Cboe Global Markets (CBOE)
Financials · $27.8B market cap · SEC CIK 0001374310
fundamentals score out of 100
Next reports on Oct 29, 2026, before the open, with analysts expecting $3.50 in earnings per share.
The case for CBOE
- Earns 26% back on shareholder equity.
- 27% of revenue drops through to net profit.
- Revenue growing 11.7% year over year.
- Earnings per share up 50.4%.
- A PEG of 0.41: a P/E of 20.6× is low for EPS growing 50%.
- Moves less than the market (beta 0.41).
The case against
- Value is weak (41/100): 20.6× earnings, 5.5× sales.
- Weakest against its peers: price/sales of 5.5× is higher than 81% of Financials companies.
What the score is made of
Each factor is half a curve over reported figures and half a rank among the other Financials companies (momentum is judged against fixed thresholds only), and the five are blended by weight. It describes the last filing and the current price. It is not a forecast.
| Valuewhat you pay for the earnings, sales, assets and cash | 41 |
|---|---|
| Growthhow fast revenue and earnings are moving, this year and over five | 62 |
| Profitabilityhow much of the revenue becomes profit, and how much of that is cash | 79 |
| Momentumhow the price has behaved lately | 55 |
| Stabilityhow violently it moves, what it owes and what it pays you | 65 |
- Its debt and cash flow are not scored, as for every company in the Financials sector: for banks, insurers and brokers, borrowing is the business.
- Each factor except momentum is half fixed thresholds, half rank among the 74 Financials companies.
Key numbers
| Price / earnings | 20.6× |
|---|---|
| Price / book | 4.51× |
| Price / sales | 5.5× |
| Revenue growth (YoY) | +11.7% |
| EPS growth (YoY) | +50.4% |
| Gross margin | 54% |
| Operating margin | 35% |
| Net margin | 27% |
| Return on equity | 26% |
| Debt / equity | 0.26× |
| Current ratio | 1.57 |
| Dividend yield | 1.22% |
| Beta | 0.41 |
| 52-week range | $227.15 – $371.18 |
| Position in that range | 28% of the way up |
| 3-month return | +9.0% |
| 1-year return | +16.5% |
Five years of financials, as filed
Pulled from Cboe Global Markets's XBRL filings on SEC EDGAR. Italic rows are derived from the rows above.
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|
| Revenue | $4.7B | $4.1B | $3.8B | $4.0B | $3.5B |
| Gross profit | $2.4B | $2.1B | $1.9B | $1.7B | $1.5B |
| Operating income | $1.5B | $1.1B | $1.1B | $490M | $806M |
| Net income | $1.1B | $765M | $761M | — | $529M |
| Operating cash flow | $1.8B | $1.1B | $1.1B | $651M | $597M |
| Capital expenditure | $71.0M | $60.9M | $45.0M | $59.8M | $51.0M |
| Total assets | $9.3B | $7.8B | $7.5B | $7.0B | $6.8B |
| Total liabilities | $4.2B | $3.5B | $3.5B | $3.5B | $3.2B |
| Shareholder equity | $5.1B | $4.3B | $4.0B | $3.5B | $3.6B |
| Cash | $2.2B | $920M | $543M | $433M | $342M |
| Long-term debt | $1.4B | $1.4B | $1.4B | $1.4B | $1.3B |
| Free cash flow | $1.7B | $1.0B | $1.0B | $591M | $546M |
| Gross margin | 51.5% | 50.6% | 50.8% | 44.0% | 42.2% |
| Operating margin | 31.1% | 26.8% | 28.0% | 12.4% | 23.1% |
| Net margin | 23.3% | 18.7% | 20.2% | — | 15.1% |
| Diluted shares | 105M | 106M | 106M | 107M | 107M |
Share count is essentially flat over 4 years.
What Cboe Global Markets says it does
The following description of the business should be read in conjunction with the information included elsewhere in this Annual Report on Form 10-K for the year ended December 31, 2025. This description contains forward-looking statements that involve risks and uncertainties. Actual results could differ significantly from the results discussed in the forward-looking statements due to the factors set forth in "Risk Factors" and elsewhere in this Annual Report on Form 10-K. Overview Cboe Global Markets, Inc., the world's leading derivatives and securities exchange network, delivers cutting-edge trading, clearing, and investment solutions to people around the world. Cboe provides trading solutions and products in multiple asset classes, including equities, derivatives, and FX, across North America, Europe, and Asia Pacific. Above all, the Company is committed to building a trusted, inclusive global marketplace that enables people to pursue…
Risk factors CBOE lists in its 10-K
- Loss of our right to exclusively list and trade certain index options and futures could have a material adverse effect on our financial performance
- General economic conditions and other factors beyond our control could significantly reduce demand for our products and services and harm our business
- Our business may be adversely affected by price competition
- Revenues from our market data fees and access and capacity fees may be reduced due to declines in our market share, trading volumes or regulatory changes
- If we fail to attract or retain highly skilled management and other employees our business may be harmed
- Intense competition could materially adversely affect our market share and financial performance
- We may not effectively manage our growth, which could materially harm our business, financial condition, and operating results
- Our global operations are complex and subject us to increased business and economic risks that could adversely affect our financial results
- Global trade policies, including the assessment of tariffs and other impositions on imported goods, may have a material adverse impact on our business
- We and our licensors may not be able to protect our respective intellectual property rights
- Our clearinghouse operations expose us to associated risks, including credit, liquidity, market and other risks related to the defaults of clearing members and other counterparties, and risks related to investing of collateral
- Computer and communications systems failures and capacity constraints could harm our reputation and our business
- Our use of open source software code may subject our software to general release or require us to re
- engineer our software, which could harm our business