VOL. XCIV, NO. 247

★ WIDE MOAT STOCKS COMPARISON ★

NO ADVICE

Friday, January 2, 2026

Stock Comparison

TC Energy Corporation vs Zimmer Biomet Holdings, 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

Zimmer Biomet Holdings, Inc.

ZBH · New York Stock Exchange

Market cap (USD)$17.9B
Gross margin (TTM)71.4%
Operating margin (TTM)16.6%
Net margin (TTM)10.1%
SectorHealthcare
IndustryMedical - Devices
CountryUS
Data as of2025-12-23
Moat score
72/ 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 Zimmer Biomet Holdings, Inc.'s moat claims, evidence, and risks.

View ZBH analysis

Comparison highlights

  • Moat score gap: TC Energy Corporation leads (80 / 100 vs 72 / 100 for Zimmer Biomet Holdings, Inc.).
  • Segment focus: TC Energy Corporation has 4 segments (46.1% in U.S. Natural Gas Pipelines); Zimmer Biomet Holdings, Inc. has 4 segments (41.3% in Knees).
  • Primary market structure: Oligopoly vs Oligopoly. Pricing power: Weak vs Moderate.
  • Moat breadth: TC Energy Corporation has 4 moat types across 3 domains; Zimmer Biomet Holdings, Inc. has 7 across 5.

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%

Zimmer Biomet Holdings, Inc.

Knees

Market

Knee reconstruction implants (primary, partial, revision) plus associated instruments and orthopedic robotics/navigation

Geography

Global

Customer

Hospitals and ambulatory surgery centers

Role

OEM manufacturer

Revenue share

41.3%

Side-by-side metrics

TC Energy Corporation
Zimmer Biomet Holdings, Inc.
Ticker / Exchange
TRP - New York Stock Exchange
ZBH - New York Stock Exchange
Market cap (USD)
$37B
$17.9B
Gross margin (TTM)
n/a
71.4%
Operating margin (TTM)
n/a
16.6%
Net margin (TTM)
n/a
10.1%
Sector
Energy
Healthcare
Industry
n/a
Medical - Devices
HQ country
CA
US
Primary segment
U.S. Natural Gas Pipelines
Knees
Market structure
Oligopoly
Oligopoly
Market share
n/a
30.1% (reported)
HHI estimate
n/a
2,265
Pricing power
Weak
Moderate
Moat score
80 / 100
72 / 100
Moat domains
Legal, Demand, Supply
Demand, Supply, Legal, Financial, Network
Last update
2026-01-02
2025-12-23

Moat coverage

Shared moat types

Regulated Standards Pipe

TC Energy Corporation strengths

Long Term ContractsPhysical Network DensityGovernment Contracting Relationships

Zimmer Biomet Holdings, Inc. strengths

Design In QualificationService Field NetworkBenchmark Pricing PowerScope EconomiesEcosystem ComplementsData Workflow Lockin

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%

Zimmer Biomet Holdings, Inc. segments

Full profile >

Knees

Oligopoly

41.3%

Hips

Oligopoly

26%

S.E.T. (Sports Medicine, Extremities, Trauma, CMFT)

Competitive

24.3%

Technology & Data, Bone Cement and Surgical

Oligopoly

8.3%

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.