Cboe Global Markets, Inc.
Security & Commodity Brokers, Dealers, Exchanges & Services
Founded in 1973, Cboe controls the largest option exchange in the US, which provides around 60% of the firm's revenue. The company is best known for its proprietary S&P 500 and VIX index options, which it offers through an exclusive contract with S&P Global.
It is a $31.8B financial services company. Revenue grew 11.7% over the last year, and it keeps 27¢ of every dollar of sales as profit. It trades at 23.5× earnings — in the cheapest third of its own history.
- Website
- cboe.com
- Location
- Chicago, IL
- Employees
- 1 661
- Sector
- Financial Services
- Founded
- 1972
Skills
Six independent scores, 0–100, built from reported numbers and valuation history. Click a row to see how it was scored.
Strong growth, profitability, health and moat.
Valuation69
- P/E vs own history11th pct · 25/25
- FCF yield5.9% · 20/25
- P/S6.3x · 12/25
- EV/EBITDA16.5x · 12/25
Growth82
- Revenue CAGR7.8% · 12/25
- Net income CAGR20.1% · 25/25
- EPS CAGR ~5Y19.6% · 20/25
- Fwd implied growth30.6% · 25/25
Profitability100
- ROIC25.4% · 25/25
- ROE25.8% · 25/25
- Net margin26.7% · 25/25
- Operating margin34.7% · 25/25
Health93
- Altman Z5.20 · 25/25
- Current ratio1.57 · 18/25
- Interest coverage120.0x · 25/25
- Net cash / debtNet cash · 25/25
Quality74
- Piotroski F9/9 · 25/25
- Beneish M-2.19 · 12/25
- FCF conversion139% · 25/25
- Margin stabilityσ 9.4% · 12/25
Moat83
- ROIC >12% years7/10 yrs · 20/25
- Median gross margin44.7% · 20/25
- FCF-positive years9/9 yrs · 25/25
- Worst-year net marginworst 5.9% · 18/25
Experience
The company's career so far — founding, the IPO, landmark products and acquisitions, plus revenue milestones and insider buying.
- FY2025FinancialBecame debt-freecash now exceeds total debt
- FY2025FinancialBest year on record$1.10B net income
- 2022AcquisitionCboe acquired Eris Digital Holdings (ErisX), a US-based digital asset spot market, regulated futures…
- 2021AcquisitionCboe acquired NEO, a Canadian stock exchange operator
- 2020AcquisitionCboe acquired two data analytics firms, Hanweck and FT Options
- FY2017FinancialRevenue crossed $1B$2.23B for the year
- 2017AcquisitionCBOE acquired BATS Global Markets, second-largest US stock exchange by shares traded, for…
- 2017MilestoneThe company rebranded from CBOE Holdings to Cboe Global Markets
- FY2016FinancialProfitable every year on record10 consecutive profitable years in our data
- FY2016FinancialPositive free cash flow every year since10-year streak
- 2011AcquisitionCBOE Stock Exchange, which was owned by CBOE Holdings, acquired the National Stock Exchange
- 2010IPOThe company became a public company via an initial public offering
- 2004ProductThe company launched tradable products using VIX as the underlying index, including futures contracts on the VIX,…
- Jan 19, 1993ProductCBOE introduced the CBOE Volatility Index (VIX), created by Robert E
- 1972FoundedThe Chicago Board Options Exchange was incorporated as an independent body with its own bylaws and…
Achievements
Verifiable track record, straight from the reported numbers.
Strengths & watch-outs
What a bull and a bear would each point to. Both lists come from the reported numbers, not opinions.
Strengths
- High gross margin (54.1%)
- Strongly profitable — 26.7% net margin
- Revenue growing 11.7% year over year
- Strong cash conversion — FCF is 37.0% of revenue
- Net cash position after subtracting debt from cash
Watch-outs
Nothing stands out as a concern in the available data.
Qualifications
The basics a company should meet before you research it further. Each check uses the reported numbers.
- Revenue growing — the company sells more than a year ago+11.7% YoY
- Profitable — makes more than it spends$1.35B TTM
- Profit growing — earnings are higher than last year+68.1% YoY
- Generates cash — cash left after running and investing$1.87B TTM
- Debt under control — could handle its obligationsmore cash than debt
- Established company — not a micro-cap — lower blow-up risk$31.8B market cap
- Not printing shares — share count not ballooning — you keep your slice-3.8% shares over ~5y
- Proven track record — years of profitability behind it10/10 profitable years
- Financially stable — balance sheet not near distressAltman Z 5.2 — safe
- Pays a dividend — returns cash to shareholdersyield 0.95%
- Valuation not extreme — price not wildly above earningsP/E 23.5
Peer comparisonCboe Global Markets, Inc. vs 6 largest financial services peers — cap, P/E, growth and margin side by sideOpen ▾Close ▴
| Company | Market cap | P/E | Revenue growth | Net margin | Profile |
|---|---|---|---|---|---|
| CBOE this company | $31.8B | 23.5 | +11.7% | 26.7% | Strong |
| BRK.A Berkshire Hathaway Inc. | $1.1T | 11.6 | +3.9% | 22.3% | Mixed |
| BRK.B Berkshire Hathaway | $1.1T | 11.6 | +0.0% | 18.0% | Strong |
| JPM JPMorgan Chase & Co. | $886.2B | 13.6 | +13.5% | 32.6% | Strained |
| V VISA Inc. | $723.9B | 31.9 | +14.4% | 50.8% | Solid |
| MA Mastercard Incorporated | $516.4B | 31.7 | +16.0% | 46.3% | Mixed |
| BAC Bank of America Corporation | $380.4B | 11.3 | +15.9% | 27.8% | Mixed |
Head-to-head: CBOE vs BRK.A · CBOE vs BRK.B · CBOE vs JPM
References
What covering analysts publish about the company — information only, not a recommendation.
Appendix · Financial records
The full statements behind this CV, FY2016–FY2025. For readers who want to check the numbers.
Live data and quarterly detail: stockcv.com/CBOE
Want the live picture — intraday moves, valuation history and full analysis?
Deeper analysis of CBOE on PreMarketPriceFigures are derived from company filings (quarterly values normalised from as-filed year-to-date data where applicable) and may be delayed, restated or incomplete. This page is information, not investment advice. Latest price $304.50 · market cap $31.8B.