CME Group Inc.
Security & Commodity Brokers, Dealers, Exchanges & Services
Based in Chicago, CME Group operates exchanges giving investors, suppliers, and businesses the ability to trade futures and derivatives based on interest rates, equity indexes, foreign currencies, energy, metals, and commodities. The Chicago Mercantile Exchange was founded in 1898 and in 2002 completed its IPO.
It is a $101B financial services company. Revenue grew 5.1% over the last year, and it keeps 64¢ of every dollar of sales as profit. It trades at 23.5× earnings — in the cheapest third of its own history.
- Website
- cmegroup.com
- Location
- Chicago, IL
- Employees
- 3 875
- Sector
- Financial Services
- Founded
- 2007
Skills
Six independent scores, 0–100, built from reported numbers and valuation history. Click a row to see how it was scored.
Strong profitability and moat.
Valuation74
- P/E vs own history19th pct · 25/25
- FCF yield4.2% · 12/25
- P/S8.0x · 12/25
- EV/EBITDA9.4x · 25/25
Growth64
- Revenue CAGR8.6% · 12/25
- Net income CAGR11.5% · 20/25
- EPS CAGR ~5Y14.0% · 20/25
- Fwd implied growth11.9% · 12/25
Profitability90
- ROIC16.8% · 20/25
- ROE15.6% · 20/25
- Net margin63.7% · 25/25
- Operating margin83.8% · 25/25
Health62
- Altman Zn/a · 0/25
- Current ratio1.02 · 12/25
- Interest coverage2242.3x · 25/25
- Net cash / debtNet cash · 25/25
Quality68
- Piotroski F6/9 · 15/25
- Beneish M-1.77 · 6/25
- FCF conversion98% · 22/25
- Margin stabilityσ 4.2% · 25/25
Moat75
- ROIC >12% years2/10 yrs · 0/25
- Median gross margin60.9% · 25/25
- FCF-positive years10/10 yrs · 25/25
- Worst-year net marginworst 42.7% · 25/25
Experience
The company's career so far — founding, the IPO, landmark products and acquisitions, plus revenue milestones and insider buying.
- FY2025FinancialBest year on record$4.07B net income
- 2024ProductThe company launched trading in spot Bitcoin
- 2018AcquisitionCME Group acquired London-based NEX Group for $5.5 billion
- FY2016FinancialProfitable every year on record10 consecutive profitable years in our data
- FY2016FinancialRevenue already above $1B$3.60B in first reported year
- FY2016FinancialPositive free cash flow every year since10-year streak
- 2013AcquisitionCME Group purchased the Dow Jones & Company interest for $80 million, increasing CME Group's interest…
- 2012AcquisitionCME Group acquired the Kansas City Board of Trade, the dominant venue for the sale of hard red…
- 2008AcquisitionCME Group acquired New York Mercantile Exchange (NYMEX), owner of both the NYMEX exchange and the…
- 2007FoundedCME merged with the holding company for the Chicago Board of Trade, founded in 1848, in an $8 billion…
- 2007ProductThe company, in partnership with Dubai Holding and Oman Investment Authority, launched the Dubai…
- 2002IPOCME Holdings Company, the parent company of CME, became a public company via an initial public offering
- 2000MilestoneCME demutualized and became a joint stock company
- 1982ProductCME introduced the first successful stock index futures contract, helping change equity risk management 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 (96.0%)
- Strongly profitable — 63.7% net margin
- Strong cash conversion — FCF is 62.2% of revenue
- Net cash position after subtracting debt from cash
- Interest covered 2242.3× by operating earnings
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+5.1% YoY
- Profitable — makes more than it spends$4.31B TTM
- Profit growing — earnings are higher than last year+14.7% YoY
- Generates cash — cash left after running and investing$4.21B TTM
- Debt under control — could handle its obligationsmore cash than debt
- Established company — not a micro-cap — lower blow-up risk$101B market cap
- Not printing shares — share count not ballooning — you keep your slice+0.5% shares over ~5y
- Proven track record — years of profitability behind it10/10 profitable years
- Financially stable — balance sheet not near distresshealth score 37/100
- Pays a dividend — returns cash to shareholdersyield 4.04%
- Valuation not extreme — price not wildly above earningsP/E 23.5
Peer comparisonCME Group 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 |
|---|---|---|---|---|---|
| CME this company | $100.9B | 23.5 | +5.1% | 63.7% | Mixed |
| 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: CME vs BRK.A · CME vs BRK.B · CME 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/CME
Want the live picture — intraday moves, valuation history and full analysis?
Deeper analysis of CME 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 $280.57 · market cap $101B.