A Business at a Glance
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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. 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 a sustainable financial future.
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 4.7B | 4.7B | 4.1B | 3.8B | 4.0B | 3.5B |
| Net Income | 1.1B | 1.1B | 761M | 758M | 234M | 527M |
| EPS | $10.42 | $10.42 | $7.21 | $7.13 | $2.19 | $4.92 |
| Free Cash Flow | 1.7B | 1.7B | 1.0B | 1.0B | 591M | 546M |
| ROIC | 23.6% | 17.8% | 13.3% | 14.0% | 4.8% | 10.8% |
| Gross Margin | 51.5% | 51.5% | 50.6% | 50.8% | 44.0% | 42.2% |
| Debt/Equity | 0.28 | 0.28 | 0.34 | 0.44 | 0.59 | 0.38 |
| Dividends/Share | $2.71 | $2.70 | $2.36 | $2.10 | $1.96 | $1.80 |
| Operating Income | 1.5B | 1.5B | 1.1B | 1.1B | 490M | 806M |
| Operating Margin | 31.1% | 31.1% | 26.8% | 28.0% | 12.4% | 23.1% |
| ROE | 21.3% | 23.2% | 17.8% | 19.0% | 6.8% | 14.6% |
| Shares Outstanding | 105M | 105M | 106M | 106M | 107M | 107M |
Cboe Global Markets, Inc. passes 4 of 9 quality checks, suggesting mixed fundamentals.
Cboe Global Markets, Inc. trades at 28.8x 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 18.7x 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 1.1%. At current prices, the estimated annualized return to fair value is +7.7%.
Cboe Global Markets, Inc. (CBOE) has a current P/E ratio of 28.8, 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 $31.6B. It is classified as a large-cap stock.
Yes, Cboe Global Markets, Inc. (CBOE) pays a dividend with a trailing twelve-month yield of 0.90%. The company also returns capital through share buybacks, with a buyback yield of 0.21%.
Based on historical P/E analysis, Cboe Global Markets, Inc. (CBOE) appears fair. The current P/E of 28.8 is 10% above its historical median of 26.1. The estimated fair value CAGR (P/E method) is 14.7%.
Cboe Global Markets, Inc. (CBOE) operates in the Security & Commodity Brokers, Dealers, Exchanges & Services industry, within the Financials sector.
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.