VOL. XCIV, NO. 247

★ WIDE MOAT STOCKS COMPARISON ★

NO ADVICE

Wednesday, January 7, 2026

Stock Comparison

Cboe Global Markets, Inc. vs Cochlear Limited

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

Cochlear Limited

COH · ASX

Market cap (USD)$17B
Gross margin (TTM)74.5%
Operating margin (TTM)22.7%
Net margin (TTM)16.2%
SectorHealthcare
IndustryMedical - Devices
CountryAU
Data as of2026-01-04
Moat score
81/ 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 Cochlear Limited's moat claims, evidence, and risks.

View COH analysis

Comparison highlights

  • Moat score gap: Cochlear Limited leads (81 / 100 vs 76 / 100 for Cboe Global Markets, Inc.).
  • Segment focus: Cboe Global Markets, Inc. has 5 segments (60.8% in Options); Cochlear Limited has 3 segments (62.4% in Cochlear Implants).
  • Moat breadth: Cboe Global Markets, Inc. has 8 moat types across 4 domains; Cochlear Limited has 8 across 3.

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%

Cochlear Limited

Cochlear Implants

Market

Cochlear implant systems (internal implant + external sound processors) for severe-to-profound hearing loss

Geography

Global

Customer

Hospitals/ENT clinics and audiology programs (providers) serving implant candidates/recipients; reimbursed by public/private payers

Role

Medical device OEM / platform owner (implant + processor + fitting software + clinical support)

Revenue share

62.4%

Side-by-side metrics

Cboe Global Markets, Inc.
Cochlear Limited
Ticker / Exchange
CBOE - Cboe BZX
COH - ASX
Market cap (USD)
$26.4B
$17B
Gross margin (TTM)
48.2%
74.5%
Operating margin (TTM)
29.6%
22.7%
Net margin (TTM)
21.3%
16.2%
Sector
Financials
Healthcare
Industry
Financial - Data & Stock Exchanges
Medical - Devices
HQ country
US
AU
Primary segment
Options
Cochlear Implants
Market structure
Oligopoly
Oligopoly
Market share
29%-32% (reported)
60%-65% (reported)
HHI estimate
n/a
n/a
Pricing power
Moderate
Moderate
Moat score
76 / 100
81 / 100
Moat domains
Legal, Network, Supply, Demand
Demand, Legal, Supply
Last update
2025-12-31
2026-01-04

Moat coverage

Shared moat types

Capex Knowhow ScaleIP Choke Point

Cboe Global Markets, Inc. strengths

Contractual ExclusivityTwo Sided NetworkRegulated Standards PipeSwitching Costs GeneralClearing SettlementDe Facto Standard

Cochlear Limited strengths

Brand TrustCompliance AdvantageService Field NetworkInstalled Base ConsumablesFormat Lock InData Workflow Lockin

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%

Cochlear Limited segments

Full profile >

Cochlear Implants

Oligopoly

62.4%

Services

Monopoly

25.9%

Acoustics

Oligopoly

11.7%

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.