Wide competitive moat Canadian National owns 32,000 kilometres of rail lines serving both Canada and the U.S., and is the only rail operator in North America that can offer access to three coasts. The likelihood of someone building a new rail network along the same routes is virtually nil. This means Canadian National just has to focus on improving efficiency and finding ways to win more business from its limited pool of competitors. 2. Intermodal growth Intermodal freight is becoming a bigger part of the company's revenue mix and that trend should continue. Canadian National manages more than 20 strategically located intermodal terminals along its vast network. These facilities enable Canadian National to offer both international and domestic customers an efficient and cost-effective alternative to trucks when shipping goods over long distances. In fact, the terminals provide access to 75% of the U.S. population and every major market in Canada.