VOL. XCIV, NO. 247

★ WIDE MOAT STOCKS COMPARISON ★

NO ADVICE

Wednesday, December 31, 2025

Stock Comparison

Amgen Inc. vs Cboe Global Markets, Inc.

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

Amgen Inc.

AMGN · Nasdaq Stock Market

Market cap (USD)
SectorHealthcare
CountryUS
Data as of2025-12-22
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 Amgen Inc.'s moat claims, evidence, and risks.

View AMGN 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: Cboe Global Markets, Inc. leads (76 / 100 vs 70 / 100 for Amgen Inc.).
  • Segment focus: Amgen Inc. has 3 segments (80.1% in Core Innovative Medicines); Cboe Global Markets, Inc. has 5 segments (60.8% in Options).
  • Primary market structure: Competitive vs Oligopoly. Pricing power: Moderate vs Moderate.
  • Moat breadth: Amgen Inc. has 5 moat types across 3 domains; Cboe Global Markets, Inc. has 8 across 4.

Primary market context

Amgen Inc.

Core Innovative Medicines

Market

Branded biopharmaceutical therapies for common diseases (bone health, inflammation, oncology, cardiovascular and other specialty areas)

Geography

Global

Customer

Payers, providers, and pharmacies

Role

Drug developer/manufacturer

Revenue share

80.1%

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

Amgen Inc.
Cboe Global Markets, Inc.
Ticker / Exchange
AMGN - Nasdaq Stock Market
CBOE - Cboe BZX
Market cap (USD)
n/a
n/a
Sector
Healthcare
Financials
HQ country
US
US
Primary segment
Core Innovative Medicines
Options
Market structure
Competitive
Oligopoly
Market share
n/a
29%-32% (reported)
HHI estimate
n/a
n/a
Pricing power
Moderate
Moderate
Moat score
70 / 100
76 / 100
Moat domains
Legal, Supply, Demand
Legal, Network, Supply, Demand
Last update
2025-12-22
2025-12-31

Moat coverage

Shared moat types

IP Choke PointRegulated Standards PipeCapex Knowhow Scale

Amgen Inc. strengths

Brand TrustLearning Curve Yield

Cboe Global Markets, Inc. strengths

Contractual ExclusivityTwo Sided NetworkSwitching Costs GeneralClearing SettlementDe Facto Standard

Segment mix

Amgen Inc. segments

Full profile >

Core Innovative Medicines

Competitive

80.1%

Rare Disease Portfolio (Horizon + others)

Quasi-Monopoly

13.3%

Biosimilars

Oligopoly

6.6%

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.