VOL. XCIV, NO. 247

★ WIDE MOAT STOCKS COMPARISON ★

NO ADVICE

Wednesday, January 7, 2026

Stock Comparison

TMX Group Limited vs Yum China Holdings, Inc.

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

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

Yum China Holdings, Inc.

YUMC · New York Stock Exchange

Market cap (USD)$16.9B
Gross margin (TTM)17.2%
Operating margin (TTM)11.2%
Net margin (TTM)7.8%
SectorConsumer
IndustryRestaurants
CountryUS
Data as of2025-12-28
Moat score
75/ 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 Yum China Holdings, Inc.'s moat claims, evidence, and risks.

View YUMC analysis

Comparison highlights

  • Moat score gap: Yum China Holdings, Inc. leads (75 / 100 vs 70 / 100 for TMX Group Limited).
  • Segment focus: TMX Group Limited has 9 segments (16.1% in Trayport energy trading workflow software and network); Yum China Holdings, Inc. has 3 segments (75.3% in KFC).
  • Moat breadth: TMX Group Limited has 12 moat types across 5 domains; Yum China Holdings, Inc. has 7 across 3.

Primary market context

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%

Yum China Holdings, Inc.

KFC

Market

Quick-service restaurants (QSR), chicken-focused, in China

Geography

China

Customer

Consumers (end-users) via dine-in, takeaway and delivery

Role

Brand owner/operator (company-owned + franchised restaurants)

Revenue share

75.3%

Side-by-side metrics

TMX Group Limited
Yum China Holdings, Inc.
Ticker / Exchange
X - Toronto Stock Exchange
YUMC - New York Stock Exchange
Market cap (USD)
$14.4B
$16.9B
Gross margin (TTM)
59.3%
17.2%
Operating margin (TTM)
38.7%
11.2%
Net margin (TTM)
23.8%
7.8%
Sector
Financials
Consumer
Industry
Financial - Data & Stock Exchanges
Restaurants
HQ country
CA
US
Primary segment
Trayport energy trading workflow software and network
KFC
Market structure
Oligopoly
Oligopoly
Market share
n/a
n/a
HHI estimate
n/a
n/a
Pricing power
Moderate
Moderate
Moat score
70 / 100
75 / 100
Moat domains
Legal, Network, Demand, Supply, Financial
Legal, Demand, Supply
Last update
2026-01-03
2025-12-28

Moat coverage

Shared moat types

Brand Trust

TMX Group Limited strengths

Concession LicenseTwo Sided NetworkSwitching Costs GeneralCompliance AdvantageScale Economies Unit CostClearing SettlementRegulated Standards PipeInteroperability HubDistribution ControlData Workflow LockinBenchmark Pricing Power

Yum China Holdings, Inc. strengths

Contractual ExclusivityPhysical Network DensitySupply Chain ControlHabit DefaultOperational ExcellenceScope Economies

Segment mix

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%

Yum China Holdings, Inc. segments

Full profile >

KFC

Oligopoly

75.3%

Pizza Hut

Competitive

20%

All Other Segments (Emerging brands, delivery & e-commerce)

Competitive

1.6%

Want the full wide moat stocks list?

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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.