(CBOE) Cboe Global Markets - Overview
Stock: Options, Equities, Futures, FX, Digital
EPS (Earnings per Share)
Revenue
Dividends
| Dividend Yield | 1.16% |
| Yield on Cost 5y | 3.05% |
| Yield CAGR 5y | 10.67% |
| Payout Consistency | 97.2% |
| Payout Ratio | 27.9% |
| Risk 5d forecast | |
|---|---|
| Volatility | 20.4% |
| Relative Tail Risk | 0.71% |
| Reward TTM | |
|---|---|
| Sharpe Ratio | 1.14 |
| Alpha | 28.76 |
| Character TTM | |
|---|---|
| Beta | -0.116 |
| Beta Downside | -0.081 |
| Drawdowns 3y | |
|---|---|
| Max DD | 14.48% |
| CAGR/Max DD | 2.12 |
Description: CBOE Cboe Global Markets December 17, 2025
Cboe Global Markets, Inc. (NASDAQ: CBOE) operates a diversified suite of exchange services across six segments: Options, North American Equities, Europe & Asia-Pacific, Futures, Global FX, and Digital. The Options segment handles listed market-index contracts, while the North American Equities arm trades U.S. and Canadian stocks and provides exchange-traded product (ETP) listing services. The Europe & Asia-Pacific division offers pan-European equities, derivatives, ETPs, exchange-traded commodities, and international depository receipts, together with clearing. The Futures segment lists and trades futures contracts; Global FX supplies institutional foreign-exchange and non-deliverable forward services; and the Digital segment runs Cboe Digital (a U.S. spot crypto market), Cboe Clear Digital (a regulated clearinghouse), and related data-licensing and capacity services.
Key performance indicators from the most recent fiscal year show net revenue of roughly **$1.6 billion**, with the Options segment contributing about **30 %** of total volume (~4.5 billion contracts) and maintaining the largest market share among U.S. equity options venues. The Digital segment recorded **over 200 % year-over-year growth** in crypto-spot trading volume, reflecting accelerating institutional demand for regulated digital-asset markets.
Sector-wide drivers that materially affect Cboe’s outlook include macro-level volatility (the VIX index), which tends to boost options trading activity, and the prevailing interest-rate environment that influences hedging and speculative demand. Additionally, the rapid institutional adoption of crypto assets is expanding the addressable market for Cboe’s Digital services, while regulatory developments around market data licensing can impact revenue streams.
For a deeper quantitative assessment, you might explore ValueRay’s analytics platform for CBOE’s valuation metrics.
Piotroski VR‑10 (Strict, 0-10) 8.5
| Net Income: 983.0m TTM > 0 and > 6% of Revenue |
| FCF/TA: 0.13 > 0.02 and ΔFCF/TA 2.23 > 1.0 |
| NWC/Revenue: 33.85% < 20% (prev 23.47%; Δ 10.39% < -1%) |
| CFO/TA 0.13 > 3% & CFO 1.22b > Net Income 983.0m |
| Net Debt (98.0m) to EBITDA (1.57b): 0.06 < 3 |
| Current Ratio: 1.72 > 1.5 & < 3 |
| Outstanding Shares: last quarter (104.9m) vs 12m ago -0.19% < -2% |
| Gross Margin: 49.43% > 18% (prev 0.52%; Δ 4891 % > 0.5%) |
| Asset Turnover: 51.94% > 50% (prev 45.41%; Δ 6.54% > 0%) |
| Interest Coverage Ratio: 27.87 > 6 (EBITDA TTM 1.57b / Interest Expense TTM 51.9m) |
Altman Z'' 4.30
| A: 0.17 (Total Current Assets 3.74b - Total Current Liabilities 2.18b) / Total Assets 9.07b |
| B: 0.37 (Retained Earnings 3.39b / Total Assets 9.07b) |
| C: 0.16 (EBIT TTM 1.45b / Avg Total Assets 8.89b) |
| D: 0.82 (Book Value of Equity 3.42b / Total Liabilities 4.18b) |
| Altman-Z'' Score: 4.30 = AA |
Beneish M -2.96
| DSRI: 0.95 (Receivables 471.0m/423.3m, Revenue 4.62b/3.96b) |
| GMI: 1.05 (GM 49.43% / 51.75%) |
| AQI: 0.95 (AQ_t 0.56 / AQ_t-1 0.59) |
| SGI: 1.17 (Revenue 4.62b / 3.96b) |
| TATA: -0.03 (NI 983.0m - CFO 1.22b) / TA 9.07b) |
| Beneish M-Score: -2.96 (Cap -4..+1) = A |
What is the price of CBOE shares?
Over the past week, the price has changed by -4.10%, over one month by +4.13%, over three months by +12.24% and over the past year by +30.24%.
Is CBOE a buy, sell or hold?
- StrongBuy: 6
- Buy: 1
- Hold: 4
- Sell: 2
- StrongSell: 1
What are the forecasts/targets for the CBOE price?
| Issuer | Target | Up/Down from current |
|---|---|---|
| Wallstreet Target Price | 273 | 3% |
| Analysts Target Price | 273 | 3% |
| ValueRay Target Price | 345.2 | 30.2% |
CBOE Fundamental Data Overview January 27, 2026
P/E Forward = 26.8817
P/S = 6.2633
P/B = 5.9208
P/EG = 2.8816
Revenue TTM = 4.62b USD
EBIT TTM = 1.45b USD
EBITDA TTM = 1.57b USD
Long Term Debt = 1.44b USD (from longTermDebt, last quarter)
Short Term Debt = 25.1m USD (from shortTermDebt, last quarter)
Debt = 1.59b USD (from shortLongTermDebtTotal, last quarter)
Net Debt = 98.0m USD (from netDebt column, last quarter)
Enterprise Value = 28.99b USD (28.92b + Debt 1.59b - CCE 1.53b)
Interest Coverage Ratio = 27.87 (Ebit TTM 1.45b / Interest Expense TTM 51.9m)
EV/FCF = 25.27x (Enterprise Value 28.99b / FCF TTM 1.15b)
FCF Yield = 3.96% (FCF TTM 1.15b / Enterprise Value 28.99b)
FCF Margin = 24.84% (FCF TTM 1.15b / Revenue TTM 4.62b)
Net Margin = 21.29% (Net Income TTM 983.0m / Revenue TTM 4.62b)
Gross Margin = 49.43% ((Revenue TTM 4.62b - Cost of Revenue TTM 2.34b) / Revenue TTM)
Gross Margin QoQ = 53.03% (prev 50.05%)
Tobins Q-Ratio = 3.20 (Enterprise Value 28.99b / Total Assets 9.07b)
Interest Expense / Debt = 0.83% (Interest Expense 13.3m / Debt 1.59b)
Taxrate = 30.06% (129.3m / 430.1m)
NOPAT = 1.01b (EBIT 1.45b * (1 - 30.06%))
Current Ratio = 1.72 (Total Current Assets 3.74b / Total Current Liabilities 2.18b)
Debt / Equity = 0.33 (Debt 1.59b / totalStockholderEquity, last quarter 4.88b)
Debt / EBITDA = 0.06 (Net Debt 98.0m / EBITDA 1.57b)
Debt / FCF = 0.09 (Net Debt 98.0m / FCF TTM 1.15b)
Total Stockholder Equity = 4.57b (last 4 quarters mean from totalStockholderEquity)
RoA = 11.06% (Net Income 983.0m / Total Assets 9.07b)
RoE = 21.51% (Net Income TTM 983.0m / Total Stockholder Equity 4.57b)
RoCE = 24.06% (EBIT 1.45b / Capital Employed (Equity 4.57b + L.T.Debt 1.44b))
RoIC = 16.83% (NOPAT 1.01b / Invested Capital 6.01b)
WACC = 5.23% (E(28.92b)/V(30.52b) * Re(5.49%) + D(1.59b)/V(30.52b) * Rd(0.83%) * (1-Tc(0.30)))
Discount Rate = 5.49% (= CAPM, Blume Beta Adj.) -> floored to rf + 0.7*ERP = 7.95%
Shares Correlation 3-Years: -100.0 | Cagr: -0.47%
[DCF Debug] Terminal Value 86.83% ; FCFF base≈1.05b ; Y1≈1.11b ; Y5≈1.30b
Fair Price DCF = 367.3 (EV 38.54b - Net Debt 98.0m = Equity 38.44b / Shares 104.6m; r=5.90% [WACC]; 5y FCF grow 5.78% → 2.90% )
EPS Correlation: 94.23 | EPS CAGR: 14.77% | SUE: 4.0 | # QB: 1
Revenue Correlation: 75.97 | Revenue CAGR: 7.64% | SUE: 0.76 | # QB: 0
EPS next Quarter (2026-03-31): EPS=2.78 | Chg30d=+0.090 | Revisions Net=+6 | Analysts=11
EPS next Year (2026-12-31): EPS=11.20 | Chg30d=+0.284 | Revisions Net=+9 | Growth EPS=+6.0% | Growth Revenue=+5.5%