A Business at a Glance
0 of 1 daily views used (1 remaining). Sign up free for +5 more daily views (6 total), or try AAPL for a full preview.
CME GROUP INC.
CME
$92.0B
Mkt Cap
$255.31
+0.39%
CME GROUP INC. (CME) has a current P/E ratio of 22.9, compared to its historical median P/E of 23.7. The stock is currently considered Fair based on its historical valuation range.
CME GROUP INC. (CME) has a 5-year average return on invested capital (ROIC) of 10.7%. This indicates solid capital allocation.
CME GROUP INC. (CME) has a market capitalization of $92.7B. It is classified as a large-cap stock.
Yes, CME GROUP INC. (CME) pays a dividend with a trailing twelve-month yield of 4.38%.
Based on historical P/E analysis, CME GROUP INC. (CME) appears fair. The current P/E of 22.9 is 3% below its historical median of 23.7. The estimated fair value CAGR (P/E method) is 9.7%.
CME GROUP INC. (CME) operates in the Security & Commodity Brokers, Dealers, Exchanges & Services industry, within the Financials sector.
CME GROUP INC. (CME) reported annual revenue of $6.5 billion in its most recent fiscal year, based on SEC EDGAR filings.
CME Group operates a global derivatives exchange and clearing business that enables clients to trade futures, options, and over-the-counter products across six major asset classes—interest rates, equity indices, foreign exchange, agricultural commodities, energy, and metals—as well as cryptocurrencies, providing price discovery, market data, and analytics. The company's derivatives exchange business, operated through CME, CBOT, NYMEX, and COMEX, generates revenue primarily from trading fees and clearing fees, with products traded on the CME Globex electronic platform and through open outcry; in 2025, 85% of contract volume came from member trades. CME Group's clearing house serves as central counterparty to every trade, marking positions to market at least twice daily and generating revenue from clearing and transaction fees charged to clearing firms. The company also operates cash markets businesses through BrokerTec, which provides electronic trading in fixed income and repo products, and EBS, which offers spot and OTC foreign exchange and precious metals trading; both are integrated with major third-party systems and clearing providers. CME Group's data services business distributes real-time and historical market data, derived pricing, and proprietary benchmarks including CME Term SOFR Reference Rates through cloud-based platforms and third-party partners. The customer base spans professional traders, financial institutions, corporations, manufacturers, producers, governments, and central banks globally, with approximately 31% of electronic futures and options volume from outside the U.S. and 53% of market data revenue from international sources.
【Strategic growth and operational expansion】 Management is advancing multiple growth initiatives including 24/7 trading for the entire cryptocurrency suite beginning in Q2 2026, expansion into energy transition products such as bioenergy, water, battery metals, and carbon, and the launch of securities clearing services for U.S. Treasury and repo transactions later in 2026. The company is deepening its global customer base through expanded sales presence in over 10 countries, including a new Dubai office, and is targeting cross-asset opportunities across client segments and cash and futures platforms. CME Group continues to invest in technology infrastructure, including cloud migration and new data distribution capabilities, while maintaining disciplined expense management; the company expects total adjusted operating expenses excluding license fees of approximately $1.695 billion for 2026, which includes reinvestment in new initiatives. Management anticipates significant operational and capital efficiencies for clients through cross-margining programs and securities clearing services, with potential for substantial collateral balance growth as regulatory mandates broaden the scope of cleared products.
| Metric | Target | Period |
|---|---|---|
| Total adjusted operating expenses excluding license fees | approximately $1.695 billion | FY2026 |
| Total capital expenditures | approximately $85 million | FY2026 |
| Adjusted effective tax rate | between 23.5%-24.5% | FY2026 |
Total adjusted operating expenses excluding license fees (FY2026): “For 2026 guidance, we expect total adjusted operating expenses excluding license fees to be approximately $1.695 billion.”
Total capital expenditures (FY2026): “Total capital expenditures are expected to be approximately $85 million”
Adjusted effective tax rate (FY2026): “the adjusted effective tax rate should come in between 23.5%-24.5%”
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 | 6.8B | 6.5B | 6.1B | 5.6B | 5.0B | 4.7B |
| Net Income | 4.2B | 4.0B | 3.5B | 3.2B | 2.7B | 2.6B |
| EPS | $11.76 | $11.16 | $9.67 | $8.86 | $7.40 | $7.29 |
| Free Cash Flow | 4.3B | 4.2B | 3.6B | 3.4B | 3.0B | 2.3B |
| ROIC | 13.8% | 13.1% | 11.7% | 10.5% | 8.8% | 9.3% |
| Gross Margin | - | 83.1% | 82.5% | 81.6% | 81.0% | 81.0% |
| Debt/Equity | 0.01 | 0.12 | 0.13 | 0.13 | 0.13 | 0.15 |
| Dividends/Share | $11.19 | $10.92 | $10.40 | $9.65 | $8.50 | $5.90 |
| Operating Income | 4.4B | 4.2B | 3.9B | 3.4B | 3.0B | 2.6B |
| Operating Margin | 65.6% | 64.9% | 64.1% | 61.6% | 60.1% | 56.4% |
| ROE | 15.9% | 14.6% | 13.1% | 11.9% | 9.8% | 9.7% |
| Shares Outstanding | 363M | 360M | 360M | 360M | 359M | 359M |
| Metric | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 3.1B | 3.3B | 3.6B | 3.6B | 4.3B | 4.9B | 4.9B | 4.7B | 5.0B | 5.6B | 6.1B | 6.5B | 6.8B |
| Gross Margin | 82.7% | 83.8% | 83.3% | 85.2% | 82.5% | 81.5% | 78.1% | 81.0% | 81.0% | 81.6% | 82.5% | 83.1% | N/A |
| 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 | 552M | 554M | 543M | 564M | 672M | 899M | 857M | 837M | 753M | 829M | 850M | 907M | 923M |
| EBIT | 1.8B | 2.0B | 2.2B | 2.3B | 2.6B | 2.6B | 2.6B | 2.6B | 3.0B | 3.4B | 3.9B | 4.2B | 4.4B |
| Op. Margin | 56.8% | 59.8% | 61.2% | 63.4% | 60.5% | 53.2% | 54.0% | 56.4% | 60.1% | 61.6% | 64.1% | 64.9% | 65.6% |
| Net Income | 1.1B | 1.2B | 1.5B | 4.1B | 2.0B | 2.1B | 2.1B | 2.6B | 2.7B | 3.2B | 3.5B | 4.0B | 4.2B |
| Net Margin | 36.2% | 37.5% | 42.7% | 111.5% | 45.5% | 43.5% | 43.1% | 55.8% | 52.9% | 57.1% | 56.8% | 61.7% | 62.8% |
| Non-Recurring | 0 | 0 | 76M | 0 | 0 | 61M | 26M | 30M | 0 | 0 | 0 | 0 | 0 |
| Returns on Capital | |||||||||||||
| ROIC | 5.0% | 5.9% | 7.0% | 18.1% | 7.5% | 7.1% | 8.0% | 9.3% | 8.8% | 10.5% | 11.7% | 13.1% | 13.8% |
| ROE | 5.4% | 6.0% | 7.5% | 19.0% | 8.1% | 8.1% | 8.0% | 9.7% | 9.8% | 11.9% | 13.1% | 14.6% | 15.9% |
| ROA | 1.8% | 1.8% | 2.2% | 5.6% | 2.6% | 2.8% | 2.1% | 1.6% | 1.4% | 2.1% | 2.6% | 2.4% | 2.1% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | 1.3B | 1.5B | 1.7B | 1.8B | 2.4B | 2.7B | 2.7B | 2.4B | 3.1B | 3.5B | 3.7B | 4.3B | 4.4B |
| Free Cash Flow | 1.2B | 1.4B | 1.6B | 1.7B | 2.3B | 2.4B | 2.5B | 2.3B | 3.0B | 3.4B | 3.6B | 4.2B | 4.3B |
| Owner Earnings | 1.1B | 1.3B | 1.5B | 1.6B | 2.2B | 2.4B | 2.5B | 2.2B | 2.8B | 3.2B | 3.5B | 4.1B | 3.2B |
| CapEx | 141M | 114M | 92M | 82M | 117M | 246M | 198M | 127M | 90M | 76M | 94M | 84M | 91M |
| Maint. CapEx | 133M | 129M | 129M | 113M | 119M | 159M | 153M | 148M | 135M | 126M | 115M | 108M | 1.1B |
| Growth CapEx | 8.1M | 0 | 0 | 0 | 0 | 87M | 44M | 0 | 0 | 0 | 0 | 0 | 0 |
| D&A | 133M | 129M | 129M | 113M | 119M | 159M | 153M | 148M | 135M | 126M | 115M | 108M | 1.1B |
| CapEx/OCF | 10.9% | 7.5% | 5.3% | 4.7% | 4.8% | 9.2% | 7.3% | 5.3% | 2.9% | 2.2% | 2.5% | 2.0% | 2.1% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 1.5B | 1.3B | 1.8B | 2.0B | 2.1B | 1.7B | 2.1B | 2.2B | 2.6B | 3.2B | 3.6B | 3.9B | 4.1B |
| Dividend Yield | 9.4% | 6.6% | 7.7% | 6.4% | 5.0% | 3.2% | 4.2% | 3.6% | 4.3% | 5.2% | 5.0% | 4.3% | 4.4% |
| Share Buybacks | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Buyback Yield | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0.0% |
| Stock-Based Comp | 55M | 61M | 66M | 58M | 97M | 73M | 96M | 75M | 84M | 83M | 90M | 95M | 95M |
| Debt Repayment | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Balance Sheet | |||||||||||||
| Net Debt | 667M | -1.0B | 279M | 239M | 3.0B | 2.1B | -1.6B | 1.2B | 622M | 402M | 422M | -1.1B | -2.2B |
| Cash & Equiv. | 1.4B | 1.7B | 1.9B | 1.9B | 1.4B | 1.6B | 1.6B | 2.8B | 2.7B | 2.9B | 2.9B | 4.4B | 2.5B |
| Long-Term Debt | 2.1B | 744M | 2.2B | 2.2B | 3.8B | 3.7B | 84M | 2.7B | 3.4B | 3.4B | 2.7B | 3.4B | N/A |
| Debt/Equity | 0.10 | 0.04 | 0.11 | 0.10 | 0.17 | 0.14 | 0.00 | 0.15 | 0.13 | 0.13 | 0.13 | 0.12 | 0.01 |
| Interest Coverage | 14.8 | 16.9 | 17.8 | 19.7 | 16.5 | 14.5 | 15.9 | 15.8 | 18.5 | 21.6 | 24.4 | 24.4 | 2461.8 |
| Equity | 20.9B | 20.6B | 20.3B | 22.4B | 25.9B | 26.1B | 26.3B | 27.4B | 26.9B | 26.7B | 26.5B | 28.7B | 26.6B |
| Total Assets | 72.2B | 67.4B | 69.4B | 75.8B | 77.5B | 75.2B | 124.7B | 196.8B | 174.2B | 129.7B | 137.4B | 198.4B | 202.0B |
| Total Liabilities | 51.3B | 46.8B | 49.0B | 53.4B | 51.5B | 49.1B | 98.3B | 169.4B | 147.3B | 103.0B | 111.0B | 169.7B | 175.4B |
| Intangibles | 2.6B | 2.5B | 2.4B | 2.3B | 5.5B | 5.1B | 4.9B | 3.5B | 3.3B | 3.1B | 2.8B | 2.6B | 2.6B |
| Retained Earnings | 3.3B | 2.9B | 2.5B | 4.5B | 4.9B | 5.0B | 5.0B | 5.2B | 4.7B | 4.5B | 4.2B | 6.4B | 4.9B |
| 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 | 3.35 | 3.69 | 4.53 | 11.94 | 5.71 | 5.91 | 5.87 | 7.29 | 7.40 | 8.86 | 9.67 | 11.16 | 11.76 |
| Owner EPS | 3.28 | 3.97 | 4.54 | 4.64 | 6.48 | 6.82 | 6.88 | 6.07 | 7.90 | 9.02 | 9.68 | 11.31 | 8.94 |
| Book Value | 62.19 | 60.81 | 60.06 | 65.86 | 75.42 | 72.96 | 73.39 | 76.32 | 74.85 | 74.37 | 73.57 | 79.73 | 73.29 |
| Cash Flow/Share | 3.84 | 4.53 | 5.11 | 5.15 | 7.10 | 7.46 | 7.57 | 6.69 | 8.51 | 9.61 | 10.25 | 11.87 | 14.66 |
| Dividends/Share | 4.40 | 4.90 | 5.65 | 6.14 | 4.55 | 5.50 | 5.90 | 5.90 | 8.50 | 9.65 | 10.40 | 10.92 | 11.19 |
| Shares Out. | 336.4M | 337.9M | 338.7M | 340.3M | 343.6M | 358.1M | 358.6M | 359.0M | 359.1M | 359.5M | 360.0M | 360.3M | 363.2M |
| Valuation | |||||||||||||
| P/E Ratio | 17.3 | 16.8 | 18.2 | 9.1 | 24.8 | 26.8 | 24.8 | 26.3 | 19.8 | 21.8 | 23.1 | 24.2 | 21.7 |
| P/FCF | 16.9 | 14.8 | 17.0 | 22.1 | 20.9 | 23.4 | 20.8 | 30.3 | 17.8 | 20.6 | 22.4 | 23.2 | 21.4 |
| EV/EBIT | 11.4 | 10.8 | 12.8 | 16.1 | 19.8 | 22.8 | 20.5 | 26.2 | 17.7 | 20.3 | 20.6 | 22.8 | 20.4 |
| Price/Book | 0.9 | 1.0 | 1.4 | 1.6 | 1.9 | 2.2 | 2.0 | 2.5 | 2.0 | 2.6 | 3.0 | 3.4 | 3.5 |
| Price/Sales | 5.1 | 6.2 | 6.4 | 8.5 | 10.1 | 10.9 | 10.4 | 12.9 | 12.3 | 11.0 | 11.6 | 14.2 | 13.7 |
| FCF Yield | 5.9% | 6.8% | 5.9% | 4.5% | 4.8% | 4.3% | 4.8% | 3.3% | 5.6% | 4.9% | 4.5% | 4.3% | 4.7% |
| Market Cap | 19.5B | 21.0B | 27.9B | 36.9B | 48.7B | 56.8B | 52.3B | 68.9B | 52.7B | 69.5B | 80.6B | 97.4B | 92.7B |
| Avg. Price | 47.27 | 60.65 | 68.38 | 91.05 | 126.11 | 148.72 | 141.24 | 168.62 | 172.28 | 171.43 | 197.23 | 256.59 | 255.31 |
| Year-End Price | 57.91 | 62.01 | 82.32 | 108.57 | 141.68 | 158.67 | 145.75 | 191.83 | 146.66 | 193.23 | 223.78 | 270.27 | 255.31 |
CME GROUP INC. passes 6 of 9 quality checks, suggesting mixed fundamentals.
CME GROUP INC. trades at 22.9x trailing earnings, compared to its 15-year median P/E of 23.7x, suggesting it is currently Fair relative to its historical range. On a free-cash-flow basis, the stock trades at 21.9x vs a median of 21.5x. The company's 5-year average ROIC is 10.7% with a gross margin of 81.8%. Total shareholder yield (dividends) is 4.4%. At current prices, the estimated annualized return to fair value is +8.4%.
CME GROUP INC. (CME) has a net profit margin of 61.7%. This is a strong margin indicating high profitability.
CME GROUP INC. (CME) generated $4.2 billion in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
CME GROUP INC. (CME) has a debt-to-equity ratio of 0.12. This indicates a conservatively financed balance sheet.
CME GROUP INC. (CME) reported earnings per share (EPS) of $11.16 in its most recent fiscal year.
CME GROUP INC. (CME) has a return on equity (ROE) of 14.6%. This indicates moderate shareholder returns.
CME GROUP INC. (CME) has a 5-year average gross margin of 81.8%. This high margin suggests strong pricing power and a potential competitive moat.
The Ledger Terminal provides 19 years of financial data for CME GROUP INC. (CME), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
CME GROUP INC. (CME) has a book value per share of $79.73, based on its most recent annual SEC filing.
Based on recent SEC filings and earnings disclosures, Management is advancing multiple growth initiatives including 24/7 trading for the entire cryptocurrency suite beginning in Q2 2026, expansion into energy transition products such as bioenergy, water, battery metals, and carbon, and the launch of securities clearing services for U.S. Treasury and repo transactions later in 2026. The company is deepening its global customer base through expanded sales presence in over 10 countries, including a new Dubai office, and is targeting cross-asset opportunities across client segments and cash and futures platforms. CME Group continues to invest in technology infrastructure, including cloud migration and new data distribution capabilities, while maintaining disciplined expense management; the company expects total adjusted operating expenses excluding license fees of approximately $1.695 billion for 2026, which includes reinvestment in new initiatives. Management anticipates significant operational and capital efficiencies for clients through cross-margining programs and securities clearing services, with potential for substantial collateral balance growth as regulatory mandates broaden the scope of cleared products.
Based on recent SEC filings and earnings calls, CME GROUP INC. (CME) has provided the following forward guidance: Total adjusted operating expenses excluding license fees: approximately $1.695 billion (FY2026); Total capital expenditures: approximately $85 million (FY2026); Adjusted effective tax rate: between 23.5%-24.5% (FY2026).