Cboe Global Markets, Inc. (CBOE)
Financials · Financial Exchanges & Data · US stock · S&P 500 component
$314.98
▲ +6.89 (2.24%)
Fair valueFair
$357 +13.3% to fair value
$178fair band $250–$464$535
Day's range
$306.65 – $315.56
52-week range
$226.52 – $369.38
About Cboe Global Markets, Inc.
Cboe Global Markets operates securities and derivatives exchanges, including a well known options marketplace and platforms for equities, futures and foreign exchange trading. It earns money from transaction fees, from fees for market data and access, and from listing and related services. Trading activity and market volatility influence volumes, and the company also licenses proprietary index products, such as the volatility index, which generate recurring income.
Looking at the top line, revenue was $5.1 billion for the latest twelve months and it grew by 6.0% a year over three years. Operating margin was 34.7%, and return on invested capital is 26%. Net debt to EBITDA is -0.4 times, which means the company holds more cash than debt. Shareholders receive a dividend with a yield of 1.0%. The overall X-Ray Score is 60 out of 100.
Written with AI from public information and the filing figures on this page, then checked automatically for unsupported numbers. It can contain mistakes: read the company's own filings below before relying on it.
Price chart
52-wk range $226.52 – $369.38Volume 1,156,000Daily, split-adjusted
Vitals
Market cap$33.0B
52-week range$226.52 – $369.38
Volume (last day)1,156,000
P/E (TTM)24.4
EBIT / EV yield5.4%
Free-cash-flow yield5.7%
Dividend yield1.0%
Revenue (TTM)$5.1B
Net income (TTM)$1.4B
Operating margin34.7%
Return on capital26.1%
Debt incl. leases$1.6B
Cash & securities$2.4B
Debt = borrowings plus lease liabilities. Cash & securities = cash, equivalents and short-term marketable securities (long-term securities are not counted, so net cash can be understated for companies like Apple). Net debt = debt minus cash & securities. Source: latest SEC 10-Q/10-K. EBIT / EV yield = operating profit divided by market cap plus net debt.
Fair value estimate
$357model spread $310 – $384
Fair
+13.3% to fair value
Equal blend of three models: peer multiples, a fundamentals-adjusted multiple (growth, ROIC and margin) and a 10-year DCF scaled to the market's average. Earnings-power value (no growth) is a floor and not part of the blend. Model uncertainty is Medium, so the safety margin is 30%.
Price $315
Undervalued < $250Fair $250 – $464Overvalued > $464
10-year DCF (market-scaled)
$550
Peer multiples
$197
Earnings power floor (not blended)
$138
Fundamentals-adjusted multiple
$323
Growth the price implies
4.1%/yr
A model estimate, not a price target or recommendation. Inputs: risk-free 5.09%, equity risk premium 4.23% (Damodaran). How it works.
What this means
Average business, fairly priced
The price sits inside our fair-value band. A high score does not guarantee a good outcome; it shifts the odds a little. Use the checklist as a prompt for your own research.
Before you invest · decision checklist
Ticked boxes are filled in from our data; the rest are yours to answer.
The five-lens scan
Every score explained in one sentence, ranked against Financials peers. Open a lens to see the numbers behind it.
Valuation
Fair
51/100
Priced about in line with its sector.
See the numbers →
EBIT / EV yield5.4%
Free-cash-flow yield5.7%
Fair value vs price1.1×
Growth
Fair
70/100
Growing at a typical pace for its sector.
See the numbers →
Revenue growth (3y)6.0%
EPS growth (3y)68.2%
Growth consistency90%
Profitability
Fair
67/100
Returns on capital are typical for its sector.
See the numbers →
Return on invested capital26.1%
Operating margin34.7%
Gross profitability25.8%
Financial health
Strong
73/100
Balance sheet looks strong: debt is well covered.
See the numbers →
Piotroski F-Score8 / 9
Net debt / EBITDA-0.4×
Interest cover33.1×
Dividends
Fair
56/100
Dividend is typical for its sector.
See the numbers →
Dividend yield1.0%
Dividends vs free cash flow17%
Dividend growth10.7%
Quarterly results: last 6 quarters
+24.8%
Mar '25
+20.5%
Jun '25
+8.1%
Sep '25
+8.7%
Dec '25
+6.5%
Mar '26
+22.9%
Jun '26
Revenue against the same quarter a year earlier. Latest quarter revenue $1.4B, diluted EPS $3.35.
Compare with peers
MCO Moodys Corp62 FDS Factset Research Syste...59 MSCI MSCI Inc.56 SPGI S&P Global Inc.51Other Financial Exchanges & Data companies by X-Ray Score.
Fundamentals checklist
● 10 Good · ● 5 Average · ● 1 BadCash quality
Earnings backed by cashGood
Free-cash-flow yieldAverage
Risk models
Altman Z''Good
Piotroski F-ScoreGood
Growth
EPS growth (3y)Good
Free-cash-flow growth (3y)Good
Revenue growth (3y)Average
Growth consistencyAverage
Balance sheet
Current ratioGood
Net debt / EBITDAGood
Interest coverAverage
Valuation
Fair value vs priceGood
EBIT / EV yieldBad
Profitability
Return on invested capitalGood
Operating marginGood
Gross profitabilityAverage
Each check is graded against the company's sector, not a fixed number. Checklist score 65/100.
Financials
| FY21 | FY22 | FY23 | FY24 | FY25 | |
|---|---|---|---|---|---|
| Revenue | $3.5B | $4.0B | $3.8B | $4.1B | $4.7B |
| Operating income | $806M | $490M | $1.1B | $1.1B | $1.5B |
| Net income | $529M | $235M | $761M | $765M | $1.1B |
| Operating cash flow | $597M | $651M | $1.1B | $1.1B | $1.8B |
| Operating margin | 23.1% | 12.4% | 28.0% | 26.8% | 31.1% |
| Free cash flow | $546M | $591M | $1.0B | $1.0B | $1.7B |
| Diluted EPS | $4.92 | $2.19 | $7.13 | $7.21 | $10.42 |
Fiscal years, from SEC filings.
Technical summary
Daily
Strongly bullish
12 bullish · 1 neutral · 3 bearish
Weekly
Strongly bullish
11 bullish · 1 neutral · 0 bearish
Monthly
Strongly bullish
7 bullish · 1 neutral · 0 bearish
Moving averages (daily)
| SMA 10 | 294.9 | Bullish |
| EMA 10 | 296.6 | Bullish |
| SMA 20 | 281.0 | Bullish |
| EMA 20 | 289.3 | Bullish |
| SMA 50 | 287.5 | Bullish |
| EMA 50 | 286.3 | Bullish |
| SMA 100 | 282.9 | Bullish |
| EMA 100 | 286.5 | Bullish |
| SMA 200 | 288.1 | Bullish |
| EMA 200 | 280.9 | Bullish |
Oscillators (daily)
| RSI (14) | 66.85 | Neutral |
| MACD (12, 26) | 6.67 | Bullish |
| Momentum (12) | 14.42 | Bullish |
| Stochastic %K (14) | 98.97 | Bearish |
| Williams %R (14) | -1.03 | Bearish |
| CCI (20) | 147.3 | Bearish |
Pivot points (classic, last session)
S3 300.3 | S2 303.5 | S1 309.2 | Pivot 312.4 | R1 318.1 | R2 321.3 | R3 327.1 |
Signals describe what the chart is doing, not what to do. Moving averages: price above the average is bullish. Oscillators use the usual thresholds (RSI 30/70, Stochastic 20/80, CCI ±100, Williams %R −80/−20; MACD and momentum above zero are bullish). Weekly and monthly views use closing prices only.
Dividends
Paid, last 12 months
3.02 USD
Yield on today's price
0.96%
Frequency
Quarterly
Next ex-dividend date
Not announced
| Ex-dividend date | Amount per share |
|---|---|
| 31 Aug 2026 | 0.8600 |
| 29 May 2026 | 0.7200 |
| 27 Feb 2026 | 0.7200 |
| 28 Nov 2025 | 0.7200 |
| 29 Aug 2025 | 0.7200 |
| 30 May 2025 | 0.6300 |
| 28 Feb 2025 | 0.6300 |
| 29 Nov 2024 | 0.6300 |
| 30 Aug 2024 | 0.6300 |
| 31 May 2024 | 0.5500 |
| 28 Feb 2024 | 0.5500 |
| 29 Nov 2023 | 0.5500 |
Ex-dividend dates and amounts from EODHD. Shown as declared, before tax.
CBOE SEC filings
29 Sep 2026
8-KSEC EDGAR
Entered a material agreement; Regulation FD disclosure
31 Jul 2026
10-QSEC EDGAR
Quarterly report
31 Jul 2026
8-KSEC EDGAR
Results of operations
28 Jul 2026
8-KSEC EDGAR
Entered a material agreement
26 Jun 2026
8-KSEC EDGAR
Entered a material agreement
18 May 2026
8-KSEC EDGAR
Shareholder vote results
1 May 2026
10-QSEC EDGAR
Quarterly report
1 May 2026
8-KSEC EDGAR
Results of operations; Exit or restructuring costs
Where the numbers come from
Statements SEC EDGAR filings (10-K, 10-Q), quarters derived from year-to-date figures.
Prices end-of-day closes, split-adjusted.
Industry inputs beta, multiples and equity risk premium from Damodaran Online (NYU Stern).
StocksXray is for education only and is not financial advice. Scores and fair values are model estimates from public filings and carry uncertainty.