Energy Corporation

TRP · New York Stock Exchange

Market cap (USD)$37B
Gross margin (TTM)
Operating margin (TTM)
Net margin (TTM)
SectorEnergy
Industry
CountryCA
Data as of2026-01-02
Moat score
80/ 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 TC Energy Corporation's moat claims, evidence, and risks.

View TRP analysis

Comparison highlights

  • Moat score gap: TC Energy Corporation leads (80 / 100 vs 68 / 100 for Roche Holding AG).
  • Segment focus: Roche Holding AG has 2 segments (76.3% in Pharmaceuticals); TC Energy Corporation has 4 segments (46.1% in U.S. Natural Gas Pipelines).
  • Primary market structure: Competitive vs Oligopoly. Pricing power: Moderate vs Weak.
  • Moat breadth: Roche Holding AG has 5 moat types across 3 domains; TC Energy Corporation has 4 across 3.

Primary market context

Roche Holding AG

Pharmaceuticals

Market

Innovative (branded) prescription pharmaceuticals

Geography

Global

Customer

Healthcare providers and systems (hospitals/clinics), payers/governments, and patients

Role

Innovator pharmaceutical developer, manufacturer and marketer

Revenue share

76.3%

TC Energy Corporation

U.S. Natural Gas Pipelines

Market

U.S. interstate natural gas pipeline transportation (FERC-regulated)

Geography

United States

Customer

Utilities/LDCs, power generators, LNG/export facilities, industrial users and marketers (as shippers)

Role

Midstream pipeline operator

Revenue share

46.1%

Side-by-side metrics

Roche Holding AG
TC Energy Corporation
Ticker / Exchange
ROG - SIX Swiss Exchange
TRP - New York Stock Exchange
Market cap (USD)
$261.4B
$37B
Gross margin (TTM)
73.6%
n/a
Operating margin (TTM)
29.1%
n/a
Net margin (TTM)
15.4%
n/a
Sector
Healthcare
Energy
Industry
Drug Manufacturers - General
n/a
HQ country
CH
CA
Primary segment
Pharmaceuticals
U.S. Natural Gas Pipelines
Market structure
Competitive
Oligopoly
Market share
n/a
n/a
HHI estimate
n/a
n/a
Pricing power
Moderate
Weak
Moat score
68 / 100
80 / 100
Moat domains
Legal, Supply, Demand
Legal, Demand, Supply
Last update
2025-12-28
2026-01-02

Moat coverage

Shared moat types

Regulated Standards Pipe

Roche Holding AG strengths

IP Choke PointCapex Knowhow ScaleInstalled Base ConsumablesData Workflow Lockin

TC Energy Corporation strengths

Long Term ContractsPhysical Network DensityGovernment Contracting Relationships

Segment mix

Roche Holding AG segments

Full profile >

Pharmaceuticals

Competitive

76.3%

Diagnostics

Oligopoly

23.7%

TC Energy Corporation segments

Full profile >

Canadian Natural Gas Pipelines

Quasi-Monopoly

40.7%

U.S. Natural Gas Pipelines

Oligopoly

46.1%

Mexico Natural Gas Pipelines

Oligopoly

6.3%

Power and Energy Solutions

Competitive

6.9%

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.