VOL. XCIV, NO. 247

★ WIDE MOAT STOCKS COMPARISON ★

NO ADVICE

Wednesday, January 7, 2026

Stock Comparison

Texas Instruments Incorporated vs TMX Group Limited

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

Texas Instruments Incorporated

TXN · Nasdaq Global Select Market

Market cap (USD)$161B
Gross margin (TTM)57.5%
Operating margin (TTM)34.3%
Net margin (TTM)29.2%
SectorTechnology
IndustrySemiconductors
CountryUS
Data as of2025-12-30
Moat score
66/ 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 Texas Instruments Incorporated's moat claims, evidence, and risks.

View TXN analysis

TMX Group Limited

X · Toronto Stock Exchange

Market cap (USD)$14.4B
Gross margin (TTM)59.3%
Operating margin (TTM)38.7%
Net margin (TTM)23.8%
SectorFinancials
IndustryFinancial - Data & Stock Exchanges
CountryCA
Data as of2026-01-03
Moat score
70/ 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 TMX Group Limited's moat claims, evidence, and risks.

View X analysis

Comparison highlights

  • Moat score gap: TMX Group Limited leads (70 / 100 vs 66 / 100 for Texas Instruments Incorporated).
  • Segment focus: Texas Instruments Incorporated has 3 segments (77.8% in Analog); TMX Group Limited has 9 segments (16.1% in Trayport energy trading workflow software and network).
  • Primary market structure: Competitive vs Oligopoly. Pricing power: Moderate vs Moderate.
  • Moat breadth: Texas Instruments Incorporated has 7 moat types across 3 domains; TMX Group Limited has 12 across 5.

Primary market context

Texas Instruments Incorporated

Analog

Market

Analog semiconductors (power management and signal chain ICs)

Geography

Global

Customer

Electronics OEMs/ODMs and distributors

Role

IDM semiconductor supplier

Revenue share

77.8%

TMX Group Limited

Trayport energy trading workflow software and network

Market

Wholesale energy trading workflow software and network connectivity

Geography

Europe-centric, with global customers

Customer

Energy traders, brokers, exchanges/venues

Role

Interoperability hub / workflow platform

Revenue share

16.1%

Side-by-side metrics

Texas Instruments Incorporated
TMX Group Limited
Ticker / Exchange
TXN - Nasdaq Global Select Market
X - Toronto Stock Exchange
Market cap (USD)
$161B
$14.4B
Gross margin (TTM)
57.5%
59.3%
Operating margin (TTM)
34.3%
38.7%
Net margin (TTM)
29.2%
23.8%
Sector
Technology
Financials
Industry
Semiconductors
Financial - Data & Stock Exchanges
HQ country
US
CA
Primary segment
Analog
Trayport energy trading workflow software and network
Market structure
Competitive
Oligopoly
Market share
12%-16% (implied)
n/a
HHI estimate
n/a
n/a
Pricing power
Moderate
Moderate
Moat score
66 / 100
70 / 100
Moat domains
Supply, Demand, Legal
Legal, Network, Demand, Supply, Financial
Last update
2025-12-30
2026-01-03

Moat coverage

Shared moat types

Scale Economies Unit CostDistribution Control

Texas Instruments Incorporated strengths

Supply Chain ControlScope EconomiesTraining Org Change CostsIP Choke PointHabit Default

TMX Group Limited strengths

Concession LicenseTwo Sided NetworkBrand TrustSwitching Costs GeneralCompliance AdvantageClearing SettlementRegulated Standards PipeInteroperability HubData Workflow LockinBenchmark Pricing Power

Segment mix

Texas Instruments Incorporated segments

Full profile >

Analog

Competitive

77.8%

Embedded Processing

Competitive

16.2%

Other

Competitive

6.1%

TMX Group Limited segments

Full profile >

TSX & TSXV listing and sustaining fees

Oligopoly

10.8%

Issuer services (TSX Trust and TMX Newsfile)

Competitive

7.9%

Equities and fixed income trading venues (TSX, TSXV, TSX Alpha, Shorcan)

Oligopoly

8.8%

Post-trade clearing, settlement and depository (CDS / CDSX)

Quasi-Monopoly

8.6%

Canadian listed derivatives trading and clearing (Montreal Exchange + CDCC, excl. BOX)

Quasi-Monopoly

12.9%

U.S. equity options exchange (BOX)

Competitive

9.6%

Trayport energy trading workflow software and network

Oligopoly

16.1%

TMX Datalinx market data and co-location

Quasi-Monopoly

15.8%

TMX VettaFi indexing, ETF analytics, and digital distribution

Oligopoly

9.5%

Want the full wide moat stocks list?

Browse the full ranking of wide moat stocks, updated with moat scores and segment context.

View the moat stocks list

Looking for expansion-stage stocks?

Proven models entering the expansion stage with unit economics that work.

View expansion-stage stocks

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.