VOL. XCIV, NO. 247

★ WIDE MOAT STOCKS COMPARISON ★

NO ADVICE

Friday, January 2, 2026

Stock Comparison

Cboe Global Markets, Inc. vs Ecolab 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)
Gross margin (TTM)48.2%
Operating margin (TTM)29.6%
Net margin (TTM)21.3%
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

Ecolab Inc.

ECL · New York Stock Exchange

Market cap (USD)
Gross margin (TTM)44.3%
Operating margin (TTM)17.3%
Net margin (TTM)12.5%
SectorMaterials
CountryUS
Data as of2026-01-01
Moat score
63/ 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 Ecolab Inc.'s moat claims, evidence, and risks.

View ECL analysis

Comparison highlights

  • Moat score gap: Cboe Global Markets, Inc. leads (76 / 100 vs 63 / 100 for Ecolab Inc.).
  • Segment focus: Cboe Global Markets, Inc. has 5 segments (60.8% in Options); Ecolab Inc. has 4 segments (49.5% in Global Industrial).
  • Moat breadth: Cboe Global Markets, Inc. has 8 moat types across 4 domains; Ecolab Inc. has 7 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%

Ecolab Inc.

Global Industrial

Market

Industrial water treatment & process chemistry (incl. food & beverage processing and pulp & paper process aids)

Geography

Global

Customer

B2B

Role

formulator + on-site service/optimization provider

Revenue share

49.5%

Side-by-side metrics

Cboe Global Markets, Inc.
Ecolab Inc.
Ticker / Exchange
CBOE - Cboe BZX
ECL - New York Stock Exchange
Market cap (USD)
n/a
n/a
Gross margin (TTM)
48.2%
44.3%
Operating margin (TTM)
29.6%
17.3%
Net margin (TTM)
21.3%
12.5%
Sector
Financials
Materials
HQ country
US
US
Primary segment
Options
Global Industrial
Market structure
Oligopoly
Oligopoly
Market share
29%-32% (reported)
n/a
HHI estimate
n/a
n/a
Pricing power
Moderate
Moderate
Moat score
76 / 100
63 / 100
Moat domains
Legal, Network, Supply, Demand
Supply, Demand, Legal
Last update
2025-12-31
2026-01-01

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

Ecolab Inc. strengths

Service Field NetworkData Workflow LockinCompliance AdvantageInstalled Base ConsumablesLong Term ContractsTraining Org Change CostsBrand Trust

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%

Ecolab Inc. segments

Full profile >

Global Industrial

Oligopoly

49.5%

Global Institutional & Specialty

Oligopoly

34.1%

Global Healthcare & Life Sciences

Oligopoly

9%

Global Pest Elimination

Oligopoly

7.4%

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.