VOL. XCIV, NO. 247

★ WIDE MOAT STOCKS COMPARISON ★

Stock Comparison

Cboe Global Markets, Inc. vs Intercontinental Exchange, 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)$36.6B
Gross margin (TTM)52.2%
Operating margin (TTM)34.3%
Net margin (TTM)25.8%
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

Intercontinental Exchange, Inc.

ICE · New York Stock Exchange

Market cap (USD)$84.4B
Gross margin (TTM)69%
Operating margin (TTM)40.8%
Net margin (TTM)30%
SectorFinancials
IndustryFinancial - Data & Stock Exchanges
CountryUS
Data as of2026-05-26
Moat score
91/ 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 Intercontinental Exchange, Inc.'s moat claims, evidence, and risks.

View ICE analysis

Comparison highlights

  • Moat score gap: Intercontinental Exchange, Inc. leads (91 / 100 vs 76 / 100 for Cboe Global Markets, Inc.).
  • Segment focus: Cboe Global Markets, Inc. has 5 segments (60.8% in Options); Intercontinental Exchange, Inc. has 4 segments (46.2% in Exchange transaction and clearing).
  • Primary market structure: Oligopoly vs Oligopoly. Pricing power: Moderate vs Strong.
  • Moat breadth: Cboe Global Markets, Inc. has 8 moat types across 4 domains; Intercontinental Exchange, Inc. has 8 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%

Intercontinental Exchange, Inc.

Exchange transaction and clearing

Market

Global regulated derivatives, cash equities, equity options, OTC energy trading and clearing venues

Geography

Global, with major venues and clearing houses in the U.S., U.K., EU, Canada, Asia Pacific and the Middle East

Customer

Financial institutions, asset managers, market makers, hedgers, corporates, energy firms and brokers

Role

Regulated exchange operator, execution venue and central counterparty clearing infrastructure

Revenue share

46.2%

Side-by-side metrics

Cboe Global Markets, Inc.
Intercontinental Exchange, Inc.
Ticker / Exchange
CBOE - Cboe BZX
ICE - New York Stock Exchange
Market cap (USD)
$36.6B
$84.4B
Gross margin (TTM)
52.2%
69%
Operating margin (TTM)
34.3%
40.8%
Net margin (TTM)
25.8%
30%
Sector
Financials
Financials
Industry
Financial - Data & Stock Exchanges
Financial - Data & Stock Exchanges
HQ country
US
US
Primary segment
Options
Exchange transaction and clearing
Market structure
Oligopoly
Oligopoly
Market share
29%-32% (reported)
19.8%-20.1% (reported)
HHI estimate
n/a
n/a
Pricing power
Moderate
Strong
Moat score
76 / 100
91 / 100
Moat domains
Legal, Network, Supply, Demand
Network, Financial, Demand, Supply
Last update
2025-12-31
2026-05-26

Moat coverage

Shared moat types

Two Sided NetworkClearing Settlement

Cboe Global Markets, Inc. strengths

Contractual ExclusivityCapex Knowhow ScaleRegulated Standards PipeSwitching Costs GeneralIP Choke PointDe Facto Standard

Intercontinental Exchange, Inc. strengths

Benchmark Pricing PowerBrand TrustData Workflow LockinScope EconomiesEcosystem ComplementsData Network Effects

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%

Intercontinental Exchange, Inc. segments

Full profile >

Exchange transaction and clearing

Oligopoly

46.2%

Exchange data, connectivity and listings

Oligopoly

13.6%

Fixed Income and Data Services

Oligopoly

22.1%

Mortgage Technology

Quasi-Monopoly

18.1%

Want the full wide moat stocks list?

Browse the full ranking of wide moat stocks, updated with moat scores and segment context.

View the moat stocks list

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.