Financials · Financial Exchanges & Data · US stock · price as of 16 Oct 2026
Key indicators
Price
$314.98
52-week range
$226.52 – $369.38
Market cap
$33.0B
P/E (trailing)
24.4×
EV / EBITDA
17.1×
Free-cash-flow yield
5.7%
Dividend yield
1.0%
Revenue (last 12 months)
$5.1B
Revenue growth (3y a year)
6.0%
Operating margin
34.7%
Return on invested capital
26.1%
Net debt / EBITDA
-0.4×
Fair value
Blended fair value$356.78 range $310 – $384
Versus priceFair+13% to fair value
Peer multiples
$196.79
Fundamentals-adjusted multiple
$323.47
10-year DCF (market-scaled)
$550.09
Earnings power value (floor, not blended)
$138.41
Model uncertainty
Medium
X-Ray Score
64/ 100 · High confidence · ahead of 87% of sector peers
Valuation51
Growth70
Profitability67
Financial health72
Dividends56
Five-year price chart navy: price · brown: 200-day average · blue band: fair value range
Executive summary
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%.
StocksXray gives Cboe Global Markets, Inc. an X-Ray Score of 64 out of 100 (high confidence), ahead of 87% of the S&P 500 stocks in its sector. Its strongest lens is financial health (72) and its weakest is valuation (51).
Our fair value blend is $356.78 (range $309.94 to $383.77). At $314.98 the stock trades 12% below that blend, so the label is "Fair" with medium model uncertainty. Fair value is a range, not a price target.
XStocksXray
Cboe Global Markets, Inc. (CBOE)
Valuation history multiples at each fiscal year-end price; the last column uses today's price and the last twelve months
FY2021
FY2022
FY2023
FY2024
FY2025
Now
Price
$122.56
$119.91
$173.12
$191.72
$249.17
$314.98
Market cap
$13.1B
$12.8B
$18.4B
$20.2B
$26.2B
$33.0B
P/E
24.9×
54.8×
24.3×
26.6×
23.9×
24.4×
EV / revenue
4.0×
3.5×
5.1×
5.0×
5.4×
6.3×
EV / EBITDA
14.4×
21.3×
15.8×
16.8×
16.0×
17.1×
Price / free cash flow
24.1×
21.6×
17.8×
19.5×
15.6×
17.6×
Free-cash-flow yield
4.2%
4.6%
5.6%
5.1%
6.4%
5.7%
Price / book
3.6×
3.7×
4.6×
4.7×
5.1×
5.9×
Dividend yield
1.47%
1.63%
1.21%
1.23%
1.08%
0.96%
Fundamentals checklist ● 10 Good · ● 5 Average · ● 1 Bad · each check graded against the sector
Cash quality
Earnings backed by cash−5.7%Good
Free-cash-flow yield5.7%Average
Risk models
Altman Z score4.9×Good
Piotroski F-Score8 of 9Good
Growth
EPS growth (3y)68.2%Good
Free-cash-flow growth (3y)41.7%Good
Revenue growth (3y)6.0%Average
Growth consistency90%Average
Balance sheet
Current ratio1.6×Good
Net debt / EBITDA-0.4×Good
Interest cover33.1×Average
Valuation
Fair value vs price1.1×Good
EBIT / EV yield5.4%Bad
Profitability
Return on invested capital26.1%Good
Operating margin34.7%Good
Gross profitability25.8%Average
XStocksXray
Cboe Global Markets, Inc. (CBOE)
Financials US$ millions, from SEC filings; last column is the last twelve months
Income statement
FY21
FY22
FY23
FY24
FY25
LTM
Revenue
3,495
3,959
3,774
4,095
4,714
5,061
Gross profit
1,476
1,742
1,918
2,072
2,429
2,737
Operating income
806
490
1,058
1,098
1,467
1,756
Net income
529
235
761
765
1,100
1,353
Diluted EPS ($)
4.92
2.19
7.13
7.21
10.42
12.89
Free cash flow
546
591
1,031
1,040
1,682
1,875
Gross margin
42.2%
44.0%
50.8%
50.6%
51.5%
54.1%
Operating margin
23.1%
12.4%
28.0%
26.8%
31.1%
34.7%
Net margin
15.1%
5.9%
20.2%
18.7%
23.3%
26.7%
Balance sheet
FY21
FY22
FY23
FY24
FY25
LTM
Total assets
6,815
6,999
7,488
7,789
9,305
10,609
Cash
342
433
543
920
2,217
2,276
Total debt
1,299
1,742
1,439
1,441
1,443
1,444
Equity
3,605
3,465
3,985
4,280
5,138
5,626
Dividend per share ($)
1.80
1.96
2.10
2.36
2.70
–
Revenue and net income US$ billions: navy revenue, teal net income
Every number comes from SEC filings, end-of-day prices and the StocksXray models described on the methodology page. The X-Ray Score ranks each metric against the company's own sector. Fair value blends three models and carries a typical error of about 40%, so treat it as a range. Analyst ratings, price targets and earnings-call summaries are not part of this report. Educational research, not financial advice; read the disclaimer.