VOL. XCIV, NO. 247

★ WIDE MOAT STOCKS COMPARISON ★

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Wednesday, January 14, 2026

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Stock Comparison

Blackstone Inc. vs Cboe Global Markets, Inc.

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

Blackstone Inc.

BX · New York Stock Exchange

Market cap (USD)—
Gross margin (TTM)—
Operating margin (TTM)—
Net margin (TTM)—
SectorFinancials
Industry—
CountryUS
Data as of2026-01-12
Moat score
61/ 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 Blackstone Inc.'s moat claims, evidence, and risks.

View BX 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 61 / 100 for Blackstone Inc.).
  • Segment focus: Blackstone Inc. has 4 segments; Cboe Global Markets, Inc. has 5 segments (60.8% in Options).
  • Primary market structure: Oligopoly vs Oligopoly. Pricing power: n/a vs Moderate.
  • Moat breadth: Blackstone Inc. has 8 moat types across 2 domains; Cboe Global Markets, Inc. has 8 across 4.

Primary market context

Blackstone Inc.

Real Estate

Market

Private real estate investment management (opportunistic, core/core+, real estate debt, and perpetual/private-wealth real estate vehicles)

Geography

Global

Customer

Institutional investors and individual investors (via private wealth channels)

Role

Alternative asset manager / GP / investment adviser

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

Blackstone Inc.
Cboe Global Markets, Inc.
Ticker / Exchange
BX - New York Stock Exchange
CBOE - Cboe BZX
Market cap (USD)
n/a
$27.4B
Gross margin (TTM)
n/a
48.2%
Operating margin (TTM)
n/a
29.6%
Net margin (TTM)
n/a
21.3%
Sector
Financials
Financials
Industry
n/a
Financial - Data & Stock Exchanges
HQ country
US
US
Primary segment
Real Estate
Options
Market structure
Oligopoly
Oligopoly
Market share
n/a
29%-32% (reported)
HHI estimate
n/a
n/a
Pricing power
n/a
Moderate
Moat score
61 / 100
76 / 100
Moat domains
Supply, Demand
Legal, Network, Supply, Demand
Last update
2026-01-12
2025-12-31

Moat coverage

Shared moat types

No overlap yet.

Blackstone Inc. strengths

Scale Economies Unit CostLong Term ContractsBrand TrustDistribution ControlScope EconomiesOperational ExcellencePreferential Input AccessSuite Bundling

Cboe Global Markets, Inc. strengths

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

Segment mix

Blackstone Inc. segments

Full profile >

Real Estate

Oligopoly

n/a

Private Equity

Oligopoly

n/a

Credit & Insurance

Oligopoly

n/a

Multi-Asset Investing

Oligopoly

n/a

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.

View the moat stocks list

Looking for expansion-stage stocks?

Proven models entering the expansion stage with unit economics that work.

View expansion-stage stocks

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.