VOL. XCIV, NO. 247

★ WIDE MOAT STOCKS COMPARISON ★

NO ADVICE

Thursday, January 1, 2026

Stock Comparison

Cboe Global Markets, Inc. vs W.W. Grainger, 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)
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

W.W. Grainger, Inc.

GWW · New York Stock Exchange

Market cap (USD)
SectorIndustrials
CountryUS
Data as of2026-01-01
Moat score
65/ 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 W.W. Grainger, Inc.'s moat claims, evidence, and risks.

View GWW analysis

Comparison highlights

  • Moat score gap: Cboe Global Markets, Inc. leads (76 / 100 vs 65 / 100 for W.W. Grainger, Inc.).
  • Segment focus: Cboe Global Markets, Inc. has 5 segments (60.8% in Options); W.W. Grainger, Inc. has 3 segments (79.9% in High-Touch Solutions N.A.).
  • Primary market structure: Oligopoly vs Competitive. Pricing power: Moderate vs Moderate.
  • Moat breadth: Cboe Global Markets, Inc. has 8 moat types across 4 domains; W.W. Grainger, 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%

W.W. Grainger, Inc.

High-Touch Solutions N.A.

Market

MRO (maintenance, repair and operations) products distribution and value-added inventory/procurement solutions

Geography

North America (U.S., Canada, Mexico, Puerto Rico)

Customer

Mid-size and large businesses with complex purchasing operations; also government and institutions

Role

Distributor / wholesaler + onsite inventory services

Revenue share

79.9%

Side-by-side metrics

Cboe Global Markets, Inc.
W.W. Grainger, Inc.
Ticker / Exchange
CBOE - Cboe BZX
GWW - New York Stock Exchange
Market cap (USD)
n/a
n/a
Sector
Financials
Industrials
HQ country
US
US
Primary segment
Options
High-Touch Solutions N.A.
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
65 / 100
Moat domains
Legal, Network, Supply, Demand
Supply, Demand
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

W.W. Grainger, Inc. strengths

Service Field NetworkData Workflow LockinScale Economies Unit CostScope EconomiesOperational Excellence

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%

W.W. Grainger, Inc. segments

Full profile >

High-Touch Solutions N.A.

Competitive

79.9%

Endless Assortment

Competitive

18.3%

Other (Cromwell U.K. + captive insurance)

Competitive

1.8%

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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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.