CBOE Stock Analysis: Cboe Global Markets | BATS
Financial Data & Stock Exchanges | BATS, USA | Market Cap: 31.407m USD | 12M Return: 33.3% | US12503M1080 | Charts, Fundamentals & Technical Analysis
Avg Turnover: 263M
EPS Trend: 95.5%
Qual. Beats: 0
Rev. Trend: 97.3%
Qual. Beats: 1
Warnings
No concerns identified
Tailwinds
Seasonality 11.6 years of data
How good or bad each month usually is (without trend). The score below shows how much you can trust it: 0 = pure chance, >40 gets interesting and >55 is strong.
Cboe Global Markets, Inc. operates a global derivatives and securities exchange network, providing trading, clearing, and investment solutions across five segments: Options, North American Equities, Europe and Asia Pacific, Futures, and Global FX. Its offerings span options on market indices and individual stocks, U.S. equities and ETP transaction services, pan-European derivatives, VIX futures and other futures products, and institutional FX trading. The company also generates revenue from ETP listings (including ETFs, ETNs, and exchange-traded commodities), market data licensing, and listing services on venues such as Cboe Canada and BZX.
Headquartered in Chicago, Illinois, the company was founded in 1973 and was known as CBOE Holdings, Inc. before adopting its current name in October 2017. It maintains strategic index relationships with S&P Dow Jones Indices, Frank Russell Company, and FTSE International Limited. As a member of the Financial Exchanges & Data sub-industry, Cboe earns the bulk of its revenue from transaction-based fees, listing fees, and market data services-a typical revenue mix for exchange operators whose income tends to scale directly with trading volumes and the number of listed products on their platforms.
- Options revenue rises on retail volatility and index trading
- VIX futures segment tracks equity market volatility regime
- Global FX volumes face macro pressure from rate cycle shifts
| Net Income: 1.35b TTM > 0 and > 6% of Revenue |
| FCF/TA: 0.00 > 0.02 and ΔFCF/TA -12.82 > 1.0 |
| NWC/Revenue: 42.29% < 20% (prev 29.93%; Δ 12.36% < -1%) |
| CFO/TA 0.01 > 3% & CFO 110.5m > Net Income 1.35b |
| Net Debt (-698.9m) to EBITDA (2.05b): -0.34 < 3 |
| Current Ratio: 1.57 > 1.5 & < 3 |
| Outstanding Shares: last quarter (104.9m) vs 12m ago -0.10% < -2% |
| Gross Margin: 52.29% > 18% (prev 48.74%; Δ 3.55% > 0.5%) |
| Asset Turnover: 51.49% > 50% (prev 50.08%; Δ 1.41% > 0%) |
| Interest Coverage Ratio: 36.29 > 6 (EBIT TTM 1.93b / Interest Expense TTM 53.1m) |
| A: 0.20 (Total Current Assets 5.93b - Total Current Liabilities 3.79b) / Total Assets 10.6b |
| B: 0.39 (Retained Earnings 4.13b / Total Assets 10.6b) |
| C: 0.20 (EBIT TTM 1.93b / Avg Total Assets 9.83b) |
| D: 1.13 (Book Value of Equity 5.63b / Total Liabilities 4.98b) |
| Altman-Z'' = 5.10 = AAA |
| DSRI: 1.20 (Receivables 647.5m/484.9m, Revenue 5.06b/4.53b) |
| GMI: 0.93 (GM 48.74% / 52.29%) |
| AQI: 0.75 (AQ_t 0.42 / AQ_t-1 0.56) |
| SGI: 1.12 (Revenue 5.06b / 4.53b) |
| TATA: 0.12 (NI 1.35b - CFO 110.5m) / TA 10.6b) |
| Beneish M = -2.98 (Cap -4..+1) = A |
As of August 30, 2026, the stock is trading at USD 310.45 with a total of 953,714 shares traded. Over the past week, the price has changed by +3.23%, over one month by +4.39%, over three months by -9.63% and over the past year by +33.34%.
Current recommended Stop Loss: 293.80 (which is 5.4% or 1.7 ATR below the current price).
Cboe Global Markets has received a consensus analysts rating of 3.64. Therefore, it is recommended to hold CBOE.
- StrongBuy: 6
- Buy: 1
- Hold: 4
- Sell: 2
- StrongSell: 1
| Analysts Target Price | 315.1 | 1.5% |
P/E Trailing = 23.4587
P/E Forward = 22.9885
P/S = 6.2052
P/B = 5.4595
P/EG = 2.4987
Revenue TTM = 5.06b USD
EBIT TTM = 1.93b USD
EBITDA TTM = 2.05b USD
Long Term Debt = 794.2m USD (from longTermDebt, last quarter)
Short Term Debt = 649.6m USD (from shortTermDebt, last quarter)
Debt = 1.69b USD (from shortLongTermDebtTotal, last quarter) + Leases 136.5m
Net Debt = -698.9m USD (calculated: Debt 1.69b - CCE 2.39b)
Enterprise Value = 30.7b USD (31.4b + Debt 1.69b - CCE 2.39b)
Interest Coverage Ratio = 36.29 (Ebit TTM 1.93b / Interest Expense TTM 53.1m)
EV/FCF = 1000.0x (Enterprise Value 30.7b / FCF TTM 22.2m)
FCF Yield = 0.07% (FCF TTM 22.2m / Enterprise Value 30.7b)
FCF Margin = 0.44% (FCF TTM 22.2m / Revenue TTM 5.06b)
Net Margin = 26.73% (Net Income TTM 1.35b / Revenue TTM 5.06b)
Gross Margin = 52.29% ((Revenue TTM 5.06b - Cost of Revenue TTM 2.41b) / Revenue TTM)
Gross Margin QoQ = 50.71% (prev 52.63%)
Tobins Q-Ratio = 2.89 (Enterprise Value 30.7b / Total Assets 10.6b)
Interest Expense / Debt = 3.14% (Interest Expense 53.1m / Debt 1.69b)
Taxrate = 28.48% (538.9m / 1.89b)
NOPAT = 1.38b (EBIT 1.93b * (1 - 28.48%))
Current Ratio = 1.57 (Total Current Assets 5.93b / Total Current Liabilities 3.79b)
Debt / Equity = 0.30 (Debt 1.69b / totalStockholderEquity, last quarter 5.63b)
Debt / EBITDA = -0.34 (Net Debt -698.9m / EBITDA 2.05b)
Debt / FCF = -31.48 (Net Debt -698.9m / FCF TTM 22.2m)
Total Stockholder Equity = 5.26b (last 4 quarters mean from totalStockholderEquity)
RoA = 13.77% (Net Income 1.35b / Total Assets 10.6b)
RoE = 25.75% (Net Income TTM 1.35b / Total Stockholder Equity 5.26b)
RoCE = 31.85% (EBIT 1.93b / Capital Employed (Equity 5.26b + L.T.Debt 794.2m))
RoIC = 19.09% (NOPAT 1.38b / Invested Capital 7.22b)
WACC = 4.38% (E(31.4b)/V(33.1b) * Re(4.50%) + D(1.69b)/V(33.1b) * Rd(3.14%) * (1-Tc(0.28)))
Discount Rate = 4.50% (= CAPM, Blume Beta Adj.)
Shares (quarterly) Correlation: -79.39 | Cagr: -0.42%
[DCF] Terminal Value 73.10% ; FCFF base≈484.7m ; Y1≈425.1m ; Y5≈343.4m
[DCF] Fair Price = 59.48 (EV 5.51b - Net Debt -698.9m = Equity 6.21b / Shares 104.4m; r=8.35% [WACC [floored]]; 5y FCF grow -15.0% → 2.50% )
EPS Correlation: 95.46 | EPS CAGR: 19.54% | SUE: 0.66 | # QB: 0
Revenue Correlation: 97.27 | Revenue CAGR: 12.34% | SUE: 0.96 | # QB: 1
EPS current Quarter (2026-09-30): EPS=3.44 | Chg30d=+0.99% | Revisions=+79% | Analysts=11
EPS current Year (2026-12-31): EPS=14.18 | Chg30d=+1.50% | Revisions=+79% | GrowthEPS=+32.9% | GrowthRev=+18.1%
EPS next Year (2027-12-31): EPS=15.20 | Chg30d=+1.18% | Revisions=+79% | GrowthEPS=+7.1% | GrowthRev=+3.7%
[Analyst] Revisions Ratio: +92% (up=33, down=0)