VOL. XCIV, NO. 247

★ WIDE MOAT STOCKS COMPARISON ★

NO ADVICE

Wednesday, December 31, 2025

Stock Comparison

Cboe Global Markets, Inc. vs Symrise AG

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

Symrise AG

SY1 · Xetra

Market cap (USD)$14.5B
SectorMaterials
CountryDE
Data as of2025-12-29
Moat score
69/ 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 Symrise AG's moat claims, evidence, and risks.

View SY1 analysis

Comparison highlights

  • Moat score gap: Cboe Global Markets, Inc. leads (76 / 100 vs 69 / 100 for Symrise AG).
  • Segment focus: Cboe Global Markets, Inc. has 5 segments (60.8% in Options); Symrise AG has 2 segments (61.8% in Taste, Nutrition & Health).
  • Moat breadth: Cboe Global Markets, Inc. has 8 moat types across 4 domains; Symrise AG has 5 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%

Symrise AG

Taste, Nutrition & Health

Market

Food & beverage flavor ingredients and pet food ingredients

Geography

Global

Customer

B2B (food & beverage, pet food, aquafeed manufacturers)

Role

Ingredient/formulation supplier

Revenue share

61.8%

Side-by-side metrics

Cboe Global Markets, Inc.
Symrise AG
Ticker / Exchange
CBOE - Cboe BZX
SY1 - Xetra
Market cap (USD)
n/a
$14.5B
Sector
Financials
Materials
HQ country
US
DE
Primary segment
Options
Taste, Nutrition & Health
Market structure
Oligopoly
Oligopoly
Market share
29%-32% (reported)
12%-16% (implied)
HHI estimate
n/a
958
Pricing power
Moderate
Moderate
Moat score
76 / 100
69 / 100
Moat domains
Legal, Network, Supply, Demand
Demand, Supply, Legal
Last update
2025-12-31
2025-12-29

Moat coverage

Shared moat types

Capex Knowhow ScaleIP Choke Point

Cboe Global Markets, Inc. strengths

Contractual ExclusivityTwo Sided NetworkRegulated Standards PipeSwitching Costs GeneralClearing SettlementDe Facto Standard

Symrise AG strengths

Design In QualificationPreferential Input AccessScope Economies

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%

Symrise AG segments

Full profile >

Taste, Nutrition & Health

Oligopoly

61.8%

Scent & Care

Oligopoly

38.2%

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.