VOL. XCIV, NO. 247

★ WIDE MOAT STOCKS COMPARISON ★

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Sunday, January 11, 2026

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Stock Comparison

Cboe Global Markets, Inc. vs Global Payments 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)$27.4B
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

Global Payments Inc.

GPN · New York Stock Exchange

Market cap (USD)$18.8B
Gross margin (TTM)—
Operating margin (TTM)—
Net margin (TTM)—
SectorFinancials
Industry—
CountryUS
Data as of2026-01-10
Moat score
62/ 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 Global Payments Inc.'s moat claims, evidence, and risks.

View GPN analysis

Comparison highlights

  • Moat score gap: Cboe Global Markets, Inc. leads (76 / 100 vs 62 / 100 for Global Payments Inc.).
  • Segment focus: Cboe Global Markets, Inc. has 5 segments (60.8% in Options); Global Payments Inc. has 2 segments (76.1% in Merchant Solutions).
  • Primary market structure: Oligopoly vs Competitive. Pricing power: Moderate vs Moderate.
  • Moat breadth: Cboe Global Markets, Inc. has 8 moat types across 4 domains; Global Payments Inc. has 6 across 4.

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%

Global Payments Inc.

Merchant Solutions

Market

Merchant acquiring and integrated payments (card-present and e-commerce)

Geography

Global

Customer

Merchants (SMB to enterprise) and software platforms

Role

Acquirer and payment processor

Revenue share

76.1%

Side-by-side metrics

Cboe Global Markets, Inc.
Global Payments Inc.
Ticker / Exchange
CBOE - Cboe BZX
GPN - New York Stock Exchange
Market cap (USD)
$27.4B
$18.8B
Gross margin (TTM)
48.2%
n/a
Operating margin (TTM)
29.6%
n/a
Net margin (TTM)
21.3%
n/a
Sector
Financials
Financials
Industry
Financial - Data & Stock Exchanges
n/a
HQ country
US
US
Primary segment
Options
Merchant Solutions
Market structure
Oligopoly
Competitive
Market share
29%-32% (reported)
n/a
HHI estimate
n/a
n/a
Pricing power
Moderate
Moderate
Moat score
76 / 100
62 / 100
Moat domains
Legal, Network, Supply, Demand
Network, Demand, Supply, Legal
Last update
2025-12-31
2026-01-10

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

Global Payments Inc. strengths

Ecosystem ComplementsData Workflow LockinScale Economies Unit CostLong Term ContractsCompliance Advantage

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%

Global Payments Inc. segments

Full profile >

Merchant Solutions

Competitive

76.1%

Issuer Solutions

Oligopoly

24.6%

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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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.