VOL. XCIV, NO. 247

★ WIDE MOAT STOCKS COMPARISON ★

NO ADVICE

Friday, January 9, 2026

Stock Comparison

Cboe Global Markets, Inc. vs CrowdStrike 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

CrowdStrike Holdings, Inc.

CRWD · NASDAQ

Market cap (USD)$113.8B
Gross margin (TTM)74.3%
Operating margin (TTM)-7.9%
Net margin (TTM)-6.9%
SectorTechnology
IndustrySoftware - Infrastructure
CountryUS
Data as of2026-01-05
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 CrowdStrike Holdings, Inc.'s moat claims, evidence, and risks.

View CRWD analysis

Comparison highlights

  • Moat score gap: CrowdStrike Holdings, Inc. leads (80 / 100 vs 76 / 100 for Cboe Global Markets, Inc.).
  • Segment focus: Cboe Global Markets, Inc. has 5 segments (60.8% in Options); CrowdStrike Holdings, Inc. has 2 segments (95.1% in Falcon Platform Subscriptions).
  • Moat breadth: Cboe Global Markets, Inc. has 8 moat types across 4 domains; CrowdStrike Holdings, Inc. has 5 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%

CrowdStrike Holdings, Inc.

Falcon Platform Subscriptions

Market

Cloud-native endpoint, workload and identity protection / XDR cybersecurity platforms

Geography

Global

Customer

Enterprises, SMBs, and public sector organizations (end-users via direct sales and channel partners)

Role

SaaS cybersecurity platform vendor

Revenue share

95.1%

Side-by-side metrics

Cboe Global Markets, Inc.
CrowdStrike Holdings, Inc.
Ticker / Exchange
CBOE - Cboe BZX
CRWD - NASDAQ
Market cap (USD)
$26.4B
$113.8B
Gross margin (TTM)
48.2%
74.3%
Operating margin (TTM)
29.6%
-7.9%
Net margin (TTM)
21.3%
-6.9%
Sector
Financials
Technology
Industry
Financial - Data & Stock Exchanges
Software - Infrastructure
HQ country
US
US
Primary segment
Options
Falcon Platform Subscriptions
Market structure
Oligopoly
Oligopoly
Market share
29%-32% (reported)
17.7% (reported)
HHI estimate
n/a
n/a
Pricing power
Moderate
Moderate
Moat score
76 / 100
80 / 100
Moat domains
Legal, Network, Supply, Demand
Network, Demand
Last update
2025-12-31
2026-01-05

Moat coverage

Shared moat types

Switching Costs General

Cboe Global Markets, Inc. strengths

Contractual ExclusivityTwo Sided NetworkCapex Knowhow ScaleRegulated Standards PipeClearing SettlementIP Choke PointDe Facto Standard

CrowdStrike Holdings, Inc. strengths

Data Network EffectsEcosystem ComplementsSuite BundlingReputation Reviews

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%

CrowdStrike Holdings, Inc. segments

Full profile >

Falcon Platform Subscriptions

Oligopoly

95.1%

Professional Services (Incident Response & Proactive Services)

Competitive

4.9%

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

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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.