Cboe Global Markets, Inc. (CBOE)

BATS: CBOE · USD

$321

-3.90 (-1.2%)· Recorded snapshot

Dự phòng tiếng AnhVI

Hiển thị bản gốc tiếng Anh trong khi đang dịch

Báo cáo này chưa được dịch. Hãy làm mới sau vài phút khi hàng đợi dịch xử lý xong.

StockMarketAgent Research · Analyzed 2026-10-05

Our latest published analysis: CBOE rated Buy

Cboe Global Markets, Inc.'s published Buy conclusion compares the analysis-date price with fair value and potential value. Read the full report for assumptions, evidence, and material risks.

Fair value

$306 / share

Potential value

$398 / share

Upside to FV

+13.0%

from $321

Moat

9/10

Wide

Read full analysis →View archive · 24mo

9-phase methodology · same model in each published edition

Market cap	$28.3B
Revenue (ttm)	5.1B
Net income (ttm)	1.3B
EPS (ttm)	$12.8
Shares out	104.4M
P/E (trailing)	25.0x
P/E (forward)	21.9x
Dividend	$3.44 (1.07%)
Volume	591,526
Beta	0.41

Market data

Price

Recent price action with selectable time range.

Financial snapshot

Revenue (ttm): 5.1B
Net income (ttm): 1.3B
EPS (ttm): $12.8
P/E (trailing): 25.0x
P/E (forward): 21.9x
Market cap: $28.3B

Item	P1	P2	P3	P4	P5	Trend
Period	2021-12-31	2022-12-31	2023-12-31	2024-12-31	2025-12-31	Trend
Revenue	$3.49B	$3.96B	$3.77B	$4.09B	$4.71B	+7.8%
Gross profit	$1.48B	$1.74B	$1.92B	$2.07B	$2.43B	+13.3%
Operating income	$805.9M	$489.6M	$1.06B	$1.10B	$1.47B	+16.2%
Net income	$529.0M	$235.0M	$761.4M	$764.9M	$1.10B	+20.1%
EPS (diluted)	$4.92	$2.19	$7.13	$7.21	$10.42	+20.6%
EBITDA	$971.5M	$659.7M	$1.27B	$1.27B	$1.74B	+15.7%
R&D	$0	$0	$0	—	—	+12.8%
SG&A	$372.2M	$452.0M	$517.8M	$557.2M	$91.5M	-29.6%

Ticker	Name	Market cap	P/E	P/S	ROIC	5Y rev CAGR	1Y total return	Rating
AAPL	Apple Inc.	5T	39.4x	10.8x	101.6%	+6.1%	+28.5%	Bán
ABNB	Airbnb, Inc.	97.8B	37.5x	7.4x	16.8%	+24.4%	+28.5%	Bán
ADBE	Adobe Inc.	97.1B	13.9x	3.7x	57.2%	+11.5%	-30.7%	Mua mạnh
ACGL	Arch Capital Group Ltd.	34.8B	8.3x	1.8x	15.9%	+15.1%	+18.7%	Mua mạnh
AIG	American International Group Inc.	41.7B	14.7x	1.6x	7.7%	-9.6%	+2.8%	Mua mạnh
AIZ	Assurant, Inc.	14.1B	13.6x	1.0x	14.4%	+6.6%	+36.2%	Giữ

Base and Bull scenarios

Base60%

Price target

$306.41

+13.0% from spot

The Base case models Cboe's modal compounding path where exclusive proprietary index options sustain solid mid-single-digit consolidated revenue growth (scaling from 7.0% down to 4.5% across the forecast horizon). Operating margins normalize between 31.5% and 33.0% as corporate cost discipline ($838M-$853M guided operating expenses) absorbs elevated clearing capex of $98M-$108M. Synthesized intrinsic fair value is $306.41, offering 12.96% upside from the share price of $271.26 as of October 2, 2026.

Consolidated revenue growth scales from 7.0% in FY2026 to 4.5% by FY2030
Operating margin expands from 31.5% in FY2026 to 33.0% in FY2030
Effective operating tax rate of 28.5% across explicit forecast horizon
Terminal growth rate of 3.0% and terminal exit multiple of 20.0x
Cost of equity of 7.9968% and WACC of 7.7913%

Bull20%

Price target

$398.31

+46.8% from spot

In the Bull case, structural adoption of zero-day-to-expiry (0DTE) index options accelerates among retail and institutional market participants, driving sustained double-digit SPX and VIX contract volume growth. International expansion of Data Vantage subscriptions continues to generate rapid non-transaction revenue gains, while operational leverage and completed clearing capabilities expand operating margins toward peer medians. Fair value in this path reaches $398.31.

Proprietary options volume growth sustained above 9.0% annually
Operating margins expand toward 34.5% to 35.0% driven by technology clearing scale and strategic realignment savings
Terminal P/E multiple expands to 22.0x reflecting premium information and derivative franchise value

Sensitivity: Ke × terminal growth

The highlighted cell is Fair value when every assumption sits at its base level ($306.41). Each row and column shows what Fair value becomes when one assumption moves.

Ke ↓ / g →	2.0%	2.5%	3.0%	3.5%	4.0%
6.8%	$319	$347	$382	$428	$492
7.3%	$291	$313	$340	$374	$419
7.8%	$268	$285	$306	$333	$366
8.3%	$248	$263	$280	$300	$326
8.8%	$232	$244	$258	$274	$294

Scorecard

Published factor rows and weighted composite

Calendar

Next earnings

Upcoming earnings date and setup when available.

Upcoming

DateLoading

Window—

EPS estimate—

Revenue estimate—

Sector percentile context

Refreshed 2026-10-28 19:55 UTC

Forward P/E21.9

P25 n/aP50 n/aP75 n/a

Trailing P/E21.1

P25 n/aP50 n/aP75 n/a

ROE26.3

P25 n/aP50 n/aP75 n/a

ROIC26.9

P25 n/aP50 n/aP75 n/a

Benchmarks · 1M

All CBOE indicators

Market & fundamental data

Available fields

280

Groups with data

Currency

USD

Showing 280 of 280 available metrics for this ticker.

Profile and market data

Ticker identity, listing, currency, market cap, and source dates.

Metric	Value
Amount currency	USD
CIK code	0001374310
Company name	Cboe Global Markets, Inc.
Country	United States
Country code	US
CUSIP number	12503M108
Earnings date	2026-10-30
Earnings time	bmo
Employees	1,661
Employees change	-24
Employees growth	-1.42%
Enterprise value	$32.7B
Exchange	BATS
Financial currency	USD
Financial report date	2026-06-30
First seen	2026-05-09
Fiscal year end	December
Founded	1973
In index	SP500
Industry	Financial Data & Stock Exchanges
IPO date	2010-06-15
Is primary listing	Yes
Is SPAC	No
ISIN number	US12503M1080
Last 10-K release date	2026-02-20
Last earnings date	2026-07-31
Last refreshed	2026-10-28
Last stock split type	Never
Market cap	$33.5B
Market cap category	Large-Cap
Next earnings date	2026-10-30
Options	Yes
Price	$320.80
Price currency	USD
Sector	Financials
SIC code	6200
Stock price date	2026-10-28
Symbol	CBOE
U.S. state	Illinois
Website	https://www.cboe.com

Valuation

Multiples, yields, enterprise-value ratios, and valuation checks.

Metric	Value
Adjusted P/E ratio	24.7x
Average P/E ratio (10Y)	31.34x
Average P/E ratio (3Y)	25.03x
Average P/E ratio (5Y)	30.82x
Earnings yield	4%
EV/Earnings	24.53x
EV/EBIT	18.15x
EV/EBITDA	17.12x
EV/FCF	17.63x
EV/Sales	6.53x
FCF / EV yield	5.67%
FCF yield	5.54%
Forward EV/Sales	11.36x
Forward P/E	22.51x
Forward P/S	11.63x
Graham number	124.61945
Graham upside	-61.53%
Industry forward P/E	23.83x
Industry P/E	28.12x
Lynch fair value	$320.69
Lynch upside	-0.99%
P/(FCF - SBC) ratio	18.57x
P/(OCF - SBC) ratio	17.71x
P/B ratio	6.03x
P/E ratio	25.01x
P/FCF ratio	18.04x
P/OCF ratio	17.23x
P/S ratio	6.68x
PEG ratio	1.31x
Price / tangible book value	25.51x
Price/EBITDA ratio	17.52x
Sector forward P/E	13.61x
Sector P/E	15.65x

Profitability

Margins, returns on capital, cash conversion, and quality metrics.

Metric	Value
EBIT margin	35.97%
EBITDA margin	38.15%
Effective tax rate	28.48%
FCF margin	37.04%
Gross margin	54.08%
Operating margin	35.97%
Pretax margin	37.38%
Profit margin	26.73%
Profit per employee	$811,198
Profitable quarters	16
Profitable years	19
Revenue per employee	$3M
ROA	11.58%
ROA (5Y)	9.26%
ROCE	26.69%
ROE	26.3%
ROE (5Y)	16.83%
ROIC	26.92%
ROIC (5Y)	15.79%
SBC / revenue	1.05%
Tax / revenue	10.65%

Growth

Revenue, earnings, cash-flow, and forward growth indicators.

Metric	Value
EPS growth	50.54%
EPS growth (Q)	50.22%
EPS growth (QoQ)	-8.47%
EPS growth 10Y	17.11%
EPS growth 3Y	28.24%
EPS growth 5Y	25.79%
EPS growth quarters	6
EPS growth years	3
FCF growth 3Y	55.81%
FCF growth 5Y	2.7%
Gross profit growth	23.91%
Gross profit growth (Q)	24.57%
Gross profit growth 3Y	14.2%
Gross profit growth 5Y	15.79%
Net income growth	50.23%
Net income growth (Q)	50.19%
Net income growth (QoQ)	-8.41%
Net income growth 3Y	27.6%
Net income growth 5Y	25.16%
Net income growth quarters	6
Net income growth years	3
OCF growth 10Y	22.67%
OCF growth 3Y	52.5%
OCF growth 5Y	3.01%
Operating income growth	38.14%
Operating income growth (Q)	40.21%
Operating income growth 3Y	22.67%
Operating income growth 5Y	20.54%
Revenue growth	11.68%
Revenue growth (Q)	22.95%
Revenue growth (QoQ)	13.36%
Revenue growth 10Y	22.11%
Revenue growth 3Y	9.13%
Revenue growth 5Y	7.98%
Revenue growth quarters	9
Revenue growth years	2

Financial statements

Income-statement and cash-flow amounts, totals and per share.

Metric	Value
Capital expenditures	$-88.3M
Depreciation and amortization	$110M
EBIT	$1.8B
EBITDA	$1.9B
EPS	$12.83
FCF per share	$17.95
Financing cash flow	$-405.1M
Free cash flow	$1.9B
Free cash flow minus SBC	$1.8B
Gross profit	$2.7B
Income taxes	$538.9M
Investing cash flow	$462.2M
Net cash flow	$2B
Net income	$1.3B
Operating cash flow minus SBC	$1.9B
Operating income	$1.8B
Revenue	$5.1B
Stock-based compensation	$53.2M

Financial strength

Debt, cash, solvency, accounting-quality, and balance-sheet signals.

Metric	Value
Altman Z-Score	5.21
Book value per share	$53.81
Debt / EBITDA	0.8
Debt / equity	0.28
Debt / FCF	0.84
Goodwill	$3B
Interest coverage	34.29
Long-term assets	$4.7B
Long-term liabilities	$1.2B
Net cash (debt)	$774.2M
Net cash / market cap	2.29%
Net debt / EBITDA	-0.4
Net debt / equity	-0.14
Net debt / FCF	-0.41
Piotroski F-Score	7
Property, plant and equipment	$238.3M
Shareholders' equity	$5.6B
Tangible book value	$1.3B
Tangible book value per share	$12.68
Total assets	$10.6B
Total cash	$2.4B
Total debt	$1.6B
Total liabilities	$5B
WACC	6.34%

Liquidity

Current-asset coverage and working-capital efficiency metrics.

Metric	Value
Asset turnover	0.51
Current assets	$5.9B
Current liabilities	$3.8B
Current ratio	1.57
Net working capital	$460.4M
Quick ratio	0.79
Working capital	$2.1B
Working capital turnover	2.89

Dividends and buybacks

Dividend yield, payout, buybacks, and shareholder-yield indicators.

Metric	Value
Buyback yield / dilution	0.05%
Dividend growth	17.04%
Dividend growth (10Y)	12.65%
Dividend growth (3Y)	14.59%
Dividend growth (5Y)	11.91%
Dividend growth years	11
Dividend payment date	2026-12-15
Dividend payment years	17
Dividend payout frequency	Quarterly
Dividend per share	$3.44
Dividend yield	1.07%
Ex-dividend date	2026-11-30
FCF payout ratio	17.6%
Last dividend	$0.86
Payout ratio	24.63%
Shareholder yield	1.11%

Performance and technicals

Returns, volatility, beta, momentum, RSI, and moving-average context.

Metric	Value
10Y price change	416.54%
10Y return CAGR	19.4%
10Y total return	488.9%
150-day SMA	$295.43
15Y price change	1,127.84%
15Y return CAGR	20.14%
15Y total return	1,467.16%
1D price change	-1.2%
1M price change	24.44%
1M total return	24.44%
1W price change	1.93%
1W total return	1.93%
1Y price change	34.76%
1Y return CAGR	36.16%
1Y total return	36.13%
20-day SMA	$304.33
200-day SMA	$291.95
3M price change	11.15%
3M total return	11.46%
3Y price change	99.11%
3Y return CAGR	27.23%
3Y total return	105.99%
50-day SMA	$293.12
50-day SMA vs 200-day SMA	50over200
52-week high	$371.18
52-week high date	2026-05-19
52-week low	$227.15
52-week low date	2026-06-29
5Y price change	146.72%
5Y return CAGR	21.38%
5Y total return	163.46%
6M price change	7.59%
6M total return	8.11%
All-time high	$371.18
All-time high date	2026-05-19
All-time low	$19.60
All-time low date	2010-09-30
Average true range (ATR)	$11.18
Average volume	1.2M
Beta (1Y)	0.76
Beta (2Y)	0.16
Beta (5Y)	0.41
Change from 52-week high	-13.57%
Change from 52-week low	41.23%
Change from all-time high	-13.5%
Change from all-time low	1,538.16%
Change from open	-0.02%
Day's gap	-1.17%
Dollar volume	$189.8M
High price	$325.54
Low price	$319.59
Monthly RSI	61.21
Open price	$320.88
Position in 52-week range	20.34%
Premarket change	-0.52%
Premarket close	$324.68
Premarket price	$323.00
Premarket volume	440
Previous close	$324.68
Price vs 150-day SMA	8.68%
Price vs 20-day SMA	5.5%
Price vs 200-day SMA	9.98%
Price vs 50-day SMA	9.54%
Relative volume	0.48
RSI	59.47
Sharpe ratio	0.93
Sharpe ratio (3Y)	0.88
Sharpe ratio (5Y)	0.76
Sortino ratio	1.48
Sortino ratio (3Y)	1.47
Sortino ratio (5Y)	1.31
Volume	591.5K
Weekly RSI	55.97
YTD price change	27.92%
YTD total return	28.86%

Ownership and float

Institutional, insider, float, short-interest, and share-count fields.

Metric	Value
Float	104M
Float percentage	99.62%
Shares change (QoQ)	-0.1%
Shares held by insiders	0.25%
Shares held by institutions	90.24%
Shares outstanding	104.4M
Short % of float	2.45%
Short % of shares	2.44%
Short ratio	2.9 days

Deeper analysis on CBOE

14 sections in the full report · jump straight to what you need

Forecast

Base and Bull forecast paths with report-date return framing.

→

Valuation

Fair-value bridge, DCF, owner earnings, and peer multiples.

→

Sensitivity

Cost-of-equity and terminal-growth stress table.

→

Risks

Kill scenarios, soft-pass flags, and downside catalysts.

→

Earnings

Next earnings setup and beat / inline / miss thresholds.

→

Position sizing

Entry, exit, conviction, and quarterly monitoring rules.

→

Financials

Revenue, margins, cash flow, and balance-sheet context.

→

Peers

Relative valuation and profitability against the cohort.

→

Moat

Economic-profit evidence and competitive advantage risk.

→

Industry cycle

Sector phase, capital cycle, and secular tailwinds.

→

Quote this valuation with its source: Fair value, Potential value and the price at analysis.

Frequently asked questions

About this CBOE report

What is the latest published CBOE stock rating?

Cboe Global Markets, Inc. is shown with Buy in the latest published report, analyzed 2026-10-05. The hub links directly to the full analysis surface where the dated rating, fair-value bridge, risks, and scorecard are documented together.

Where can I read the full CBOE analysis?

The full latest published report, analyzed 2026-10-05, lives at /stocks/CBOE/analysis. The bare ticker page summarizes that read and links to each analysis tab; earlier editions remain under /analysis/archive.

What fair value is used for CBOE?

The latest published report analyzed 2026-10-05 gives CBOE a fair value of USD 306 and a potential value of USD 398. These are dated research outputs, not live market prices; review the valuation assumptions, sensitivity analysis, and material risks before making a decision.

How often is the CBOE page updated?

The hub selects the latest published stock report regardless of age and displays its analysis date (2026-10-05). Separately sourced market data is labeled with its own recorded timestamp and is never inferred from the report.

BuyCBOE · Fair value $306+13.0%

Read full analysis →

Cboe Global Markets, Inc. (CBOE)

Our latest published analysis: CBOE rated Buy

Price

Financial snapshot

Fair-value bridge

Latest news · CBOE

Valuation

Profitability

Balance sheet

Trading

Base and Bull scenarios

Sensitivity: Ke × terminal growth

Scorecard

Next earnings

Sector percentile context

All CBOE indicators

Profile and market data

Valuation

Profitability

Growth

Financial statements

Financial strength

Liquidity

Dividends and buybacks

Performance and technicals

Ownership and float

Deeper analysis on CBOE

Frequently asked questions

Lịch sử xếp hạng

Category	Score	Reading
Valuation	7.5
Management	9.5
Balance Sheet	8.0
Profitability	8.5
Revenue Growth	7.5
Risk Assessment	8.5
Competitive Moat	9.0
Earnings Quality	9.0
Capital Efficiency	7.5