VOL. XCIV, NO. 247

★ WIDE MOAT STOCKS COMPARISON ★

NO ADVICE

Thursday, January 8, 2026

Stock Comparison

Transurban Group vs Universal Music Group N.V.

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

Transurban Group

TCL · Australian Securities Exchange

Market cap (USD)$42.6B
Gross margin (TTM)43.4%
Operating margin (TTM)39.4%
Net margin (TTM)5.8%
SectorIndustrials
IndustryIndustrial - Infrastructure Operations
CountryAU
Data as of2026-01-04
Moat score
91/ 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 Transurban Group's moat claims, evidence, and risks.

View TCL analysis

Universal Music Group N.V.

UMG · Euronext Amsterdam

Market cap (USD)$40.5B
Gross margin (TTM)40.4%
Operating margin (TTM)10.4%
Net margin (TTM)17.5%
SectorCommunication Services
IndustryEntertainment
CountryNL
Data as of2025-12-28
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 Universal Music Group N.V.'s moat claims, evidence, and risks.

View UMG analysis

Comparison highlights

  • Moat score gap: Transurban Group leads (91 / 100 vs 77 / 100 for Universal Music Group N.V.).
  • Segment focus: Transurban Group has 4 segments (49.5% in Sydney toll roads); Universal Music Group N.V. has 3 segments (75.2% in Recorded Music).
  • Primary market structure: Quasi-Monopoly vs Oligopoly. Pricing power: Moderate vs Moderate.
  • Moat breadth: Transurban Group has 3 moat types across 3 domains; Universal Music Group N.V. has 5 across 3.

Primary market context

Transurban Group

Sydney toll roads

Market

Urban toll-road concessions (Sydney)

Geography

Sydney, New South Wales, Australia

Customer

Motorists and commercial fleet operators

Role

Concessionaire / operator and developer

Revenue share

49.5%

Universal Music Group N.V.

Recorded Music

Market

Recorded music rights (labels) and monetization (streaming, physical, licensing/sync)

Geography

Global

Customer

Digital service providers (audio/video/social), physical retailers, and licensing counterparties

Role

Label / master rights holder; artist development, marketing and distribution

Revenue share

75.2%

Side-by-side metrics

Transurban Group
Universal Music Group N.V.
Ticker / Exchange
TCL - Australian Securities Exchange
UMG - Euronext Amsterdam
Market cap (USD)
$42.6B
$40.5B
Gross margin (TTM)
43.4%
40.4%
Operating margin (TTM)
39.4%
10.4%
Net margin (TTM)
5.8%
17.5%
Sector
Industrials
Communication Services
Industry
Industrial - Infrastructure Operations
Entertainment
HQ country
AU
NL
Primary segment
Sydney toll roads
Recorded Music
Market structure
Quasi-Monopoly
Oligopoly
Market share
n/a
31%-33% (estimated)
HHI estimate
n/a
n/a
Pricing power
Moderate
Moderate
Moat score
91 / 100
77 / 100
Moat domains
Legal, Financial, Demand
Legal, Supply, Demand
Last update
2026-01-04
2025-12-28

Moat coverage

Shared moat types

No overlap yet.

Transurban Group strengths

Concession LicenseBenchmark Pricing PowerDynamic congestion pricing

Universal Music Group N.V. strengths

Content Rights CurrencyScale Economies Unit CostBrand TrustLong Term ContractsService Field Network

Segment mix

Transurban Group segments

Full profile >

Sydney toll roads

Quasi-Monopoly

49.5%

Melbourne toll roads

Quasi-Monopoly

26.5%

Brisbane toll roads

Quasi-Monopoly

16%

North America managed lanes and concessions

Quasi-Monopoly

8.1%

Universal Music Group N.V. segments

Full profile >

Recorded Music

Oligopoly

75.2%

Music Publishing

Oligopoly

17.9%

Merchandising and Other

Competitive

7.1%

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.