VOL. XCIV, NO. 247

★ WIDE MOAT STOCKS COMPARISON ★

NO ADVICE

Saturday, January 10, 2026

Stock Comparison

TC Energy Corporation vs Vertex Pharmaceuticals Incorporated

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

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

Vertex Pharmaceuticals Incorporated

VRTX · NASDAQ

Market cap (USD)$119B
Gross margin (TTM)
Operating margin (TTM)
Net margin (TTM)
SectorHealthcare
IndustryBiotechnology
CountryUS
Data as of2026-01-08
Moat score
99/ 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 Vertex Pharmaceuticals Incorporated's moat claims, evidence, and risks.

View VRTX analysis

Comparison highlights

  • Moat score gap: Vertex Pharmaceuticals Incorporated leads (99 / 100 vs 80 / 100 for TC Energy Corporation).
  • Segment focus: TC Energy Corporation has 4 segments (46.1% in U.S. Natural Gas Pipelines); Vertex Pharmaceuticals Incorporated has 3 segments (99.9% in Cystic Fibrosis CFTR Modulators).
  • Primary market structure: Oligopoly vs Quasi-Monopoly. Pricing power: Weak vs Strong.
  • Moat breadth: TC Energy Corporation has 4 moat types across 3 domains; Vertex Pharmaceuticals Incorporated has 7 across 4.

Primary market context

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%

Vertex Pharmaceuticals Incorporated

Cystic Fibrosis CFTR Modulators

Market

CFTR modulator therapies for cystic fibrosis

Geography

U.S., Europe, Australia, Canada

Customer

Patients (via specialty pharmacies/payers); CF care centers

Role

Drug developer/manufacturer

Revenue share

99.9%

Side-by-side metrics

TC Energy Corporation
Vertex Pharmaceuticals Incorporated
Ticker / Exchange
TRP - New York Stock Exchange
VRTX - NASDAQ
Market cap (USD)
$56B
$119B
Gross margin (TTM)
50.7%
n/a
Operating margin (TTM)
44.4%
n/a
Net margin (TTM)
28.2%
n/a
Sector
Energy
Healthcare
Industry
Oil & Gas Midstream
Biotechnology
HQ country
CA
US
Primary segment
U.S. Natural Gas Pipelines
Cystic Fibrosis CFTR Modulators
Market structure
Oligopoly
Quasi-Monopoly
Market share
n/a
70%-78% (reported)
HHI estimate
n/a
n/a
Pricing power
Weak
Strong
Moat score
80 / 100
99 / 100
Moat domains
Legal, Demand, Supply
Legal, Demand, Financial, Supply
Last update
2026-01-02
2026-01-08

Moat coverage

Shared moat types

Regulated Standards PipeGovernment Contracting Relationships

TC Energy Corporation strengths

Long Term ContractsPhysical Network Density

Vertex Pharmaceuticals Incorporated strengths

IP Choke PointSwitching Costs GeneralBenchmark Pricing PowerService Field NetworkCapacity Moat

Segment mix

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%

Vertex Pharmaceuticals Incorporated segments

Full profile >

Cystic Fibrosis CFTR Modulators

Quasi-Monopoly

99.9%

Hemoglobinopathies Gene Therapy (CASGEVY)

Oligopoly

0.1%

Acute Pain (JOURNAVX)

Competitive

n/a

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.

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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.