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Quote this valuation with its source: Fair value, Potential value and the price at analysis.
FAQ
CME — frequently asked questions
Is CME Group Inc. overvalued?
In our latest published analysis dated 2026-05-20, CME screens modestly overvalued. The price recorded at analysis is USD ۳۰۲ versus our fair value of USD ۲۶۱; the high endpoint is presented separately as potential value of USD ۳۴۱. That implies roughly 13.6% downside to fair value at that date.
Our latest published report, analyzed 2026-05-20, gives CME a fair value of USD ۲۶۱ and a potential value of USD ۳۴۱. The conclusion is triangulated across multiple valuation models and weighted by reliability for CME Group Inc.'s archetype; it is a dated research output, not a live price.
Should I buy CME now?
Our latest published rating for CME, analyzed 2026-05-20, is Reduce. CME Group Inc. screens modestly overvalued at the analysis-date price of USD ۳۰۲ versus fair value of USD ۲۶۱; potential value is USD ۳۴۱. This is research for educational purposes, not personalized investment advice.
What are the biggest risks for CME?
The dedicated bear-case section in our report analyzed 2026-05-20 documents CME Group Inc.'s material risks, evidence, thresholds, and thesis-invalidation conditions. Scenario-specific explanations remain in that section so the report does not repeat or decontextualize them elsewhere.
What is CME's rating?
Our latest published rating for CME, analyzed 2026-05-20, is Reduce, with a published moat assessment of 9/10 (Wide). It reflects our fair value of USD ۲۶۱, the potential value of USD ۳۴۱, and the price recorded at analysis (USD ۳۰۲).
این گزارش هنوز ترجمه نشده است. پس از چند دقیقه، زمانی که صف ترجمه به‌روز شد، صفحه را تازه کنید.
§1 خلاصه اجراییEN
پاسخ ۳۰ ثانیه‌ایReduce
قیمت در برابر ارزش
Price
$302.37
Fair value
$261.16
Potential value
$341.31
As of
تاریخ قیمت ثبت نشده است
چرا این سناریو می‌تواند موفق باشد
Bull: Prolonged macroeconomic uncertainty, fluctuating interest rates, and geopolitical shifts drive record hedging activity and volume across CME's product suite.
چه چیزی دیدگاه ما را تغییر می‌دهد
ZIRP Return: A return to zero interest rate policy permanently impairs interest rate volatility, collapsing core derivative trading volumes.
CME Group exhibits a perfect textbook archetype fit as a Mature Compounder with highly predictable margins and monopolistic barriers. However, the stock is priced for perfection, trading at an extreme PEG premium relative to peers and assuming 8.5% structural growth.
CME Group exhibits a perfect textbook archetype fit as a Mature Compounder with highly predictable margins and monopolistic barriers. However, the stock is priced for perfection, trading at an extreme PEG premium relative to peers and assuming 8.5% structural growth.
Near-monopoly network effects in interest rate, energy, and agricultural derivatives.
Vertically integrated clearinghouse acting as
Vertically integrated clearinghouse acting as an insurmountable competitive barrier.
Cycle upside
High macroeconomic uncertainty, fluctuating rates, and geopolitical shifts drive record hedging.
توصیه داخلی
Reduce based on an overextended valuation that leaves no margin of safety for a mature exchange operator.
نمای کلی شرکت
CME Group Inc., together with its subsidiaries, operates contract markets for the trading of futures and options on futures contracts worldwide. It offers futures and options products based on interest rates, equity indexes, and foreign exchange; and agricultural, energy, and metals commodities, as well as fixed income and foreign currency trading services. The company provides clearing house services, including clearing, settling, and guaranteeing futures and options contracts, and cleared swaps products traded through its exchanges. In addition, the company offers a range of market data services, including real-time and historical data services. It serves professional traders, financial institutions, institutional and individual investors, corporations, manufacturers, producers, governments, and central banks. The company was formerly known as Chicago Mercantile Exchange Holdings Inc. and changed its name to CME Group Inc. in July 2007. The company was founded in 1898 and is headquartered in Chicago, Illinois.
§2 سناریوی نزولیEN
A return to zero interest rate policy (ZIRP) crushes interest rate volatility, dramatically suppressing trading volumes. Simultaneous regulatory pressure limits data fee extraction, resulting in stagnating earnings and multiple compression.
A return to zero interest rate policy (ZIRP) crushes interest rate volatility, dramatically suppressing trading volumes. Simultaneous regulatory pressure limits data fee extraction, resulting in stagnating earnings and multiple compression toward the mid-teens.
چگونگی شکست این تز
ZIRP Return
20%· Medium
A return to zero interest rate policy permanently impairs interest rate volatility, collapsing core derivative trading volumes.
FV impact
Drives fair value to $181.11, a 40% downside from current prices.
Regulatory Fee Capping
10%· Low
Aggressive federal intervention caps market data and clearing fees, structurally limiting high-margin streams.
سیگنالهای هشدار اولیه برای پایش
پنج تحولی که می‌تواند تز سرمایه‌گذاری ما را تضعیف کند.
Operational expenses outpacing transaction revenues impairs structural profitability, signaling that severe volume compression or cost inflation is eroding high-margin clearing returns.
وضعیت فعلی:Operating margin was 64.9% for the period ended 2025-12-31
هشدار در صورتFalls below 60.0% over any trailing twelve-month period
02
§3 خندق رقابتیEN
Wide
Near-monopoly network effects in interest rate, energy, and agricultural derivatives.
Vertically integrated clearinghouse acting as an insurmountable competitive barrier.
سود اقتصادی
Economic profit is supported when reported returns exceed the company cost-of-capital hurdle.
9/ 10
Wide
Sources of advantage
01Near-monopoly network effects in interest rate, energy, and agricultural derivat — Near-monopoly network effects in interest rate, energy, and agricultural derivatives.Wide
02Vertically integrated clearinghouse acting as an insurmountable competitive barr — Vertically integrated clearinghouse acting as an insurmountable competitive barrier.Wide
تهدیدات شناخته‌شده برای خندق
تهدید
شدت
بازه زمانی
کاهش
Regulatory intervention limiting data fees.
medium
Monitor
Monitor the threat against the report checkpoints.
Decentralized finance (DeFi) or blockchain trading alternatives.
Project SBC-adjusted , discount each year's earnings at , then add a Gordon-growth .
§5 حساسیت
نرخ تنزیل
رشد نهایی
2.0%
2.5%
3.0%
3.5%
4.0%
7.1%
$312.67
$346.88
$389.49
$444.05
$457.03
8.1%
$261.16
$284.60
$312.67
$346.88
$389.49
9.1%
$224.22
$241.28
$261.16
$284.60
$312.67
10.1%
$196.44
$209.41
$224.22
$241.28
$261.16
11.1%
$174.78
$184.98
$196.44
$209.41
$224.22
ردیف‌ها: نرخ تنزیل (Ke برای سود؛ WACC برای جریان نقدی). ستون‌ها: رشد نهایی.
تغییر مدت (سال)
Unavailable
مرجع حساسیت
The highlighted base cell is anchored to composite fair-value midpoint ($261.16). It is the reference value for this grid, not a separate standalone fair-value claim.
Prolonged macroeconomic uncertainty, fluctuating interest rates, and geopolitical shifts drive record hedging activity and volume across CME's product suite. The company pushes through pricing increases uninhibited, scaling margins further and driving low-double-digit EPS growth.
وضعیت فعلی:Revenue growth was 6.4% for the period ended 2025-12-31
هشدار در صورتSlows to 2.0% or lower over any fiscal year
03
Interest Rate Derivative Trading Volumes
Interest rate products represent the primary earnings engine, meaning sustained activity declines directly compress transactional clearing revenues and diminish market depth.
وضعیت فعلی:Core derivative trading volumes sensitive to rate volatility as of 2026-05-20
هشدار در صورتContracts by more than 15.0% year-over-year across two consecutive quarters
04
Market Data Fee Regulatory Capping
Statutory limitations on high-margin data services restrict recurring revenue diversification, eliminating predictable non-transactional cash flows that insulate operating income during cyclical volume downturns.
وضعیت فعلی:Uncapped proprietary market data and clearing fee structure as of 2026-05-20
هشدار در صورتEnactment of federal statutory fee caps or mandatory fee reductions within 24 months
05
Core Commodity Futures Market Share
Liquidity fragmentation to alternative trading venues breaks the self-reinforcing network effects of centralized clearing, forcing defensive fee cuts and permanently impairing pricing power.
وضعیت فعلی:Dominant clearinghouse position across agricultural and energy commodities as of 2026-05-20
هشدار در صورتLoss of more than 5.0% market share to competing venues within a twelve-month period
Monitor the threat against the report checkpoints.
CME Group benefits from near-monopoly network effects in interest rate, energy, and agricultural derivatives. Its vertically integrated clearinghouse acts as a massive competitive barrier. As a mature compounder, it generates extraordinary margins and massive free cash flow.
فعلیRevenue growth was 6.4% for the period ended 2025-12-31
چرا مهم است
Warning level: Slows to 2.0% or lower over any fiscal year. Top-line deceleration undermines operating leverage and signals transactional volume fatigue, triggering valuation multiple compression toward historical cyclical trough ranges.
03
معیار:
Interest Rate Derivative Trading Volumes
فعلیCore derivative trading volumes sensitive to rate volatility as of 2026-05-20
چرا مهم است
Warning level: Contracts by more than 15.0% year-over-year across two consecutive quarters. Interest rate products represent the primary earnings engine, meaning sustained activity declines directly compress transactional clearing revenues and diminish market depth.
04
معیار:
Market Data Fee Regulatory Capping
فعلیUncapped proprietary market data and clearing fee structure as of 2026-05-20
چرا مهم است
Warning level: Enactment of federal statutory fee caps or mandatory fee reductions within 24 months. Statutory limitations on high-margin data services restrict recurring revenue diversification, eliminating predictable non-transactional cash flows that insulate operating income during cyclical volume downturns.
05
معیار:
Core Commodity Futures Market Share
فعلیDominant clearinghouse position across agricultural and energy commodities as of 2026-05-20
چرا مهم است
Warning level: Loss of more than 5.0% market share to competing venues within a twelve-month period. Liquidity fragmentation to alternative trading venues breaks the self-reinforcing network effects of centralized clearing, forcing defensive fee cuts and permanently impairing pricing power.
