VOL. XCIV, NO. 247

★ WIDE MOAT STOCKS COMPARISON ★

NO ADVICE

Friday, January 2, 2026

Stock Comparison

Siemens Healthineers AG vs TC Energy Corporation

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

Siemens Healthineers AG

SHL · XETRA

Market cap (USD)$49.6B
Gross margin (TTM)38.6%
Operating margin (TTM)14.7%
Net margin (TTM)9.2%
SectorHealthcare
IndustryMedical - Devices
CountryDE
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 Siemens Healthineers AG's moat claims, evidence, and risks.

View SHL 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 Siemens Healthineers AG).
  • Segment focus: Siemens Healthineers AG has 4 segments (54.6% in Imaging); TC Energy Corporation has 4 segments (46.1% in U.S. Natural Gas Pipelines).
  • Primary market structure: Oligopoly vs Oligopoly. Pricing power: Moderate vs Weak.
  • Moat breadth: Siemens Healthineers AG has 8 moat types across 3 domains; TC Energy Corporation has 4 across 3.

Primary market context

Siemens Healthineers AG

Imaging

Market

Diagnostic medical imaging equipment and related software/services (MRI, CT, X-ray, molecular imaging, ultrasound)

Geography

Global

Customer

Hospitals, imaging centers, clinics, and integrated delivery networks

Role

OEM + digital platform and service provider

Revenue share

54.6%

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

Siemens Healthineers AG
TC Energy Corporation
Ticker / Exchange
SHL - XETRA
TRP - New York Stock Exchange
Market cap (USD)
$49.6B
$37B
Gross margin (TTM)
38.6%
n/a
Operating margin (TTM)
14.7%
n/a
Net margin (TTM)
9.2%
n/a
Sector
Healthcare
Energy
Industry
Medical - Devices
n/a
HQ country
DE
CA
Primary segment
Imaging
U.S. Natural Gas Pipelines
Market structure
Oligopoly
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
Supply, Demand, Network
Legal, Demand, Supply
Last update
2025-12-28
2026-01-02

Moat coverage

Shared moat types

Long Term Contracts

Siemens Healthineers AG strengths

Service Field NetworkData Workflow LockinCapex Knowhow ScaleInstalled Base ConsumablesDesign In QualificationEcosystem ComplementsSwitching Costs General

TC Energy Corporation strengths

Regulated Standards PipePhysical Network DensityGovernment Contracting Relationships

Segment mix

Siemens Healthineers AG segments

Full profile >

Imaging

Oligopoly

54.6%

Diagnostics

Oligopoly

18.7%

Varian

Oligopoly

17.6%

Advanced Therapies

Oligopoly

9.1%

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?

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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.