VOL. XCIV, NO. 247

★ WIDE MOAT STOCKS COMPARISON ★

NO ADVICE

Wednesday, January 7, 2026

Stock Comparison

Cboe Global Markets, Inc. vs Celsius Holdings, Inc.

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

Cboe Global Markets, Inc.

CBOE · Cboe BZX

Market cap (USD)$26.4B
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

Celsius Holdings, Inc.

CELH · NASDAQ

Market cap (USD)$12.4B
Gross margin (TTM)51.4%
Operating margin (TTM)4.5%
Net margin (TTM)3%
SectorConsumer
IndustryBeverages - Non-Alcoholic
CountryUS
Data as of2026-01-05
Moat score
57/ 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 Celsius Holdings, Inc.'s moat claims, evidence, and risks.

View CELH analysis

Comparison highlights

  • Moat score gap: Cboe Global Markets, Inc. leads (76 / 100 vs 57 / 100 for Celsius Holdings, Inc.).
  • Segment focus: Cboe Global Markets, Inc. has 5 segments (60.8% in Options); Celsius Holdings, Inc. has 1 segment (100% in Functional Energy Beverages (CELSIUS, Alani Nu, Rockstar)).
  • Moat breadth: Cboe Global Markets, Inc. has 8 moat types across 4 domains; Celsius Holdings, Inc. has 3 across 2.

Primary market context

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%

Celsius Holdings, Inc.

Functional Energy Beverages (CELSIUS, Alani Nu, Rockstar)

Market

Energy drinks (functional/better-for-you positioning) and adjacent wellness products

Geography

Primarily North America; growing international presence

Customer

Consumers via retail and e-commerce channels; sold through distributor/retail channels

Role

Brand owner / product developer; uses third-party manufacturing and third-party distribution

Revenue share

100%

Side-by-side metrics

Cboe Global Markets, Inc.
Celsius Holdings, Inc.
Ticker / Exchange
CBOE - Cboe BZX
CELH - NASDAQ
Market cap (USD)
$26.4B
$12.4B
Gross margin (TTM)
48.2%
51.4%
Operating margin (TTM)
29.6%
4.5%
Net margin (TTM)
21.3%
3%
Sector
Financials
Consumer
Industry
Financial - Data & Stock Exchanges
Beverages - Non-Alcoholic
HQ country
US
US
Primary segment
Options
Functional Energy Beverages (CELSIUS, Alani Nu, Rockstar)
Market structure
Oligopoly
Oligopoly
Market share
29%-32% (reported)
16%-16.4% (reported)
HHI estimate
n/a
n/a
Pricing power
Moderate
Moderate
Moat score
76 / 100
57 / 100
Moat domains
Legal, Network, Supply, Demand
Supply, Demand
Last update
2025-12-31
2026-01-05

Moat coverage

Shared moat types

No overlap yet.

Cboe Global Markets, Inc. strengths

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

Celsius Holdings, Inc. strengths

Distribution ControlBrand TrustScope Economies

Segment mix

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%

Celsius Holdings, Inc. segments

Full profile >

Functional Energy Beverages (CELSIUS, Alani Nu, Rockstar)

Oligopoly

100%

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.