VOL. XCIV, NO. 247

★ WIDE MOAT STOCKS COMPARISON ★

NO ADVICE

Friday, January 2, 2026

Stock Comparison

Synopsys, Inc. vs TC Energy Corporation

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

Synopsys, Inc.

SNPS · NASDAQ

Market cap (USD)$90.8B
Gross margin (TTM)73.1%
Operating margin (TTM)13%
Net margin (TTM)18.9%
SectorTechnology
IndustrySoftware - Infrastructure
CountryUS
Data as of2025-12-29
Moat score
85/ 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 Synopsys, Inc.'s moat claims, evidence, and risks.

View SNPS 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: Synopsys, Inc. leads (85 / 100 vs 80 / 100 for TC Energy Corporation).
  • Segment focus: Synopsys, Inc. has 2 segments (75.2% in Design Automation); 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: Synopsys, Inc. has 5 moat types across 2 domains; TC Energy Corporation has 4 across 3.

Primary market context

Synopsys, Inc.

Design Automation

Market

Electronic design automation (EDA) software and silicon-to-systems simulation & analysis tools

Geography

Global

Customer

Semiconductor and systems companies (chip/system designers)

Role

Software + hardware tooling provider / platform

Revenue share

75.2%

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

Synopsys, Inc.
TC Energy Corporation
Ticker / Exchange
SNPS - NASDAQ
TRP - New York Stock Exchange
Market cap (USD)
$90.8B
$37B
Gross margin (TTM)
73.1%
n/a
Operating margin (TTM)
13%
n/a
Net margin (TTM)
18.9%
n/a
Sector
Technology
Energy
Industry
Software - Infrastructure
n/a
HQ country
US
CA
Primary segment
Design Automation
U.S. Natural Gas Pipelines
Market structure
Oligopoly
Oligopoly
Market share
30%-32% (reported)
n/a
HHI estimate
2,140
n/a
Pricing power
Moderate
Weak
Moat score
85 / 100
80 / 100
Moat domains
Demand, Supply
Legal, Demand, Supply
Last update
2025-12-29
2026-01-02

Moat coverage

Shared moat types

No overlap yet.

Synopsys, Inc. strengths

Switching Costs GeneralSuite BundlingCapex Knowhow ScaleDesign In QualificationInstalled Base Consumables

TC Energy Corporation strengths

Regulated Standards PipeLong Term ContractsPhysical Network DensityGovernment Contracting Relationships

Segment mix

Synopsys, Inc. segments

Full profile >

Design Automation

Oligopoly

75.2%

Design IP

Oligopoly

24.8%

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.