VOL. XCIV, NO. 247

★ WIDE MOAT STOCKS COMPARISON ★

NO ADVICE

Saturday, January 10, 2026

Wide Moat Stocks Expansion-Stage Stocks Home My Collections

Stock Comparison

Teqnion AB (publ) vs TC Energy Corporation

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

Teqnion AB (publ)

TEQ · Nasdaq First North Growth Market Sweden

Market cap (USD)$3.1B

Gross margin (TTM)—

Operating margin (TTM)—

Net margin (TTM)—

SectorFinancials

IndustryIndustrial - Distribution

CountrySE

Data as of2026-01-08

Moat score

47/ 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 Teqnion AB (publ)'s moat claims, evidence, and risks.

View TEQ analysis

TC Energy Corporation

TRP · New York Stock Exchange

Market cap (USD)$56B

Gross margin (TTM)50.7%

Operating margin (TTM)44.4%

Net margin (TTM)28.2%

SectorEnergy

IndustryOil & Gas Midstream

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 47 / 100 for Teqnion AB (publ)).
Segment focus: Teqnion AB (publ) has 4 segments; TC Energy Corporation has 4 segments (46.1% in U.S. Natural Gas Pipelines).
Primary market structure: Competitive vs Oligopoly. Pricing power: n/a vs Weak.
Moat breadth: Teqnion AB (publ) has 8 moat types across 2 domains; TC Energy Corporation has 4 across 3.

Primary market context

Teqnion AB (publ)

Acquisition & Portfolio Platform (Active, long-term ownership)

Market

Acquisition and long-term ownership of profitable niche industrial SMEs

Geography

Nordics, UK, Ireland

Customer

Business owners / sellers; subsidiary management teams

Role

Acquirer / holding company / active owner

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

Teqnion AB (publ)

TC Energy Corporation

Ticker / Exchange

TEQ - Nasdaq First North Growth Market Sweden

TRP - New York Stock Exchange

Market cap (USD)

$3.1B

$56B

Gross margin (TTM)

n/a

50.7%

Operating margin (TTM)

n/a

44.4%

Net margin (TTM)

n/a

28.2%

Sector

Financials

Energy

Industry

Industrial - Distribution

Oil & Gas Midstream

HQ country

Primary segment

Acquisition & Portfolio Platform (Active, long-term ownership)

U.S. Natural Gas Pipelines

Market structure

Competitive

Oligopoly

Market share

n/a

HHI estimate

n/a

Pricing power

n/a

Weak

Moat score

47 / 100

80 / 100

Moat domains

Supply, Demand

Legal, Demand, Supply

Last update

2026-01-08

2026-01-02

Moat coverage

Shared moat types

No overlap yet.

Teqnion AB (publ) strengths

Operational ExcellencePreferential Input AccessScope EconomiesDistribution ControlProcurement InertiaDesign In QualificationSwitching Costs GeneralLearning Curve Yield

TC Energy Corporation strengths

Regulated Standards PipeLong Term ContractsPhysical Network DensityGovernment Contracting Relationships

Segment mix

Teqnion AB (publ) segments

Full profile >

Acquisition & Portfolio Platform (Active, long-term ownership)

Competitive

n/a

Agency & Distribution Businesses

Competitive

n/a

Niche Product & Service Companies

Competitive

n/a

Manufacturing (Own-brand and Contract/OEM)

Competitive

n/a

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.

View the moat stocks list

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.