VOL. XCIV, NO. 247

★ WIDE MOAT STOCKS COMPARISON ★

NO ADVICE

Wednesday, December 31, 2025

Stock Comparison

Apple Inc. vs Cboe Global Markets, Inc.

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

Apple Inc.

AAPL · NASDAQ

Market cap (USD)$3T
SectorTechnology
CountryUS
Data as of2025-12-20
Moat score
87/ 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 Apple Inc.'s moat claims, evidence, and risks.

View AAPL analysis

Cboe Global Markets, Inc.

CBOE · Cboe BZX

Market cap (USD)
SectorFinancials
CountryUS
Data as of2025-12-31
Moat score
76/ 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 Cboe Global Markets, Inc.'s moat claims, evidence, and risks.

View CBOE analysis

Comparison highlights

  • Moat score gap: Apple Inc. leads (87 / 100 vs 76 / 100 for Cboe Global Markets, Inc.).
  • Segment focus: Apple Inc. has 5 segments (50.4% in iPhone); Cboe Global Markets, Inc. has 5 segments (60.8% in Options).
  • Primary market structure: Oligopoly vs Oligopoly. Pricing power: Strong vs Moderate.
  • Moat breadth: Apple Inc. has 7 moat types across 3 domains; Cboe Global Markets, Inc. has 8 across 4.

Primary market context

Apple Inc.

iPhone

Market

Smartphones (with focus on premium smartphones and iOS ecosystem devices)

Geography

Global

Customer

Consumers and enterprises (end-users), plus carrier/retail channels

Role

OEM / platform owner

Revenue share

50.4%

Cboe Global Markets, Inc.

Options

Market

U.S. listed options exchanges (multi-listed + proprietary index options)

Geography

United States

Customer

Broker-dealers, market makers, institutional investors, retail order-flow intermediaries

Role

Exchange operator (SRO) + derivatives listing venue + market data provider

Revenue share

60.8%

Side-by-side metrics

Apple Inc.
Cboe Global Markets, Inc.
Ticker / Exchange
AAPL - NASDAQ
CBOE - Cboe BZX
Market cap (USD)
$3T
n/a
Sector
Technology
Financials
HQ country
US
US
Primary segment
iPhone
Options
Market structure
Oligopoly
Oligopoly
Market share
14%-17% (reported)
29%-32% (reported)
HHI estimate
n/a
n/a
Pricing power
Strong
Moderate
Moat score
87 / 100
76 / 100
Moat domains
Demand, Network, Supply
Legal, Network, Supply, Demand
Last update
2025-12-20
2025-12-31

Moat coverage

Shared moat types

Switching Costs GeneralTwo Sided Network

Apple Inc. strengths

Brand TrustEcosystem ComplementsScale Economies Unit CostDefault OS GatewayInstalled Base Consumables

Cboe Global Markets, Inc. strengths

Contractual ExclusivityCapex Knowhow ScaleRegulated Standards PipeClearing SettlementIP Choke PointDe Facto Standard

Segment mix

Apple Inc. segments

Full profile >

iPhone

Oligopoly

50.4%

Mac

Oligopoly

8.1%

iPad

Oligopoly

6.7%

Wearables, Home and Accessories

Competitive

8.6%

Services

Quasi-Monopoly

26.2%

Cboe Global Markets, Inc. segments

Full profile >

Options

Oligopoly

60.8%

North American Equities

Competitive

18.5%

Europe and Asia Pacific

Oligopoly

10.6%

Futures

Quasi-Monopoly

6.3%

Global FX

Competitive

3.7%

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.