VOL. XCIV, NO. 247

★ WIDE MOAT STOCKS COMPARISON ★

NO ADVICE

Wednesday, December 31, 2025

Stock Comparison

Cboe Global Markets, Inc. vs Costco Wholesale Corporation

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)
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

Costco Wholesale Corporation

COST · Nasdaq Global Select Market

Market cap (USD)$379.8B
SectorConsumer
CountryUS
Data as of2025-12-21
Moat score
80/ 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 Costco Wholesale Corporation's moat claims, evidence, and risks.

View COST analysis

Comparison highlights

  • Moat score gap: Costco Wholesale Corporation leads (80 / 100 vs 76 / 100 for Cboe Global Markets, Inc.).
  • Segment focus: Cboe Global Markets, Inc. has 5 segments (60.8% in Options); Costco Wholesale Corporation has 2 segments (98.1% in Warehouse club retail).
  • Primary market structure: Oligopoly vs Oligopoly. Pricing power: Moderate vs Weak.
  • Moat breadth: Cboe Global Markets, Inc. has 8 moat types across 4 domains; Costco Wholesale Corporation has 6 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%

Costco Wholesale Corporation

Warehouse club retail

Market

Membership warehouse club retail (warehouse clubs, ancillary services, and e-commerce)

Geography

Global

Customer

Households and small businesses

Role

Retailer (membership club)

Revenue share

98.1%

Side-by-side metrics

Cboe Global Markets, Inc.
Costco Wholesale Corporation
Ticker / Exchange
CBOE - Cboe BZX
COST - Nasdaq Global Select Market
Market cap (USD)
n/a
$379.8B
Sector
Financials
Consumer
HQ country
US
US
Primary segment
Options
Warehouse club retail
Market structure
Oligopoly
Oligopoly
Market share
29%-32% (reported)
n/a
HHI estimate
n/a
n/a
Pricing power
Moderate
Weak
Moat score
76 / 100
80 / 100
Moat domains
Legal, Network, Supply, Demand
Supply, Financial, Demand
Last update
2025-12-31
2025-12-21

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

Costco Wholesale Corporation strengths

Scale Economies Unit CostOperational ExcellenceNegative Working CapitalBrand TrustHabit DefaultFloat Prepayment

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%

Costco Wholesale Corporation segments

Full profile >

Warehouse club retail

Oligopoly

98.1%

Membership fees (subscription)

Oligopoly

1.9%

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.