VOL. XCIV, NO. 247

★ WIDE MOAT STOCKS COMPARISON ★

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Wednesday, January 7, 2026

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Stock Comparison

Transurban Group vs Waste Management, Inc.

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

Waste Management, Inc.

WM · New York Stock Exchange

Market cap (USD)$88.4B
Gross margin (TTM)28.9%
Operating margin (TTM)17.6%
Net margin (TTM)10.4%
SectorIndustrials
IndustryWaste Management
CountryUS
Data as of2025-12-31
Moat score
79/ 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 Waste Management, Inc.'s moat claims, evidence, and risks.

View WM analysis

Comparison highlights

  • Moat score gap: Transurban Group leads (91 / 100 vs 79 / 100 for Waste Management, Inc.).
  • Segment focus: Transurban Group has 4 segments (49.5% in Sydney toll roads); Waste Management, Inc. has 4 segments (82.2% in Collection and Disposal).
  • Primary market structure: Quasi-Monopoly vs Oligopoly. Pricing power: Moderate vs Strong.
  • Moat breadth: Transurban Group has 3 moat types across 3 domains; Waste Management, Inc. has 7 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%

Waste Management, Inc.

Collection and Disposal

Market

Municipal, commercial, and industrial solid waste collection, transfer, and landfill disposal

Geography

North America (primarily US and Canada)

Customer

Municipalities and end-customers (residential, commercial, industrial) via direct and contract channels

Role

Integrated hauler + transfer + landfill owner/operator

Revenue share

82.2%

Side-by-side metrics

Transurban Group
Waste Management, Inc.
Ticker / Exchange
TCL - Australian Securities Exchange
WM - New York Stock Exchange
Market cap (USD)
$42.6B
$88.4B
Gross margin (TTM)
43.4%
28.9%
Operating margin (TTM)
39.4%
17.6%
Net margin (TTM)
5.8%
10.4%
Sector
Industrials
Industrials
Industry
Industrial - Infrastructure Operations
Waste Management
HQ country
AU
US
Primary segment
Sydney toll roads
Collection and Disposal
Market structure
Quasi-Monopoly
Oligopoly
Market share
n/a
n/a
HHI estimate
n/a
n/a
Pricing power
Moderate
Strong
Moat score
91 / 100
79 / 100
Moat domains
Legal, Financial, Demand
Legal, Supply, Demand
Last update
2026-01-04
2025-12-31

Moat coverage

Shared moat types

No overlap yet.

Transurban Group strengths

Concession LicenseBenchmark Pricing PowerDynamic congestion pricing

Waste Management, Inc. strengths

Permits Rights Of WayCapacity MoatPricing power via yield management and contracted rate actionsOperational ExcellencePreferential Input AccessRegulated Standards PipePhysical Network Density

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%

Waste Management, Inc. segments

Full profile >

Collection and Disposal

Oligopoly

82.2%

Recycling Processing and Sales

Competitive

6%

WM Renewable Energy

Competitive

1.7%

WM Healthcare Solutions

Oligopoly

10%

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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Looking for expansion-stage stocks?

Proven models entering the expansion stage with unit economics that work.

View expansion-stage stocks

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.