VOL. XCIV, NO. 247

★ WIDE MOAT STOCKS COMPARISON ★

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Saturday, January 3, 2026

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Stock Comparison

TC Energy Corporation vs Xero Limited

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

Xero Limited

XRO · Australian Securities Exchange

Market cap (USD)—
Gross margin (TTM)—
Operating margin (TTM)—
Net margin (TTM)—
SectorTechnology
Industry—
CountryNZ
Data as of2026-01-02
Moat score
71/ 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 Xero Limited's moat claims, evidence, and risks.

View XRO analysis

Comparison highlights

  • Moat score gap: TC Energy Corporation leads (80 / 100 vs 71 / 100 for Xero Limited).
  • Segment focus: TC Energy Corporation has 4 segments (46.1% in U.S. Natural Gas Pipelines); Xero Limited has 2 segments.
  • Primary market structure: Oligopoly vs Oligopoly. Pricing power: Weak vs Moderate.
  • Moat breadth: TC Energy Corporation has 4 moat types across 3 domains; Xero Limited has 7 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%

Xero Limited

Core Accounting Subscription Platform

Market

Cloud accounting software for small businesses and their advisors

Geography

Global

Customer

SMB; accountants & bookkeepers

Role

Software platform (SaaS)

Side-by-side metrics

TC Energy Corporation
Xero Limited
Ticker / Exchange
TRP - New York Stock Exchange
XRO - Australian Securities Exchange
Market cap (USD)
$37B
n/a
Gross margin (TTM)
n/a
n/a
Operating margin (TTM)
n/a
n/a
Net margin (TTM)
n/a
n/a
Sector
Energy
Technology
Industry
n/a
n/a
HQ country
CA
NZ
Primary segment
U.S. Natural Gas Pipelines
Core Accounting Subscription Platform
Market structure
Oligopoly
Oligopoly
Market share
n/a
n/a
HHI estimate
n/a
n/a
Pricing power
Weak
Moderate
Moat score
80 / 100
71 / 100
Moat domains
Legal, Demand, Supply
Demand, Network, Financial
Last update
2026-01-02
2026-01-02

Moat coverage

Shared moat types

No overlap yet.

TC Energy Corporation strengths

Regulated Standards PipeLong Term ContractsPhysical Network DensityGovernment Contracting Relationships

Xero Limited strengths

Data Workflow LockinSwitching Costs GeneralTwo Sided NetworkBenchmark Pricing PowerInteroperability HubEcosystem ComplementsSuite Bundling

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%

Xero Limited segments

Full profile >

Core Accounting Subscription Platform

Oligopoly

n/a

Platform Services (Payments, Payroll, App Ecosystem)

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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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.