VOL. XCIV, NO. 247

★ WIDE MOAT STOCKS COMPARISON ★

NO ADVICE

Sunday, January 11, 2026

Stock Comparison

Alcon Inc. vs Cboe Global Markets, Inc.

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

Alcon Inc.

ALC · New York Stock Exchange

Market cap (USD)$39.8B
Gross margin (TTM)
Operating margin (TTM)
Net margin (TTM)
SectorHealthcare
Industry
CountryCH
Data as of2026-01-10
Moat score
71/ 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 Alcon Inc.'s moat claims, evidence, and risks.

View ALC analysis

Cboe Global Markets, Inc.

CBOE · Cboe BZX

Market cap (USD)$27.4B
Gross margin (TTM)48.2%
Operating margin (TTM)29.6%
Net margin (TTM)21.3%
SectorFinancials
IndustryFinancial - Data & Stock Exchanges
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: Cboe Global Markets, Inc. leads (76 / 100 vs 71 / 100 for Alcon Inc.).
  • Segment focus: Alcon Inc. has 2 segments (56% in Surgical); Cboe Global Markets, Inc. has 5 segments (60.8% in Options).
  • Moat breadth: Alcon Inc. has 7 moat types across 3 domains; Cboe Global Markets, Inc. has 8 across 4.

Primary market context

Alcon Inc.

Surgical

Market

Ophthalmic surgical devices (implantables, consumables, equipment) and related service/training

Geography

Global

Customer

Ophthalmic surgeons, hospitals, ambulatory surgery centers, group purchasing organizations

Role

Medical device OEM with direct service, clinical support, and training

Revenue share

56%

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

Alcon Inc.
Cboe Global Markets, Inc.
Ticker / Exchange
ALC - New York Stock Exchange
CBOE - Cboe BZX
Market cap (USD)
$39.8B
$27.4B
Gross margin (TTM)
n/a
48.2%
Operating margin (TTM)
n/a
29.6%
Net margin (TTM)
n/a
21.3%
Sector
Healthcare
Financials
Industry
n/a
Financial - Data & Stock Exchanges
HQ country
CH
US
Primary segment
Surgical
Options
Market structure
Oligopoly
Oligopoly
Market share
40%-46% (implied)
29%-32% (reported)
HHI estimate
n/a
n/a
Pricing power
Moderate
Moderate
Moat score
71 / 100
76 / 100
Moat domains
Demand, Supply, Legal
Legal, Network, Supply, Demand
Last update
2026-01-10
2025-12-31

Moat coverage

Shared moat types

Capex Knowhow Scale

Alcon Inc. strengths

Installed Base ConsumablesSuite BundlingService Field NetworkCompliance AdvantageBrand TrustProcurement Inertia

Cboe Global Markets, Inc. strengths

Contractual ExclusivityTwo Sided NetworkRegulated Standards PipeSwitching Costs GeneralClearing SettlementIP Choke PointDe Facto Standard

Segment mix

Alcon Inc. segments

Full profile >

Surgical

Oligopoly

56%

Vision Care

Oligopoly

44%

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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Looking for expansion-stage stocks?

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.