(CBOE) Cboe Global Markets - Overview
Sector: Financial Services | Industry: Financial Data & Stock Exchanges | Exchange: BATS (USA) | Market Cap: 36.026m USD | Total Return: 45.9% in 12m
Avg Turnover: 346M
EPS Trend: 96.7%
Qual. Beats: 3
Rev. Trend: 93.0%
Qual. Beats: 0
Warnings
Below Avwap Earnings
Tailwinds
Idiosyncratic Leader, Confidence
Cboe Global Markets, Inc. operates a comprehensive network of derivatives and securities exchanges across North America, Europe, and Asia Pacific. The company manages five distinct business segments: Options, North American Equities, Europe and Asia Pacific, Futures, and Global FX. Its infrastructure facilitates the trading and clearing of equities, exchange-traded products (ETPs), and complex derivatives, supported by strategic partnerships with major index providers like S&P Dow Jones and FTSE.
The business model relies heavily on transaction fees and the licensing of proprietary market data, such as the VIX Index, which serves as a global benchmark for equity market volatility. Unlike traditional brokerage firms, financial exchanges benefit from a moat created by high regulatory barriers to entry and the network effects of deep liquidity pools. Investors may find it useful to examine ValueRay for deeper insights into the companys valuation metrics and historical performance.
Founded in 1973 and headquartered in Chicago, Cboe has expanded its footprint through international acquisitions and the diversification of its asset classes. The firm provides institutional-grade foreign exchange services and non-deliverable forward transactions, positioning it as a critical utility within the global financial infrastructure.
- Proprietary index options and VIX futures trading volume drives core revenue growth
- Expansion into European and Asia-Pacific markets diversifies geographic revenue streams
- Increased market volatility boosts demand for hedging and derivative transaction services
- Regulatory changes affecting payment for order flow impact North American equities margins
- Strategic licensing agreements with S&P and Russell sustain high-margin proprietary product dominance
| Net Income: 1.24b TTM > 0 and > 6% of Revenue |
| FCF/TA: 0.09 > 0.02 and ΔFCF/TA -3.24 > 1.0 |
| NWC/Revenue: 42.47% < 20% (prev 29.18%; Δ 13.30% < -1%) |
| CFO/TA 0.09 > 3% & CFO 1.05b > Net Income 1.24b |
| Net Debt (-471.1m) to EBITDA (1.87b): -0.25 < 3 |
| Current Ratio: 4.13 > 1.5 & < 3 |
| Outstanding Shares: last quarter (105.0m) vs 12m ago -0.10% < -2% |
| Gross Margin: 52.22% > 18% (prev 0.49%; Δ 5.17k% > 0.5%) |
| Asset Turnover: 48.56% > 50% (prev 49.98%; Δ -1.43% > 0%) |
| Interest Coverage Ratio: 33.12 > 6 (EBITDA TTM 1.87b / Interest Expense TTM 52.8m) |
| A: 0.18 (Total Current Assets 2.68b - Total Current Liabilities 649.5m) / Total Assets 11.1b |
| B: 0.35 (Retained Earnings 3.85b / Total Assets 11.1b) |
| C: 0.18 (EBIT TTM 1.75b / Avg Total Assets 9.87b) |
| D: 0.68 (Book Value of Equity 3.87b / Total Liabilities 5.70b) |
| Altman-Z'' = 4.24 = AA |
| DSRI: 0.94 (Receivables 514.6m/494.4m, Revenue 4.79b/4.33b) |
| GMI: 0.94 (GM 52.22% / 49.29%) |
| AQI: 1.26 (AQ_t 0.74 / AQ_t-1 0.58) |
| SGI: 1.11 (Revenue 4.79b / 4.33b) |
| TATA: 0.02 (NI 1.24b - CFO 1.05b) / TA 11.1b) |
| Beneish M = -2.88 (Cap -4..+1) = A |
As of June 01, 2026, the stock is trading at USD 333.56 with a total of 1,473,074 shares traded.
Over the past week, the price has changed by -5.02%,
over one month by +11.39%,
over three months by +12.36% and
over the past year by +45.85%.
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 | 330.4 | -0.9% |
P/E Trailing = 29.4222
P/E Forward = 29.1545
P/S = 7.5933
P/B = 6.904
P/EG = 3.4406
Revenue TTM = 4.79b USD
EBIT TTM = 1.75b USD
EBITDA TTM = 1.87b USD
Long Term Debt = 793.9m USD (from longTermDebt, last quarter)
Short Term Debt = 649.5m USD (from shortTermDebt, last quarter)
Debt = 1.70b USD (from shortLongTermDebtTotal, last quarter) + Leases 141.2m
Net Debt = -471.1m USD (calculated: Debt 1.70b - CCE 2.17b)
Enterprise Value = 35.6b USD (36.0b + Debt 1.70b - CCE 2.17b)
Interest Coverage Ratio = 33.12 (Ebit TTM 1.75b / Interest Expense TTM 52.8m)
EV/FCF = 36.45x (Enterprise Value 35.6b / FCF TTM 975.4m)
FCF Yield = 2.74% (FCF TTM 975.4m / Enterprise Value 35.6b)
FCF Margin = 20.35% (FCF TTM 975.4m / Revenue TTM 4.79b)
Net Margin = 25.77% (Net Income TTM 1.24b / Revenue TTM 4.79b)
Gross Margin = 52.22% ((Revenue TTM 4.79b - Cost of Revenue TTM 2.29b) / Revenue TTM)
Gross Margin QoQ = 52.63% (prev 53.14%)
Tobins Q-Ratio = 3.21 (Enterprise Value 35.6b / Total Assets 11.1b)
Interest Expense / Debt = 3.11% (Interest Expense 52.8m / Debt 1.70b)
Taxrate = 25.18% (129.8m / 515.5m)
NOPAT = 1.31b (EBIT 1.75b * (1 - 25.18%))
Current Ratio = 4.13 (Total Current Assets 2.68b / Total Current Liabilities 649.5m)
Debt / Equity = 0.32 (Debt 1.70b / totalStockholderEquity, last quarter 5.37b)
Debt / EBITDA = -0.25 (Net Debt -471.1m / EBITDA 1.87b)
Debt / FCF = -0.48 (Net Debt -471.1m / FCF TTM 975.4m)
Total Stockholder Equity = 5.02b (last 4 quarters mean from totalStockholderEquity)
RoA = 12.52% (Net Income 1.24b / Total Assets 11.1b)
RoE = 24.63% (Net Income TTM 1.24b / Total Stockholder Equity 5.02b)
RoCE = 30.10% (EBIT 1.75b / Capital Employed (Equity 5.02b + L.T.Debt 793.9m))
RoIC = 11.82% (NOPAT 1.31b / Invested Capital 11.1b)
WACC = 4.91% (E(36.0b)/V(37.7b) * Re(5.03%) + D(1.70b)/V(37.7b) * Rd(3.11%) * (1-Tc(0.25)))
Discount Rate = 5.03% (= CAPM, Blume Beta Adj.)
Shares (quarterly) Correlation: -79.50 | Cagr: -0.38%
[DCF] Terminal Value 74.49% ; FCFF base≈1.00b ; Y1≈951.3m ; Y5≈899.1m
[DCF] Fair Price = 139.8 (EV 14.2b - Net Debt -471.1m = Equity 14.6b / Shares 104.7m; r=8.35% [WACC [floored]]; 5y FCF grow -6.62% → 2.50% )
EPS Correlation: 96.67 | EPS CAGR: 16.70% | SUE: 4.0 | # QB: 3
Revenue Correlation: 92.96 | Revenue CAGR: 10.27% | SUE: 0.69 | # QB: 0
EPS current Quarter (2026-06-30): EPS=3.34 | Chg30d=+9.49% | Revisions=+60% | Analysts=11
EPS next Quarter (2026-09-30): EPS=3.33 | Chg30d=+8.02% | Revisions=+73% | Analysts=11
EPS current Year (2026-12-31): EPS=13.77 | Chg30d=+9.39% | Revisions=+76% | GrowthEPS=+29.1% | GrowthRev=+15.5%
EPS next Year (2027-12-31): EPS=14.56 | Chg30d=+10.25% | Revisions=+76% | GrowthEPS=+5.8% | GrowthRev=+3.6%
[Analyst] Revisions Ratio: +76%