VOL. XCIV, NO. 247

★ WIDE MOAT STOCKS COMPARISON ★

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Friday, January 2, 2026

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Stock Comparison

S&P Global Inc. vs TC Energy Corporation

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

S&P Global Inc.

SPGI · New York Stock Exchange

Market cap (USD)$156.2B
Gross margin (TTM)70%
Operating margin (TTM)40.7%
Net margin (TTM)27.5%
SectorFinancials
IndustryFinancial - Data & Stock Exchanges
CountryUS
Data as of2025-12-21
Moat score
77/ 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 S&P Global Inc.'s moat claims, evidence, and risks.

View SPGI 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 77 / 100 for S&P Global Inc.).
  • Segment focus: S&P Global Inc. has 5 segments (32.6% in S&P Global Market Intelligence); 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: S&P Global Inc. has 9 moat types across 5 domains; TC Energy Corporation has 4 across 3.

Primary market context

S&P Global Inc.

S&P Global Market Intelligence

Market

Financial market data, analytics, and workflow tools for institutions

Geography

Global

Customer

B2B (institutional investors, banks, insurers, corporates)

Role

Data/analytics and workflow software provider

Revenue share

32.6%

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

S&P Global Inc.
TC Energy Corporation
Ticker / Exchange
SPGI - New York Stock Exchange
TRP - New York Stock Exchange
Market cap (USD)
$156.2B
$37B
Gross margin (TTM)
70%
n/a
Operating margin (TTM)
40.7%
n/a
Net margin (TTM)
27.5%
n/a
Sector
Financials
Energy
Industry
Financial - Data & Stock Exchanges
n/a
HQ country
US
CA
Primary segment
S&P Global Market Intelligence
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
77 / 100
80 / 100
Moat domains
Demand, Supply, Legal, Network, Financial
Legal, Demand, Supply
Last update
2025-12-21
2026-01-02

Moat coverage

Shared moat types

Regulated Standards Pipe

S&P Global Inc. strengths

Data Workflow LockinScope EconomiesBrand TrustDe Facto StandardCompliance AdvantageSwitching Costs GeneralEcosystem ComplementsBenchmark Pricing Power

TC Energy Corporation strengths

Long Term ContractsPhysical Network DensityGovernment Contracting Relationships

Segment mix

S&P Global Inc. segments

Full profile >

S&P Global Market Intelligence

Oligopoly

32.6%

S&P Global Ratings

Oligopoly

29.6%

S&P Global Commodity Insights

Oligopoly

15.1%

S&P Global Mobility

Competitive

11.3%

S&P Dow Jones Indices

Oligopoly

11.4%

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.