VOL. XCIV, NO. 247

★ WIDE MOAT STOCKS COMPARISON ★

NO ADVICE

Saturday, January 3, 2026

Stock Comparison

TC Energy Corporation vs West Pharmaceutical Services, Inc.

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)$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

West Pharmaceutical Services, Inc.

WST · New York Stock Exchange

Market cap (USD)$19.6B
Gross margin (TTM)35.6%
Operating margin (TTM)20.9%
Net margin (TTM)16.3%
SectorHealthcare
IndustryMedical - Instruments & Supplies
CountryUS
Data as of2025-12-22
Moat score
85/ 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 West Pharmaceutical Services, Inc.'s moat claims, evidence, and risks.

View WST analysis

Comparison highlights

  • Moat score gap: West Pharmaceutical Services, Inc. leads (85 / 100 vs 80 / 100 for TC Energy Corporation).
  • Segment focus: TC Energy Corporation has 4 segments (46.1% in U.S. Natural Gas Pipelines); West Pharmaceutical Services, Inc. has 2 segments (80.7% in Proprietary Products).
  • Primary market structure: Oligopoly vs Quasi-Monopoly. Pricing power: Weak vs Moderate.
  • Moat breadth: TC Energy Corporation has 4 moat types across 3 domains; West Pharmaceutical Services, Inc. has 5 across 3.

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%

West Pharmaceutical Services, Inc.

Proprietary Products

Market

Injectable primary packaging components and containment/delivery systems (elastomeric stoppers, seals, plungers, syringe/cartridge components; related services)

Geography

Global

Customer

Biologic, generic, and pharmaceutical drug manufacturers

Role

Primary packaging and delivery component supplier

Revenue share

80.7%

Side-by-side metrics

TC Energy Corporation
West Pharmaceutical Services, Inc.
Ticker / Exchange
TRP - New York Stock Exchange
WST - New York Stock Exchange
Market cap (USD)
$37B
$19.6B
Gross margin (TTM)
n/a
35.6%
Operating margin (TTM)
n/a
20.9%
Net margin (TTM)
n/a
16.3%
Sector
Energy
Healthcare
Industry
n/a
Medical - Instruments & Supplies
HQ country
CA
US
Primary segment
U.S. Natural Gas Pipelines
Proprietary Products
Market structure
Oligopoly
Quasi-Monopoly
Market share
n/a
70%-75% (reported)
HHI estimate
n/a
n/a
Pricing power
Weak
Moderate
Moat score
80 / 100
85 / 100
Moat domains
Legal, Demand, Supply
Demand, Legal, Supply
Last update
2026-01-02
2025-12-22

Moat coverage

Shared moat types

No overlap yet.

TC Energy Corporation strengths

Regulated Standards PipeLong Term ContractsPhysical Network DensityGovernment Contracting Relationships

West Pharmaceutical Services, Inc. strengths

Design In QualificationCompliance AdvantageBrand TrustCapex Knowhow ScaleOperational Excellence

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%

West Pharmaceutical Services, Inc. segments

Full profile >

Proprietary Products

Quasi-Monopoly

80.7%

Contract-Manufactured Products

Competitive

19.3%

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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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.