A Business at a Glance
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Cboe Global Markets, Inc.
CBOE
$30.0B
Mkt Cap
$285.07
+0.07%
Cboe Global Markets, Inc. (CBOE) has a current P/E ratio of 27.4, compared to its historical median P/E of 26.1. The stock is currently considered Fair based on its historical valuation range.
Cboe Global Markets, Inc. (CBOE) has a 5-year average return on invested capital (ROIC) of 12.1%. This indicates solid capital allocation.
Cboe Global Markets, Inc. (CBOE) has a market capitalization of $29.8B. It is classified as a large-cap stock.
Yes, Cboe Global Markets, Inc. (CBOE) pays a dividend with a trailing twelve-month yield of 0.98%. The company also returns capital through share buybacks, with a buyback yield of 0.26%.
Based on historical P/E analysis, Cboe Global Markets, Inc. (CBOE) appears fair. The current P/E of 27.4 is 5% above its historical median of 26.1. The estimated fair value CAGR (P/E method) is 14.3%.
Cboe Global Markets, Inc. (CBOE) operates in the Security & Commodity Brokers, Dealers, Exchanges & Services industry, within the Financials sector.
Cboe Global Markets is the world's leading derivatives and securities exchange network, operating a diversified portfolio of trading, clearing, and investment solutions across equities, derivatives, and foreign exchange markets in North America, Europe, and Asia Pacific. The company operates through five segments: Options (including index, equity, and ETP options on multiple electronic and hybrid exchanges, plus market data licensing); North American Equities (U.S. equities and ETP transaction services on fully electronic exchanges, block trading via BIDS, and Canadian equities services); Europe and Asia Pacific (pan-European derivatives and equities trading venues, ETP listings, and clearing services); Futures (VIX and other futures products on CFE, a fully electronic exchange, plus digital assets); and Global FX (institutional FX trading and U.S. government securities). Cboe's business model is built on transaction fees, market data licensing, and access services, with proprietary products—particularly SPX and VIX options and futures—serving as flagship revenue drivers and competitive differentiators. The company holds exclusive U.S. rights to list options on the S&P 500 Index through December 31, 2032, and leverages strategic relationships with index providers to develop volatility-based proprietary products through Cboe Labs. Following a comprehensive 2025 strategic review, Cboe initiated wind-downs of lower-return businesses including its Japanese equities operations and CEDX (pan-European derivatives platform), commenced sales processes for Cboe Australia and Cboe Canada, and discontinued corporate listings efforts, positioning the company to focus on core high-return businesses and emerging opportunities such as event prediction markets and securities-based event contracts.
【Strategic portfolio optimization】 Management is executing a disciplined realignment focused on core derivatives, equities, and data businesses while exiting or scaling back non-core operations expected to reduce net revenue by approximately 3% but deliver 12%-14% annualized adjusted operating expense reductions of $100 million–$120 million. The company anticipates low double-digit organic net revenue growth for 2026 overall and low double-digit growth in its Cboe Data Vantage business, supported by continued strength in retail participation, international expansion of flagship products like SPX and VIX options, and emerging opportunities in event prediction markets and securities-based event contracts targeted for second-quarter 2026 launch. Management remains bullish on secular tailwinds including rising geopolitical tensions, economic uncertainty driving hedging demand, and structural growth from retail investors and international market penetration, while maintaining disciplined capital allocation through opportunistic share repurchases and a history of quarterly dividend increases.
| Metric | Target | Period |
|---|---|---|
| Total organic net revenue growth | low double-digit to mid-teens range | FY2026 |
| Cboe Data Vantage organic net revenue growth | low double-digit range | FY2026 |
| Adjusted operating expenses | $838 million-$853 million | FY2026 |
| Capital expenditures | $73 million-$83 million | FY2026 |
| Depreciation and amortization | $56 million-$60 million | FY2026 |
| Effective tax rate on adjusted earnings | 27.5%-29.5% | FY2026 |
| Annualized adjusted operating expense reduction from strategic realignment | $100 million-$120 million | Upon full implementation |
| 2026 savings from additional strategic realignment efforts | $20 million-$25 million | FY2026 |
Total organic net revenue growth (FY2026): “We expect our total organic net revenue growth to be in the low double-digit to mid-teens range.”
Cboe Data Vantage organic net revenue growth (FY2026): “On a full year basis, we anticipate our Cboe DataVantage organic net revenue growth to be in the low double-digit range.”
Generated solely from the company's own reports listed below — not from third-party data. Hallucination risk is low. · Sources: 10-K, Q4 FY2025 Earnings Call, Q3 FY2025 Earnings Call, Q2 FY2025 Earnings Call, Q1 FY2025 Earnings Call
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 4.8B | 4.7B | 4.1B | 3.8B | 4.0B | 3.5B |
| Net Income | 1.2B | 1.1B | 761M | 758M | 234M | 527M |
| EPS | $11.75 | $10.42 | $7.21 | $7.13 | $2.19 | $4.92 |
| Free Cash Flow | 2.7B | 1.7B | 1.0B | 1.0B | 591M | 546M |
| ROIC | 24.8% | 17.8% | 13.3% | 14.0% | 4.8% | 10.8% |
| Gross Margin | 54.1% | 51.5% | 50.6% | 50.8% | 44.0% | 42.2% |
| Debt/Equity | 0.27 | 0.28 | 0.34 | 0.44 | 0.59 | 0.38 |
| Dividends/Share | $2.81 | $2.70 | $2.36 | $2.10 | $1.96 | $1.80 |
| Operating Income | 1.6B | 1.5B | 1.1B | 1.1B | 490M | 806M |
| Operating Margin | 33.8% | 31.1% | 26.8% | 28.0% | 12.4% | 23.1% |
| ROE | 22.9% | 23.2% | 17.8% | 19.0% | 6.8% | 14.6% |
| Shares Outstanding | 105M | 105M | 106M | 106M | 107M | 107M |
| Metric | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 617M | 664M | 703M | 2.2B | 2.8B | 2.5B | 3.4B | 3.5B | 4.0B | 3.8B | 4.1B | 4.7B | 4.8B |
| Gross Margin | N/A | 71.7% | 66.8% | 44.7% | 44.0% | 45.5% | 36.6% | 42.2% | 44.0% | 50.8% | 50.6% | 51.5% | 54.1% |
| R&D | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A | 122M | 106M | 113M | 201M | 229M | 199M | 225M | 289M | 363M | 426M | 462M | 501M | 513M |
| EBIT | 314M | 320M | 298M | 372M | 599M | 537M | 662M | 806M | 490M | 1.1B | 1.1B | 1.5B | 1.6B |
| Op. Margin | 50.8% | 48.2% | 42.4% | 16.7% | 21.6% | 21.5% | 19.3% | 23.1% | 12.4% | 28.0% | 26.8% | 31.1% | 33.8% |
| Net Income | 188M | 204M | 185M | 397M | 422M | 373M | 467M | 527M | 234M | 758M | 761M | 1.1B | 1.2B |
| Net Margin | 30.5% | 30.7% | 26.3% | 17.8% | 15.2% | 14.9% | 13.6% | 15.1% | 5.9% | 20.1% | 18.6% | 23.2% | 25.7% |
| Non-Recurring | 2.3M | -500K | -9K | 39M | 15M | 21M | 11M | 11M | 461M | 461M | 81M | 47M | 47M |
| Returns on Capital | |||||||||||||
| ROIC | 70.5% | 80.1% | 64.0% | 17.0% | 10.2% | 8.8% | 10.4% | 10.8% | 4.8% | 14.0% | 13.3% | 17.8% | 24.8% |
| ROE | 70.5% | 80.1% | 64.0% | 23.1% | 13.0% | 11.1% | 13.9% | 14.6% | 6.8% | 19.0% | 17.8% | 23.2% | 22.9% |
| ROA | 45.6% | 53.1% | 42.9% | 13.8% | 7.9% | 7.3% | 7.2% | 7.7% | 3.3% | 10.1% | 9.8% | 12.8% | 11.1% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | 263M | 245M | 230M | 374M | 535M | 633M | 1.5B | 597M | 651M | 1.1B | 1.1B | 1.8B | 2.8B |
| Free Cash Flow | 213M | 206M | 185M | 337M | 498M | 598M | 1.4B | 546M | 591M | 1.0B | 1.0B | 1.7B | 2.7B |
| Owner Earnings | 207M | 187M | 171M | 130M | 296M | 434M | 1.3B | 403M | 454M | 876M | 926M | 1.6B | 2.6B |
| CapEx | 50M | 39M | 44M | 38M | 36M | 35M | 47M | 51M | 60M | 45M | 61M | 71M | 76M |
| Maint. CapEx | 40M | 46M | 44M | 192M | 204M | 177M | 159M | 167M | 167M | 158M | 133M | 122M | 122M |
| Growth CapEx | 10M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| D&A | 40M | 46M | 44M | 192M | 204M | 177M | 159M | 167M | 167M | 158M | 133M | 122M | 122M |
| CapEx/OCF | 19.1% | 16.0% | 19.3% | 10.0% | 6.8% | 5.5% | 3.2% | 8.5% | 9.2% | 4.2% | 5.5% | 4.1% | 2.7% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 67M | 73M | 79M | 118M | 130M | 150M | 171M | 193M | 209M | 224M | 249M | 284M | 294M |
| Dividend Yield | 1.7% | 1.6% | 1.6% | 1.3% | 1.2% | 1.4% | 1.7% | 1.7% | 1.7% | 1.5% | 1.3% | 1.2% | 1.0% |
| Share Buybacks | 168M | 132M | 61M | 0 | 141M | 157M | 349M | 81M | 101M | 84M | 205M | 67M | 78M |
| Buyback Yield | 3.6% | 2.8% | 1.1% | N/A | 1.4% | 1.3% | 3.7% | 0.6% | 0.8% | 0.5% | 1.0% | 0.2% | 0.3% |
| Stock-Based Comp | 16M | 12M | 15M | 53M | 35M | 22M | 22M | 27M | 31M | 41M | 42M | 50M | 51M |
| Debt Repayment | 0 | 0 | 8.2M | 700M | 325M | 350M | 155M | 20M | 220M | 305M | 0 | 0 | 0 |
| Balance Sheet | |||||||||||||
| Net Debt | N/A | N/A | N/A | 1.0B | 1.2B | 867M | 935M | 989M | 1.5B | 1.1B | 410M | -810M | -727M |
| Cash & Equiv. | 148M | 102M | 97M | 144M | 275M | 229M | 245M | 342M | 433M | 543M | 920M | 2.2B | 2.2B |
| Long-Term Debt | N/A | N/A | N/A | 1.2B | 916M | 868M | 1.1B | 1.3B | 1.4B | 1.4B | 1.4B | 1.4B | 794M |
| Debt/Equity | 0.54 | 0.48 | 0.46 | 0.40 | 0.47 | 0.35 | 0.38 | 0.38 | 0.59 | 0.44 | 0.34 | 0.28 | 0.27 |
| Interest Coverage | N/A | 7439.5 | 119.3 | 8.7 | 15.7 | 15.0 | 17.6 | 17.0 | 8.2 | 17.0 | 21.3 | 28.1 | 61.6 |
| Equity | 250M | 260M | 318M | 3.1B | 3.2B | 3.4B | 3.3B | 3.6B | 3.5B | 4.0B | 4.3B | 5.1B | 5.4B |
| Total Assets | 384M | 385M | 477M | 5.3B | 5.3B | 5.1B | 6.5B | 6.8B | 7.0B | 7.5B | 7.8B | 9.3B | 11.1B |
| Total Liabilities | 134M | 125M | 146M | 523M | 2.1B | 1.8B | 3.2B | 3.2B | 3.5B | 3.5B | 3.5B | 4.2B | 5.7B |
| Intangibles | 0 | 2.4M | 8.7M | 1.9B | 1.7B | 1.6B | 1.7B | 1.7B | 1.7B | 1.6B | 1.4B | 1.3B | 1.3B |
| Retained Earnings | 472M | 604M | 711M | 993M | 1.3B | 1.5B | 1.8B | 2.1B | 2.2B | 2.5B | 2.8B | 3.5B | 3.9B |
| Working Capital | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Current Assets | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Current Liabilities | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Per Share Data | |||||||||||||
| EPS | 2.21 | 2.46 | 2.27 | 3.69 | 3.76 | 3.34 | 4.27 | 4.92 | 2.19 | 7.13 | 7.21 | 10.42 | 11.75 |
| Owner EPS | 2.43 | 2.25 | 2.10 | 1.21 | 2.63 | 3.89 | 11.69 | 3.76 | 4.24 | 8.25 | 8.77 | 15.04 | 25.10 |
| Book Value | 2.93 | 3.13 | 3.90 | 28.93 | 28.87 | 30.07 | 30.62 | 33.63 | 32.42 | 37.51 | 40.55 | 48.90 | 51.34 |
| Cash Flow/Share | 3.08 | 2.96 | 2.82 | 3.48 | 4.76 | 5.67 | 13.34 | 5.57 | 6.09 | 10.12 | 10.43 | 16.68 | 12.91 |
| Dividends/Share | 0.78 | 0.88 | 0.96 | 1.04 | 1.16 | 1.34 | 1.56 | 1.80 | 1.96 | 2.10 | 2.36 | 2.70 | 2.81 |
| Shares Out. | 85.2M | 83.0M | 81.5M | 107.5M | 112.3M | 111.6M | 109.4M | 107.2M | 106.9M | 106.2M | 105.5M | 105.1M | 104.7M |
| Valuation | |||||||||||||
| P/E Ratio | 25.1 | 23.3 | 28.7 | 30.4 | 23.3 | 32.8 | 20.4 | 25.1 | 55.6 | 24.4 | 27.1 | 24.5 | 24.3 |
| P/FCF | 22.3 | 23.1 | 28.7 | 35.8 | 19.7 | 20.4 | 6.8 | 24.3 | 22.0 | 18.0 | 19.9 | 16.0 | 11.0 |
| EV/EBIT | N/A | N/A | N/A | 35.3 | 18.4 | 24.3 | 15.8 | 17.7 | 29.7 | 18.6 | 19.2 | 17.7 | 18.0 |
| Price/Book | 18.9 | 18.3 | 16.7 | 3.9 | 3.0 | 3.6 | 2.9 | 3.7 | 3.8 | 4.6 | 4.8 | 5.2 | 5.6 |
| Price/Sales | 6.4 | 7.1 | 6.8 | 4.1 | 4.0 | 4.4 | 2.9 | 3.3 | 3.1 | 4.0 | 4.9 | 5.1 | 6.2 |
| FCF Yield | 4.5% | 4.3% | 3.5% | 2.8% | 5.1% | 4.9% | 14.8% | 4.1% | 4.5% | 5.6% | 5.0% | 6.3% | 9.1% |
| Market Cap | 4.7B | 4.8B | 5.3B | 12.1B | 9.8B | 12.2B | 9.5B | 13.3B | 13.0B | 18.5B | 20.6B | 26.8B | 29.8B |
| Avg. Price | 46.08 | 54.55 | 58.42 | 84.56 | 97.70 | 98.73 | 89.95 | 107.78 | 113.72 | 141.00 | 188.39 | 228.71 | 285.07 |
| Year-End Price | 55.52 | 57.39 | 65.23 | 112.33 | 87.53 | 109.43 | 87.27 | 123.67 | 121.84 | 174.28 | 195.60 | 255.52 | 285.07 |
Cboe Global Markets, Inc. passes 4 of 9 quality checks, suggesting mixed fundamentals.
Cboe Global Markets, Inc. trades at 27.4x trailing earnings, compared to its 15-year median P/E of 26.1x, suggesting it is currently Fair relative to its historical range. On a free-cash-flow basis, the stock trades at 17.7x vs a median of 20.1x. The company's 5-year average ROIC is 12.1% with a gross margin of 47.8%. Total shareholder yield (dividends + buybacks) is 1.2%. At current prices, the estimated annualized return to fair value is +5.9%.
Cboe Global Markets, Inc. (CBOE) reported annual revenue of $4.7 billion in its most recent fiscal year, based on SEC EDGAR filings.
Cboe Global Markets, Inc. (CBOE) has a net profit margin of 23.2%. This is a strong margin indicating high profitability.
Cboe Global Markets, Inc. (CBOE) generated $1.7 billion in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
Cboe Global Markets, Inc. (CBOE) has a debt-to-equity ratio of 0.28. This indicates a conservatively financed balance sheet.
Cboe Global Markets, Inc. (CBOE) reported earnings per share (EPS) of $10.42 in its most recent fiscal year.
Cboe Global Markets, Inc. (CBOE) has a return on equity (ROE) of 23.2%. This indicates the company generates strong returns for shareholders.
Cboe Global Markets, Inc. (CBOE) has a 5-year average gross margin of 47.8%. This indicates decent pricing power.
The Ledger Terminal provides 17 years of financial data for Cboe Global Markets, Inc. (CBOE), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
Cboe Global Markets, Inc. (CBOE) has a book value per share of $48.90, based on its most recent annual SEC filing.
Based on recent SEC filings and earnings disclosures, Management is executing a disciplined realignment focused on core derivatives, equities, and data businesses while exiting or scaling back non-core operations expected to reduce net revenue by approximately 3% but deliver 12%-14% annualized adjusted operating expense reductions of $100 million–$120 million. The company anticipates low double-digit organic net revenue growth for 2026 overall and low double-digit growth in its Cboe Data Vantage business, supported by continued strength in retail participation, international expansion of flagship products like SPX and VIX options, and emerging opportunities in event prediction markets and securities-based event contracts targeted for second-quarter 2026 launch. Management remains bullish on secular tailwinds including rising geopolitical tensions, economic uncertainty driving hedging demand, and structural growth from retail investors and international market penetration, while maintaining disciplined capital allocation through opportunistic share repurchases and a history of quarterly dividend increases.
Based on recent SEC filings and earnings calls, Cboe Global Markets, Inc. (CBOE) has provided the following forward guidance: Total organic net revenue growth: low double-digit to mid-teens range (FY2026); Cboe Data Vantage organic net revenue growth: low double-digit range (FY2026); Adjusted operating expenses: $838 million-$853 million (FY2026); Capital expenditures: $73 million-$83 million (FY2026); Depreciation and amortization: $56 million-$60 million (FY2026), plus 3 additional metrics.
Adjusted operating expenses (FY2026): “We are lowering our 2026 adjusted operating expense guidance range from $864 million-$879 million to $838 million-$853 million.”
Capital expenditures (FY2026): “Our full year guidance range for CapEx remains $73 million-$83 million”
Depreciation and amortization (FY2026): “depreciation and amortization remains in the $56 million-$60 million range”
Effective tax rate on adjusted earnings (FY2026): “We continue to expect the effective tax rate on adjusted earnings under the current tax laws to come in at 27.5%-29.5% for the full year.”
Annualized adjusted operating expense reduction from strategic realignment (Upon full implementation): “we now expect our strategic realignment to deliver an even greater reduction, approximately 12%-14% on an annualized basis compared to 2025, translating to savings in the range of $100 million-$120 million”
2026 savings from additional strategic realignment efforts (FY2026): “we expect the 2026 savings from the additional three strategic realignment efforts to be in that $20 million-$25 million range”