VOL. XCIV, NO. 247

★ WIDE MOAT STOCKS COMPARISON ★

NO ADVICE

Friday, January 2, 2026

Stock Comparison

Thomson Reuters Corporation vs TC Energy Corporation

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

Thomson Reuters Corporation

TRI · Toronto Stock Exchange

Market cap (USD)$79.6B
Gross margin (TTM)88.6%
Operating margin (TTM)33.9%
Net margin (TTM)23.8%
SectorIndustrials
IndustrySpecialty Business Services
CountryCA
Data as of2025-12-30
Moat score
84/ 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 Thomson Reuters Corporation's moat claims, evidence, and risks.

View TRI 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: Thomson Reuters Corporation leads (84 / 100 vs 80 / 100 for TC Energy Corporation).
  • Segment focus: Thomson Reuters Corporation has 5 segments (40.1% in Legal Professionals); TC Energy Corporation has 4 segments (46.1% in U.S. Natural Gas Pipelines).
  • Primary market structure: Duopoly vs Oligopoly. Pricing power: Strong vs Weak.
  • Moat breadth: Thomson Reuters Corporation has 4 moat types across 3 domains; TC Energy Corporation has 4 across 3.

Primary market context

Thomson Reuters Corporation

Legal Professionals

Market

Legal research and legal workflow software

Geography

Global

Customer

Law firms, corporate legal departments, and governments

Role

Subscription software + proprietary legal content

Revenue share

40.1%

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

Thomson Reuters Corporation
TC Energy Corporation
Ticker / Exchange
TRI - Toronto Stock Exchange
TRP - New York Stock Exchange
Market cap (USD)
$79.6B
$37B
Gross margin (TTM)
88.6%
n/a
Operating margin (TTM)
33.9%
n/a
Net margin (TTM)
23.8%
n/a
Sector
Industrials
Energy
Industry
Specialty Business Services
n/a
HQ country
CA
CA
Primary segment
Legal Professionals
U.S. Natural Gas Pipelines
Market structure
Duopoly
Oligopoly
Market share
n/a
n/a
HHI estimate
n/a
n/a
Pricing power
Strong
Weak
Moat score
84 / 100
80 / 100
Moat domains
Demand, Legal, Supply
Legal, Demand, Supply
Last update
2025-12-30
2026-01-02

Moat coverage

Shared moat types

Regulated Standards Pipe

Thomson Reuters Corporation strengths

Data Workflow LockinBrand TrustScale Economies Unit Cost

TC Energy Corporation strengths

Long Term ContractsPhysical Network DensityGovernment Contracting Relationships

Segment mix

Thomson Reuters Corporation segments

Full profile >

Legal Professionals

Duopoly

40.1%

Corporates

Oligopoly

25.3%

Tax & Accounting Professionals

Oligopoly

16%

Reuters News

Oligopoly

11.4%

Global Print

Competitive

7.1%

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?

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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.