CBOE Stock Analysis: Cboe Global Markets | BATS
Financial Data & Stock Exchanges | BATS, USA | Market Cap: 24.228m USD | 12M Return: 5.2% | Charts, Fundamentals & Technical Analysis
Avg Turnover: 548M
EPS Trend: 96.6%
Qual. Beats: 3
Rev. Trend: 93.0%
Qual. Beats: 0
Warnings
No concerns identified
Tailwinds
Seasonality 10.5 years of data
Average return per month, with how dependable it is below — did the month move the same way every year (high) or randomly (low). Above 60 is a pattern worth trusting; under 40 is noise.
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: 1.24b 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 (1.91b): -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 49.29%; Δ 2.93% > 0.5%) |
| Asset Turnover: 48.56% > 50% (prev 49.98%; Δ -1.43% > 0%) |
| Interest Coverage Ratio: 33.80 > 6 (EBIT TTM 1.78b / 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 1.78b / Avg Total Assets 9.87b) |
| D: 0.94 (Book Value of Equity 5.37b / Total Liabilities 5.70b) |
| Altman-Z'' = 4.55 = AA |
| DSRI: 0.94 (Receivables 514.6m/494.4m, Revenue 4.79b/4.33b) |
| GMI: 0.94 (GM 49.29% / 52.22%) |
| 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 = -2.89 (Cap -4..+1) = A |
As of July 01, 2026, the stock is trading at USD 242.67 with a total of 2,090,560 shares traded. Over the past week, the price has changed by -5.73%, over one month by -19.38%, over three months by -13.48% and over the past year by +5.15%.
Current recommended Stop Loss: 224.10 (which is 7.7% 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 | 319.6 | 31.7% |
P/E Trailing = 19.7703
P/E Forward = 19.3798
P/S = 5.2897
P/B = 4.7173
P/EG = 2.285
Revenue TTM = 4.79b USD
EBIT TTM = 1.78b USD
EBITDA TTM = 1.91b 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 = 23.8b USD (24.2b + Debt 1.70b - CCE 2.17b)
Interest Coverage Ratio = 33.80 (Ebit TTM 1.78b / Interest Expense TTM 52.8m)
EV/FCF = 24.36x (Enterprise Value 23.8b / FCF TTM 975.4m)
FCF Yield = 4.11% (FCF TTM 975.4m / Enterprise Value 23.8b)
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 = 2.15 (Enterprise Value 23.8b / Total Assets 11.1b)
Interest Expense / Debt = 3.11% (Interest Expense 52.8m / Debt 1.70b)
Taxrate = 28.69% (496.8m / 1.73b)
NOPAT = 1.27b (EBIT 1.78b * (1 - 28.69%))
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 1.91b)
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 = 30.72% (EBIT 1.78b / Capital Employed (Equity 5.02b + L.T.Debt 793.9m))
RoIC = 11.75% (NOPAT 1.27b / Invested Capital 10.8b)
WACC = 4.47% (E(24.2b)/V(25.9b) * Re(4.63%) + D(1.70b)/V(25.9b) * Rd(3.11%) * (1-Tc(0.29)))
Discount Rate = 4.63% (= 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: 96.57 | EPS CAGR: 16.77% | SUE: 4.0 | # QB: 3
Revenue Correlation: 92.96 | Revenue CAGR: 10.27% | SUE: 0.69 | # QB: 0
EPS next Quarter (2026-09-30): EPS=3.33 | Chg30d=+0.30% | Revisions=+33% | Analysts=11
EPS current Year (2026-12-31): EPS=13.75 | Chg30d=-0.16% | Revisions=+33% | GrowthEPS=+28.8% | GrowthRev=+15.5%
EPS next Year (2027-12-31): EPS=14.72 | Chg30d=+1.04% | Revisions=+43% | GrowthEPS=+7.0% | GrowthRev=+3.6%
[Analyst] Revisions Ratio: +43%