Cboe Global Markets, Inc. (CBOE)
Financials · Financial Exchanges & Data · US stock · S&P 500 component
$327.72
▲ +8.90 (2.79%)
Fair valueFair
$321 −2.1% to fair value
$160fair band $273–$389$481
Day's range
$320.00 – $330.55
52-week range
$227.15 – $371.18
About Cboe Global Markets, Inc.
Cboe Global Markets operates securities and derivatives exchanges, including a well known options marketplace and platforms for equities, futures and foreign exchange trading. It earns money from transaction fees, from fees for market data and access, and from listing and related services. Trading activity and market volatility influence volumes, and the company also licenses proprietary index products, such as the volatility index, which generate recurring income.
Looking at the top line, revenue was $5.1 billion for the latest twelve months and it grew by 6.0% a year over three years. Operating margin was 34.7%, and return on invested capital is 26%. Net debt to EBITDA is -0.4 times, which means the company holds more cash than debt. Shareholders receive a dividend with a yield of 0.9%. The overall X-Ray Score is 58 out of 100.
Price chart
52-wk range $227.15 – $371.18Volume 954,899Daily, split-adjusted
Vitals
Market cap$34.4B
52-week range$227.15 – $371.18
Volume (last day)954,899
P/E (TTM)25.4
EBIT / EV yield5.2%
Free-cash-flow yield5.5%
Dividend yield0.9%
Revenue (TTM)$5.1B
Net income (TTM)$1.4B
Operating margin34.7%
Return on capital26.1%
Debt incl. leases$1.6B
Cash & securities$2.4B
Debt = borrowings plus lease liabilities. Cash & securities = cash, equivalents and short-term marketable securities (long-term securities are not counted, so net cash can be understated for companies that hold large long-term investments). Net debt = debt minus cash & securities. Source: latest SEC 10-Q/10-K. EBIT / EV yield = operating profit divided by market cap plus net debt.
Fair value estimate
$321middle half of models $290 – $365
Fair
−2.1% to fair value
Average of the 15 valuation models that pass our checks: multiples, discounted cash flow, dividend discount and earnings power value. A model more than 100% above or 60% below the price is left out as unrealistic. Model uncertainty is Medium, based on how far apart the models are. Undervalued or Overvalued means the gap to fair value is more than 17.5%.
Price $328
Undervalued < $273Fair $273 – $389Overvalued > $389
P/E multiple
$329
P/B multiple
$275
P/S multiple
$293
EV/EBITDA multiple
$347
EV/EBIT multiple
$344
EV/revenue multiple
$316
10-year DCF, EBITDA exit
$372
5-year DCF, EBITDA exit
$368
10-year DCF, revenue exit
$370
5-year DCF, revenue exit
$362
10-year DCF, growth exit
$302
5-year DCF, growth exit
$287
Dividend discount, stable
$201
Dividend discount, multi-stage
$371
Earnings power value
$278
Growth the price implies
5.1%/yr
A model estimate, not a price target or recommendation. Inputs: risk-free 5.13%, equity risk premium 4.30% (Damodaran). How it works.
What this means
Average business, fairly priced
The price sits inside our fair-value band. A high score does not guarantee a good outcome; it shifts the odds a little. Use the checklist as a prompt for your own research.
Before you invest · decision checklist
Ticked boxes are filled in from our data; the rest are yours to answer.
The five-lens scan
Every score explained in one sentence, ranked against Financials peers. Open a lens to see the numbers behind it.
Strong: 70 to 100Fair: 50 to 69Weak: under 50No score: not enough data
Valuation
Weak
29/100
Expensive against its sector on earnings and cash flow.
See the numbers →
EBIT / EV yield5.2%
Free-cash-flow yield5.5%
Fair value vs price1.0×
Growth
Fair
70/100
Growing at a typical pace for its sector.
See the numbers →
Revenue growth (3y)6.0%
EPS growth (3y)68.2%
Growth consistency90%
Profitability
Fair
67/100
Returns on capital are typical for its sector.
See the numbers →
Return on invested capital26.1%
Operating margin34.7%
Gross profitability25.8%
Financial health
Strong
73/100
Balance sheet looks strong: debt is well covered.
See the numbers →
Piotroski F-Score8 / 9
Net debt / EBITDA-0.4×
Interest cover33.1×
Dividends
Fair
56/100
Dividend is typical for its sector.
See the numbers →
Dividend yield0.9%
Dividends vs free cash flow17%
Dividend growth10.7%
Quarterly results: last 6 quarters
+24.8%
Mar '25
+20.5%
Jun '25
+8.1%
Sep '25
+8.7%
Dec '25
+6.5%
Mar '26
+22.9%
Jun '26
Revenue against the same quarter a year earlier. Latest quarter revenue $1.4B, diluted EPS $3.35.
Compare with peers
MCO Moodys Corp61 MSCI MSCI Inc.58 FDS Factset Research Syste...58 ICE Intercontinental Excha...52Other Financial Exchanges & Data companies by X-Ray Score.
SWOT analysis: Cboe Global Markets, Inc.
Strengthsinside the company
- Return on invested capital is 26.1%, against a median of 13.0% for industry peers.
- Earnings per share have compounded at 68.2% a year over three years.
- Free cash flow equals 5.5% of the market value, which funds dividends, buybacks or debt paydown.
- Cash exceeds debt (net debt is negative), which gives room to invest or ride out a downturn.
Weaknessesinside the company
- No clear weakness in the figures we track.
Opportunitiesvaluation and setting
- Revenue growth picked up to 15.1% last year from 6.0% a year over three years.
- Our Market Compass rates the backdrop for Financials as favourable.
- Price momentum is strong on the weekly and monthly signals (trends can reverse).
Threatsvaluation and setting
- No specific threat is flagged by our checks; general market and interest-rate risk still applies.
Written by fixed rules from the figures on this page and the peer table below: filings, our fair value, the sector climate and the price trend. It summarises the data, it is not a forecast or advice.
Compare CBOE with peers and sector
Medians of 8 Financial Exchanges & Data peers and of 70 Financials stocks in our universe.
Largest peers (X-Ray Score): SPGI 48, CME 42, ICE 52, MCO 61, NDAQ 44, MSCI 58.
| Metric | CBOE | Peers | Sector |
|---|---|---|---|
| X-Ray Score (out of 100) | 58 | 50 | 50 |
| Valuation | 29 | 25 | 52 |
| Growth | 70 | 62 | 54 |
| Profitability | 67 | 59 | 48 |
| Financial health | 72 | 48 | 50 |
| Dividends | 56 | 54 | 54 |
Sector leaders: highest X-Ray Score in Financials
CBOE ranks #19 of 71 in Financials and #3 of 9 in Financial Exchanges & Data by X-Ray Score. A higher score is stronger on our five pillars; it is a ranking of facts, not a forecast.
Green means better than the peer median, red worse (only where a higher or lower figure is clearly better). A dash means too few companies report the figure. P/E, EV/EBITDA and price changes are not graded: a different level is not good or bad by itself.
Factor ratings for CBOE
Each factor is rated by where CBOE stands among the 71 Financials stocks in our universe.
Rating against the sector
Goodthe top third of these stocks
Averagethe middle third of these stocks
Badthe bottom third of these stocks
"Beats" is the share of those stocks it is ahead of.
Against its own history
The last columns set today's figure against the company's own median of its last five financial years:
▲ Betterbetter than its usual level
▼ Worseworse than its usual level
≈ In linewithin its usual range
For valuation factors Good means cheaper than most of the sector and Better means cheaper than usual for this company, which is not the same as a bargain.
In total: 13 Good · 5 Average · 4 Bad of 22
Growth: 2 · 1 · 0
Profitability: 4 · 1 · 0
Financial strength: 3 · 1 · 0
Valuation: 0 · 1 · 4
Cash flow: 3 · 1 · 0
Efficiency: 1 · 0 · 0
| Factor | CBOE | Rating | Sector median | Own 5-year median | Against own history |
|---|---|---|---|---|---|
| Growth | |||||
| Revenue growth, 3 years a year | +6.0% | Average beats 35% | +8.3% | – | – |
| Revenue growth, last year | +15.1% | Good beats 83% | +6.9% | +8.5% | ▲ Better |
| EPS growth, 3 years a year | +68.2% | Good beats 96% | +12.7% | – | – |
| Profitability | |||||
| Gross margin | 54.1% | Average beats 60% | 47.1% | 50.6% | ≈ In line |
| Operating margin | 34.7% | Good beats 68% | 29.1% | 26.8% | ▲ Better |
| Net margin | 26.7% | Good beats 68% | 21.8% | 18.7% | ▲ Better |
| Return on invested capital | 26.1% | Good beats 77% | 13.5% | – | – |
| Return on equity | 24.1% | Good beats 78% | 15.7% | 17.9% | ▲ Better |
| Financial strength | |||||
| Net debt / EBITDA | -0.4x | Good beats 79% | 1.1x | 0.7x | ▲ Better |
| Interest cover | 33.1x | Average beats 48% | 50.0x | 17.0x | ▲ Better |
| Current ratio | 1.57 | Good beats 89% | 1.05 | 1.43 | ≈ In line |
| Piotroski F-score | 8 / 9 | Good beats 74% | 7 / 9 | – | – |
| Valuation | |||||
| P/E ratio | 25.4x | Bad beats 20% | 13.8x | 26.4x | ≈ In line |
| Price / book | 6.1x | Bad beats 15% | 2.2x | 4.8x | ▼ Worse |
| Price / sales | 6.8x | Bad beats 22% | 3.1x | 5.0x | ▼ Worse |
| EV / EBITDA | 17.9x | Bad beats 22% | 10.8x | 16.3x | ≈ In line |
| Free cash flow yield | 5.5% | Average beats 42% | 5.8% | 5.0% | ≈ In line |
| Cash flow | |||||
| Free cash flow margin | 37.0% | Good beats 77% | 23.2% | 25.4% | ▲ Better |
| Cash from operations / net income | 1.45 | Average beats 65% | 1.25 | 1.44 | ≈ In line |
| Free cash flow growth, 3 years a year | +41.7% | Good beats 91% | +12.7% | – | – |
| Accruals (lower is better) | −5.7% | Good beats 92% | −1.0% | – | – |
| Efficiency | |||||
| Days sales outstanding | 41 days | Good beats 76% | 53 days | 34 days | ▼ Worse |
These ratings compare companies with each other and describe the past; they are not a forecast, a recommendation or part of the X-Ray Score. A factor is left out when its data is missing or meaningless (for example a P/E on negative earnings). A dash in the history columns means fewer than three usable years.
Fundamentals checklist
● 9 Good · ● 5 Average · ● 2 BadCash quality
Earnings backed by cashGood
Free-cash-flow yieldAverage
Risk models
Altman Z''Good
Piotroski F-ScoreGood
Growth
EPS growth (3y)Good
Free-cash-flow growth (3y)Good
Revenue growth (3y)Average
Growth consistencyAverage
Balance sheet
Current ratioGood
Net debt / EBITDAGood
Interest coverAverage
Valuation
Fair value vs priceBad
EBIT / EV yieldBad
Profitability
Return on invested capitalGood
Operating marginGood
Gross profitabilityAverage
Each check is graded against the company's sector, not a fixed number. Checklist score 61/100.
Financials
| FY21 | FY22 | FY23 | FY24 | FY25 | |
|---|---|---|---|---|---|
| Revenue | $3.5B | $4.0B | $3.8B | $4.1B | $4.7B |
| Operating income | $806M | $490M | $1.1B | $1.1B | $1.5B |
| Net income | $529M | $235M | $761M | $765M | $1.1B |
| Operating cash flow | $597M | $651M | $1.1B | $1.1B | $1.8B |
| Operating margin | 23.1% | 12.4% | 28.0% | 26.8% | 31.1% |
| Free cash flow | $546M | $591M | $1.0B | $1.0B | $1.7B |
| Diluted EPS | $4.92 | $2.19 | $7.13 | $7.21 | $10.42 |
Fiscal years, from SEC filings.
Technical summary
Daily
Strongly bullish
12 bullish · 1 neutral · 3 bearish
Weekly
Strongly bullish
11 bullish · 1 neutral · 0 bearish
Monthly
Strongly bullish
7 bullish · 1 neutral · 0 bearish
Moving averages (daily)
| SMA 10 | 308.5 | Bullish |
| EMA 10 | 308.8 | Bullish |
| SMA 20 | 290.7 | Bullish |
| EMA 20 | 298.7 | Bullish |
| SMA 50 | 290.0 | Bullish |
| EMA 50 | 290.9 | Bullish |
| SMA 100 | 282.3 | Bullish |
| EMA 100 | 288.9 | Bullish |
| SMA 200 | 289.5 | Bullish |
| EMA 200 | 282.3 | Bullish |
Oscillators (daily)
| RSI (14) | 69.04 | Neutral |
| MACD (12, 26) | 10.44 | Bullish |
| Momentum (12) | 17.80 | Bullish |
| Stochastic %K (14) | 95.59 | Bearish |
| Williams %R (14) | -4.41 | Bearish |
| CCI (20) | 133.7 | Bearish |
Pivot points (classic, last session)
S3 311.1 | S2 315.5 | S1 321.6 | Pivot 326.1 | R1 332.2 | R2 336.6 | R3 342.7 |
Signals describe what the chart is doing, not what to do. Moving averages: price above the average is bullish. Oscillators use the usual thresholds (RSI 30/70, Stochastic 20/80, CCI ±100, Williams %R −80/−20; MACD and momentum above zero are bullish). Weekly and monthly views use closing prices only.
Dividends
Paid, last 12 months
3.02 USD
Yield on today's price
0.92%
Frequency
Quarterly
Next ex-dividend date
Not announced
| Ex-dividend date | Amount per share |
|---|---|
| 0.8600 | |
| 0.7200 | |
| 0.7200 | |
| 0.7200 | |
| 0.7200 | |
| 0.6300 | |
| 0.6300 | |
| 0.6300 | |
| 0.6300 | |
| 0.5500 | |
| 0.5500 | |
| 0.5500 |
Ex-dividend dates and amounts from EODHD. Shown as declared, before tax.
ETFs that hold CBOE
| ETF | Share of the fund |
|---|---|
| FTCS First Trust Capital Strength | 1.63% |
| NULV Nuveen ESG Large-Cap Value | 1.00% |
| USMV iShares MSCI USA Min Vol Factor | 0.99% |
| SPLV Invesco S&P 500 Low Volatility | 0.86% |
| ACWV iShares MSCI Global Min Vol Factor | 0.74% |
| SDVY First Trust SMID Cap Rising Dividend A... | 0.56% |
| IYF iShares U.S. Financials | 0.51% |
| FMDE Fidelity Enhanced Mid Cap | 0.47% |
The eight funds with the largest weight in CBOE among the ETFs we cover, from each fund's latest SEC Form N-PORT (quarter-end positions, so they can be months old). All ETFs.
CBOE SEC filings
8-KSEC EDGAR
Entered a material agreement; Regulation FD disclosure
10-QSEC EDGAR
Quarterly report
8-KSEC EDGAR
Results of operations
8-KSEC EDGAR
Entered a material agreement
8-KSEC EDGAR
Entered a material agreement
8-KSEC EDGAR
Shareholder vote results
10-QSEC EDGAR
Quarterly report
8-KSEC EDGAR
Results of operations; Exit or restructuring costs
Where the numbers come from
Statements SEC EDGAR filings (10-K, 10-Q), quarters derived from year-to-date figures.
Prices end-of-day closes, split-adjusted.
Industry inputs beta, multiples and equity risk premium from Damodaran Online (NYU Stern).
StocksXray is for education only and is not financial advice. Scores and fair values are model estimates from public filings and carry uncertainty.