VOL. XCIV, NO. 247

★ WIDE MOAT STOCKS COMPARISON ★

NO ADVICE

Wednesday, January 7, 2026

Stock Comparison

The Sherwin-Williams Company vs TMX Group Limited

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

The Sherwin-Williams Company

SHW · New York Stock Exchange

Market cap (USD)$82.5B
Gross margin (TTM)48.9%
Operating margin (TTM)15.9%
Net margin (TTM)11.1%
SectorMaterials
IndustryChemicals - Specialty
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 The Sherwin-Williams Company's moat claims, evidence, and risks.

View SHW 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: The Sherwin-Williams Company leads (84 / 100 vs 70 / 100 for TMX Group Limited).
  • Segment focus: The Sherwin-Williams Company has 3 segments (57.1% in Paint Stores Group); TMX Group Limited has 9 segments (16.1% in Trayport energy trading workflow software and network).
  • Primary market structure: Quasi-Monopoly vs Oligopoly. Pricing power: Strong vs Moderate.
  • Moat breadth: The Sherwin-Williams Company has 6 moat types across 3 domains; TMX Group Limited has 12 across 5.

Primary market context

The Sherwin-Williams Company

Paint Stores Group

Market

Company-operated paint & coatings retail (architectural + related products)

Geography

United States, Canada, Caribbean

Customer

Professional contractors and DIY homeowners

Role

Manufacturer-owned retail / distribution

Revenue share

57.1%

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

The Sherwin-Williams Company
TMX Group Limited
Ticker / Exchange
SHW - New York Stock Exchange
X - Toronto Stock Exchange
Market cap (USD)
$82.5B
$14.4B
Gross margin (TTM)
48.9%
59.3%
Operating margin (TTM)
15.9%
38.7%
Net margin (TTM)
11.1%
23.8%
Sector
Materials
Financials
Industry
Chemicals - Specialty
Financial - Data & Stock Exchanges
HQ country
US
CA
Primary segment
Paint Stores Group
Trayport energy trading workflow software and network
Market structure
Quasi-Monopoly
Oligopoly
Market share
69.4% (estimated)
n/a
HHI estimate
n/a
n/a
Pricing power
Strong
Moderate
Moat score
84 / 100
70 / 100
Moat domains
Supply, Demand, Legal
Legal, Network, Demand, Supply, Financial
Last update
2025-12-31
2026-01-03

Moat coverage

Shared moat types

Distribution ControlBrand TrustSwitching Costs GeneralCompliance Advantage

The Sherwin-Williams Company strengths

Service Field NetworkScope Economies

TMX Group Limited strengths

Concession LicenseTwo Sided NetworkScale Economies Unit CostClearing SettlementRegulated Standards PipeInteroperability HubData Workflow LockinBenchmark Pricing Power

Segment mix

The Sherwin-Williams Company segments

Full profile >

Paint Stores Group

Quasi-Monopoly

57.1%

Consumer Brands Group

Oligopoly

13.5%

Performance Coatings Group

Oligopoly

29.4%

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%

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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.