CBOE Stock Analysis: Cboe Global Markets | BATS
Financial Data & Stock Exchanges | BATS, USA | Market Cap: 28.346m USD | 12M Return: 3.9% | US12503M1080 | Charts, Fundamentals & Technical Analysis
Avg Turnover: 279M
EPS Trend: 95.5%
Qual. Beats: 0
Rev. Trend: 97.3%
Qual. Beats: 1
Warnings
Tailwinds
No distinct edge detected
Seasonality 11.7 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 offering trading, clearing, and investment solutions across the United States, Europe, and Asia Pacific. Its business is organized into five reporting segments: Options, North American Equities, Europe and Asia Pacific, Futures, and Global FX. These segments collectively cover options on indices and individual stocks, U.S. and pan-European equities, exchange-traded products (ETPs) such as ETFs and ETNs, futures (including VIX futures), and institutional foreign exchange trading.
The company also generates revenue from listing services, proprietary market data licensing, and access/capacity services. It maintains strategic index relationships with S&P Dow Jones Indices, Frank Russell Company, and FTSE International Limited, which support its branded index products and derivatives. Originally founded in 1973 and previously known as CBOE Holdings, Inc., the firm rebranded to Cboe Global Markets in October 2017 and is headquartered in Chicago, Illinois.
As a financial exchange operator, Cboe follows the typical network-based business model in which revenue is largely transaction-fee driven and scales with trading volumes across asset classes. Operators in this sub-industry also commonly rely on recurring streams from listing fees, market data subscriptions, and index licensing to diversify away from cyclical volume dependence.
- VIX volatility spikes drive options and futures trading volume
- Rising interest rates boost interest income on customer cash balances
- ETF listings growth expands recurring fee revenue across exchanges
| 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 September 29, 2026, the stock is trading at USD 253.26 with a total of 818,539 shares traded. Over the past week, the price has changed by -6.69%, over one month by -18.20%, over three months by +9.70% and over the past year by +3.90%.
Current recommended Stop Loss: 239.30 (which is 5.5% or 1.4 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 | 315.6 | 24.6% |
P/E Trailing = 21.1724
P/E Forward = 22.2222
P/S = 5.6005
P/B = 5.0651
P/EG = 2.4145
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 = 27.6b USD (28.3b + 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 27.6b / FCF TTM 22.2m)
FCF Yield = 0.08% (FCF TTM 22.2m / Enterprise Value 27.6b)
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 = 2.61 (Enterprise Value 27.6b / 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 = 4.64% (E(28.3b)/V(30.0b) * Re(4.78%) + D(1.69b)/V(30.0b) * Rd(3.14%) * (1-Tc(0.28)))
Discount Rate = 4.78% (= 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=-0.80% | Revisions=-40% | Analysts=11
EPS current Year (2026-12-31): EPS=14.11 | Chg30d=-0.80% | Revisions=-40% | GrowthEPS=+32.2% | GrowthRev=+18.1%
EPS next Year (2027-12-31): EPS=15.22 | Chg30d=-0.17% | Revisions=-17% | GrowthEPS=+7.9% | GrowthRev=+3.7%
[Analyst] Revisions Ratio: -50% (up=1, down=6)