VOL. XCIV, NO. 247

★ WIDE MOAT STOCKS COMPARISON ★

NO ADVICE

Wednesday, December 31, 2025

Stock Comparison

Cboe Global Markets, Inc. vs Lam Research Corporation

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

Lam Research Corporation

LRCX · NASDAQ

Market cap (USD)
SectorTechnology
CountryUS
Data as of2025-12-29
Moat score
73/ 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 Lam Research Corporation's moat claims, evidence, and risks.

View LRCX analysis

Comparison highlights

  • Moat score gap: Cboe Global Markets, Inc. leads (76 / 100 vs 73 / 100 for Lam Research Corporation).
  • Segment focus: Cboe Global Markets, Inc. has 5 segments (60.8% in Options); Lam Research Corporation has 2 segments (62.3% in Systems).
  • Moat breadth: Cboe Global Markets, Inc. has 8 moat types across 4 domains; Lam Research Corporation has 6 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%

Lam Research Corporation

Systems

Market

Wafer fabrication equipment (etch, deposition, clean and related wafer processing tools)

Geography

Global

Customer

Semiconductor manufacturers (memory, foundry, logic/IDM)

Role

Equipment OEM

Revenue share

62.3%

Side-by-side metrics

Cboe Global Markets, Inc.
Lam Research Corporation
Ticker / Exchange
CBOE - Cboe BZX
LRCX - NASDAQ
Market cap (USD)
n/a
n/a
Sector
Financials
Technology
HQ country
US
US
Primary segment
Options
Systems
Market structure
Oligopoly
Oligopoly
Market share
29%-32% (reported)
8%-12% (implied)
HHI estimate
n/a
n/a
Pricing power
Moderate
Moderate
Moat score
76 / 100
73 / 100
Moat domains
Legal, Network, Supply, Demand
Demand, Supply
Last update
2025-12-31
2025-12-29

Moat coverage

Shared moat types

Capex Knowhow Scale

Cboe Global Markets, Inc. strengths

Contractual ExclusivityTwo Sided NetworkRegulated Standards PipeSwitching Costs GeneralClearing SettlementIP Choke PointDe Facto Standard

Lam Research Corporation strengths

Design In QualificationLearning Curve YieldInstalled Base ConsumablesService Field NetworkData Workflow Lockin

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%

Lam Research Corporation segments

Full profile >

Systems

Oligopoly

62.3%

Customer Support Business Group (CSBG)

Quasi-Monopoly

37.7%

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.