VOL. XCIV, NO. 247

★ WIDE MOAT STOCKS COMPARISON ★

NO ADVICE

Wednesday, December 31, 2025

Stock Comparison

Ambev S.A. vs Cboe Global Markets, Inc.

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

Ambev S.A.

ABEV3 · B3 - Brasil Bolsa Balcao

Market cap (USD)$38B
SectorConsumer
CountryBR
Data as of2025-12-28
Moat score
82/ 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 Ambev S.A.'s moat claims, evidence, and risks.

View ABEV3 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: Ambev S.A. leads (82 / 100 vs 76 / 100 for Cboe Global Markets, Inc.).
  • Segment focus: Ambev S.A. has 5 segments (45% in Brazil - Beer); Cboe Global Markets, Inc. has 5 segments (60.8% in Options).
  • Moat breadth: Ambev S.A. has 3 moat types across 3 domains; Cboe Global Markets, Inc. has 8 across 4.

Primary market context

Ambev S.A.

Brazil - Beer

Market

Beer production and distribution

Geography

Brazil

Customer

On-trade and off-trade retailers; distributors

Role

Producer & distributor

Revenue share

45%

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

Ambev S.A.
Cboe Global Markets, Inc.
Ticker / Exchange
ABEV3 - B3 - Brasil Bolsa Balcao
CBOE - Cboe BZX
Market cap (USD)
$38B
n/a
Sector
Consumer
Financials
HQ country
BR
US
Primary segment
Brazil - Beer
Options
Market structure
Oligopoly
Oligopoly
Market share
55%-65% (estimated)
29%-32% (reported)
HHI estimate
n/a
n/a
Pricing power
Moderate
Moderate
Moat score
82 / 100
76 / 100
Moat domains
Demand, Supply, Legal
Legal, Network, Supply, Demand
Last update
2025-12-28
2025-12-31

Moat coverage

Shared moat types

Contractual Exclusivity

Ambev S.A. strengths

Brand TrustDistribution Control

Cboe Global Markets, Inc. strengths

Two Sided NetworkCapex Knowhow ScaleRegulated Standards PipeSwitching Costs GeneralClearing SettlementIP Choke PointDe Facto Standard

Segment mix

Ambev S.A. segments

Full profile >

Brazil - Beer

Oligopoly

45%

Brazil - Non-alcoholic beverages

Oligopoly

9.4%

Central America and the Caribbean

Oligopoly

12.3%

Latin America South

Oligopoly

22.2%

Canada

Oligopoly

11.2%

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?

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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.