VOL. XCIV, NO. 247

★ WIDE MOAT STOCKS COMPARISON ★

NO ADVICE

Thursday, January 8, 2026

Stock Comparison

CME Group Inc. vs Cochlear Limited

Compare moat strength, market structure, and segment coverage to understand how each company defends its edge.

CME Group Inc.

CME · NASDAQ

Market cap (USD)$99.2B
Gross margin (TTM)86.1%
Operating margin (TTM)65%
Net margin (TTM)58.6%
SectorFinancials
IndustryFinancial - Data & Stock Exchanges
CountryUS
Data as of2025-12-30
Moat score
81/ 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 CME Group Inc.'s moat claims, evidence, and risks.

View CME analysis

Cochlear Limited

COH · ASX

Market cap (USD)$17B
Gross margin (TTM)74.5%
Operating margin (TTM)22.7%
Net margin (TTM)16.2%
SectorHealthcare
IndustryMedical - Devices
CountryAU
Data as of2026-01-04
Moat score
81/ 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 Cochlear Limited's moat claims, evidence, and risks.

View COH analysis

Comparison highlights

  • Moat score: both at 81 / 100.
  • Segment focus: CME Group Inc. has 3 segments (81.4% in Trading and Clearing (Derivatives + Cash Markets Platforms)); Cochlear Limited has 3 segments (62.4% in Cochlear Implants).
  • Moat breadth: CME Group Inc. has 10 moat types across 5 domains; Cochlear Limited has 8 across 3.

Primary market context

CME Group Inc.

Trading and Clearing (Derivatives + Cash Markets Platforms)

Market

Exchange-traded derivatives (futures and options) trading and central counterparty clearing; plus electronic cash markets matching (U.S. Treasuries/repo, spot FX) tied to CME platforms

Geography

Global (core U.S. footprint with international participation)

Customer

Institutional and professional traders; commercial hedgers; banks; broker-dealers; futures commission merchants (FCMs); asset managers; proprietary trading firms; governments and central banks

Role

Market operator (exchange/venue) + central counterparty clearing provider

Revenue share

81.4%

Cochlear Limited

Cochlear Implants

Market

Cochlear implant systems (internal implant + external sound processors) for severe-to-profound hearing loss

Geography

Global

Customer

Hospitals/ENT clinics and audiology programs (providers) serving implant candidates/recipients; reimbursed by public/private payers

Role

Medical device OEM / platform owner (implant + processor + fitting software + clinical support)

Revenue share

62.4%

Side-by-side metrics

CME Group Inc.
Cochlear Limited
Ticker / Exchange
CME - NASDAQ
COH - ASX
Market cap (USD)
$99.2B
$17B
Gross margin (TTM)
86.1%
74.5%
Operating margin (TTM)
65%
22.7%
Net margin (TTM)
58.6%
16.2%
Sector
Financials
Healthcare
Industry
Financial - Data & Stock Exchanges
Medical - Devices
HQ country
US
AU
Primary segment
Trading and Clearing (Derivatives + Cash Markets Platforms)
Cochlear Implants
Market structure
Oligopoly
Oligopoly
Market share
n/a
60%-65% (reported)
HHI estimate
n/a
n/a
Pricing power
Moderate
Moderate
Moat score
81 / 100
81 / 100
Moat domains
Network, Legal, Supply, Financial, Demand
Demand, Legal, Supply
Last update
2025-12-30
2026-01-04

Moat coverage

Shared moat types

IP Choke PointData Workflow Lockin

CME Group Inc. strengths

Two Sided NetworkClearing SettlementConcession LicenseScale Economies Unit CostBenchmark Pricing PowerDe Facto StandardDistribution ControlSwitching Costs General

Cochlear Limited strengths

Brand TrustCompliance AdvantageCapex Knowhow ScaleService Field NetworkInstalled Base ConsumablesFormat Lock In

Segment mix

CME Group Inc. segments

Full profile >

Trading and Clearing (Derivatives + Cash Markets Platforms)

Oligopoly

81.4%

Market Data and Information Services

Monopoly

11.6%

Access, Connectivity and Other Exchange Services

Monopoly

7%

Cochlear Limited segments

Full profile >

Cochlear Implants

Oligopoly

62.4%

Services

Monopoly

25.9%

Acoustics

Oligopoly

11.7%

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.