# Cboe Global Markets, Inc. (CBOE) — Stock CV

Cboe Global Markets, Inc. 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.

> 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.

## Identity

- **Ticker**: CBOE
- **Sector**: Financial Services
- **Industry**: Security & Commodity Brokers, Dealers, Exchanges & Services
- **Headquarters**: CHICAGO, IL
- **Employees**: 1 661
- **Website**: https://www.cboe.com
- **Market cap**: $31.8B
- **Last price**: $304.50
- **Financial profile**: Strong

## Vitals (TTM)

- **Revenue**: $5.06B
- **Net income**: $1.35B
- **Free cash flow**: $1.87B
- **Net cash**: $810M
- **P/E**: 23.5
- **Revenue growth (YoY)**: 11.7%

## Skills (profile scores, 0–100)

| Pillar | Score |
|---|---|
| Valuation | 69 |
| Growth | 82 |
| Profitability | 100 |
| Health | 93 |
| Quality | 74 |
| Moat | 83 |

## Qualifications (beginner checklist) — 11 of 11 passed

- [x] Revenue growing — +11.7% YoY
- [x] Profitable — $1.35B TTM
- [x] Profit growing — +68.1% YoY
- [x] Generates cash — $1.87B TTM
- [x] Debt under control — more cash than debt
- [x] Established company — $31.8B market cap
- [x] Not printing shares — -3.8% shares over ~5y
- [x] Proven track record — 10/10 profitable years
- [x] Financially stable — Altman Z 5.2 — safe
- [x] Pays a dividend — yield 0.95%
- [x] Valuation not extreme — P/E 23.5

## Experience (career milestones)

- **FY2025** — Became debt-free: cash now exceeds total debt
- **FY2025** — Best year on record: $1.10B net income
- **2022** — Cboe acquired Eris Digital Holdings (ErisX), a US-based digital asset spot market, regulated futures…
- **2021** — Cboe acquired NEO, a Canadian stock exchange operator
- **2020** — Cboe acquired two data analytics firms, Hanweck and FT Options
- **FY2017** — Revenue crossed $1B: $2.23B for the year
- **2017** — CBOE acquired BATS Global Markets, second-largest US stock exchange by shares traded, for…
- **2017** — The company rebranded from CBOE Holdings to Cboe Global Markets
- **FY2016** — Profitable every year on record: 10 consecutive profitable years in our data
- **FY2016** — Positive free cash flow every year since: 10-year streak
- **2011** — CBOE Stock Exchange, which was owned by CBOE Holdings, acquired the National Stock Exchange
- **2010** — The company became a public company via an initial public offering
- **2004** — The company launched tradable products using VIX as the underlying index, including futures contracts on the VIX,…
- **Jan 19, 1993** — CBOE introduced the CBOE Volatility Index (VIX), created by Robert E
- **1972** — The Chicago Board Options Exchange was incorporated as an independent body with its own bylaws and…

## 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

- None stand out in the data.

## Track record

| Year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2021 | $3.49B | $529M | $546M |
| FY2022 | $3.96B | $234M | $591M |
| FY2023 | $3.77B | $758M | $1.03B |
| FY2024 | $4.09B | $761M | $1.04B |
| FY2025 | $4.71B | $1.10B | $1.68B |

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Source: https://stockcv.com/CBOE — derived from company filings; may be delayed or incomplete. Information, not investment advice.