Stock Analysis
Cboe Global Markets, Inc.CBOE
P/E 24.31×· 5Y range 18.87–63.43×· bottom 18% of history
Sector: Financial Services · Industry: Security & Commodity Brokers, Dealers, Exchanges & Services
AnalystsHold25 analystsP/E 24.3× sits at the 18th percentile of its 5.089664613278576-year history.
Cash covers 156% of debt · FY 2025.
PMP Verdict
Strong business, attractive price
Strengths
- Profitability100
- Financial Health93
High-quality business at an attractive price.
Market context
+2.2% today· Z 0.5σ
Bull Case
- ✓Piotroski F-Score 9/9 — high earnings quality
- ✓Altman Z 6.6 — safe-zone balance sheet
- ✓ROE 26.3% — efficient capital deployment
- ✓Interest coverage 120.0× — debt well covered
- ✓P/E 24.3× at bottom 18% of 5-year history
What's happening with CBOE
Profile
Strong profitability, financial health, growth and moat.
How is each axis scored?
- Valuation69/100 · Moderate
- P/E vs own history (18th pct)25/25
- FCF yield (5.7%)20/25
- P/S (6.5x)12/25
- EV/EBIT (18.2x)12/25
- Growth87/100 · Strong
- Revenue CAGR (7.8%)12/25
- Net income CAGR (20.1%)25/25
- EPS CAGR 5Y (20.7%)25/25
- Fwd implied growth (34.8%)25/25
- Profitability100/100 · Strong
- ROIC (32.0%)25/25
- ROE (26.3%)25/25
- Net margin (26.7%)25/25
- Operating margin (34.7%)25/25
- Financial Health93/100 · Strong
- Altman Z (6.58)25/25
- Current ratio (1.87)18/25
- Interest coverage (120.0x)25/25
- Net cash / debt (Net cash)25/25
- Quality74/100 · Moderate
- Piotroski F (9/9)25/25
- Beneish M (-2.19)12/25
- FCF conversion (139%)25/25
- Margin stability (σ 10.1%)12/25
- Moat83/100 · Strong
- ROIC >12% years (7/10 yrs)20/25
- Median gross margin (44.7%)20/25
- FCF-positive years (9/9 yrs)25/25
- Worst-year net margin (worst 5.9%)18/25
About Cboe Global Markets, Inc.
Founded in 1973, Cboe controls the largest option exchange in the US, which provides around 60% of the firm's revenue. Show more
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. The firm moved into US and European equities through the $3.4 billion acquisition of BATS in 2017. Cboe has continued to look to expand internationally, using acquisitions to build a presence in both Canada and Australia.
Headquarters: CHICAGO, IL · Employees: 1,661 · Website ↗
Price History
Weekly Candlestick Chart — up to 5Y
Key Metrics
Financial snapshot · Tap any metric for its definition and grade
TTM Snapshot
trailing twelve months · YoYValuation
69BP/E (TTM)24.2xB
Grade B: FairPrice / TTM EPS (own statements) — vs own 5Y history: 18.9x–63.4x · 18th pct
P/FCF11.8xA
Grade A: CheapPrice / Free Cash Flow per share (Finnhub). Inverse of FCF yield — negative when FCF is negative
FCF Yield5.7%A
Grade A: ValueTTM (OCF − CapEx) / Market Cap — vs own 5Y history: -0.5%–16.2% · 56th pct
P/S (TTM)6.48xC
Grade C: ExpensivePrice / TTM Revenue (own statements) — vs own 5Y history: 3.2x–8.0x · 96th pct
EV/EBIT18.2xC
Grade C: ExpensiveEnterprise value / TTM EBIT (D&A not in our data) — capital-structure neutral — vs own 5Y history: 13.9x–36.2x · 24th pct
EV/Sales6.2xC
Grade C: ExpensiveEnterprise Value / TTM Revenue (Finnhub) — capital-structure neutral sales multiple
Forward P/E18.0xB
Grade B: FairPrice / next-year EPS estimate — shows whether the TTM multiple is rich or just front-loading growth
P/B Ratio6.38xC
Grade C: ExpensivePrice to Book Value. Neg. equity = heavy buybacks
PEG Ratio1.20B
Grade B: FairFinnhub PEG — their P/E basis ÷ expected EPS growth. Suppressed when their P/E diverges >2× from our TTM P/E (different basis)
Dividend Yield0.95%A
Grade A: PaysTTM dividend yield (Finnhub) — annual dividends / price. None = no dividend; very high yield can signal distress
Payout Ratio22.4%A
Grade A: SafeDividends / Net Income (Finnhub) — share of earnings paid out; >90% or negative = unsustainable
Profitability
100A+ROIC32.0%A
Grade A: MoatNOPAT (EBIT less ~21% tax) / invested capital (equity + debt − cash). Flagship quality metric — durable >15% signals a moat
ROE26.3%A
Grade A: StrongReturn on Equity. Neg. equity = heavy buybacks
ROA13.5%A
Grade A: StrongReturn on Assets (Finnhub) — Net Income / Total Assets; how efficiently assets produce profit
Net Margin26.7%A
Grade A: HighNet Income / Revenue
Operating Margin34.7%A
Grade A: HighTTM EBIT / TTM Revenue
Gross Margin54.1%A
Grade A: PremiumGross Profit / Revenue
FCF Margin37.0%A
Grade A: HighFCF / Revenue
True FCF Margin36.0%A
Grade A: HighTTM (OCF − CapEx − SBC) / TTM Revenue — SBC treated as a real cost
Growth
87ARevenue CAGR7.8%C
Grade C: OkCompound annual revenue growth (up to 5Y depending on data availability)
Net Income CAGR20.1%A
Grade A: HighCompound annual net income growth (up to 5Y depending on data availability)
EPS CAGR (5Y)20.7%A
Grade A: HighCompound annual EPS growth over up to 5Y of per-share earnings (own statements). Null when either endpoint EPS ≤ 0
Implied EPS Growth34.8%A
Grade A: HighAnalyst forward EPS (normalized basis) vs our GAAP TTM EPS — different bases, so extreme values usually mark cyclically depressed TTM earnings, not real growth
Dilution (5Y)-2.7%A
Grade A: BuybacksShare count change over 5Y
SBC / Net Income3.9%A
Grade A: LowStock-based comp/Net income. >30% = dilution risk
SBC / Revenue1.1%A
Grade A: LowTTM stock-based comp / TTM Revenue
Financial Health
93A+Altman Z-Score6.58A
Grade A: SafeBankruptcy risk. >3 Safe, <1.8 Distress
Current Ratio1.87xC
Grade C: OkCurrent Assets/Liabilities
Quick Ratio1.57xA
Grade A: High(Current Assets − Inventory) / Current Liabilities (Finnhub) — stricter liquidity test, excludes inventory
Interest Coverage120.0xA
Grade A: StrongEBIT/Interest. >10 Strong
Debt RepaymentNet CashA
Grade A: FastYears to repay net debt via FCF
Net Debt/EBITNet CashA
Grade A: LowLeverage. <2x Low, >4x High
Debt/Equity0.28xA
Grade A: LowDebt / Equity: <1 Conservative, >2 Risky. Not meaningful with non-positive equity; shown as unavailable rather than low debt.
Cash / Debt1.56xA
Grade A: CoveredCash covers how much of total debt. >1 = could repay all debt from cash
Quality
74B+Piotroski F-Score9/9A
Grade A: StrongFinancial strength 0–9. >7 Strong
Beneish M-Score-2.19C
Grade C: Gray zoneEarnings manipulation risk. < -2.22 Safe
FCF Conversion138.5%A
Grade A: StrongFCF / Net Income
Margin Stability10.1%C
Grade C: AverageEBIT margin std deviation. Lower = stable
Capex / Revenue1.7%A
Grade A: Asset-lightTTM CapEx / TTM Revenue — high % = capital-hungry business
Asset Turnover0.51xC
Grade C: AverageRevenue / Total Assets (Finnhub) — how efficiently the asset base generates sales
Insider Transactions
SEC Form 4 · 8 recordsP/S codes are the directional signal; grants, option exercises and tax withholding carry none. Form 4 doesn't flag 10b5-1 plans — scheduled sales may appear within open-market sells.
| Trade date | Insider | Transaction | Shares | Filed |
|---|---|---|---|---|
Tomczyk Fredric J Filed | Tomczyk Fredric J | Option exercise | -14818 | |
Tomczyk Fredric J Filed | Tomczyk Fredric J | Tax withholding | -14818 | |
Tomczyk Fredric J Filed | Tomczyk Fredric J | Option exercise | +14.8K | |
Duinstra Boudewijn Filed | Duinstra Boudewijn | Grant / award | +1.1K | |
Duinstra Boudewijn Filed | Duinstra Boudewijn | Grant / award | +1.3K |
Show 3 more filingsShow fewer filings
| Trade date | Insider | Transaction | Shares | Filed |
|---|---|---|---|---|
Fischer Heidi Filed | Fischer Heidi | Grant / award | +1.1K | |
Fischer Heidi Filed | Fischer Heidi | Grant / award | +1.8K | |
Froetscher Janet P Filed | Froetscher Janet P | SellOpen market sale | -937 |
Option exercise (M) rows report a derivative leg, not an open-market sale — a paired negative entry is the option position being consumed.
More metrics — Moat, Per Share, Balance Sheet, MarketHide additional metrics
Moat
83AROIC >12% Years7/10 yrsA
Grade A: DurableShare of completed fiscal years with ROIC > 12% — measures multi-year capital-return durability
Gross Margin (Med.)44.7%A
Grade A: DurableMedian annual gross margin across available fiscal years — pricing-power durability
FCF-Positive Years9/9 yrsA
Grade A: DurableShare of completed fiscal years with positive free cash flow
Net Margin Floor5.9%A
Grade A: DurableWeakest annual net margin across completed fiscal years — recession/downcycle resilience
Per Share
EPS (TTM)$12.96
Own TTM net income / shares — same earnings basis as P/E
Cash / Share$22.87
Cash & short-term investments per share (Finnhub)
Book Value / Share$53.81
Shareholders' equity per share (Finnhub). Negative = accumulated losses / heavy buybacks
Balance Sheet
Total Debt$1.44B
Total debt obligations (short + long term)
Cash & Equiv.$2.25B
Cash and short-term investments
Net Debt$-809.70MA
Grade A: Net CashTotal Debt minus Cash. Negative = Net Cash position
Total Equity$5.14B
Shareholders' equity (book value)
Asset / Liability2.23xA
Grade A: SolidTotal Assets / Total Liabilities
Market
Market Cap$32.78B
Current Market Capitalization
Beta0.41B
Grade B: DefensivePrice sensitivity vs the market (Finnhub) — 1.0 moves with market, >1.2 amplifies swings
How grades work: each metric is graded A–D against fixed thresholds (tap a row for the meaning). Card grades map the pillar score to A+–E — a card grade is that pillar's own score, not an average of the rows shown.
Financials as of Jun 2026 · Ratio snapshot Oct 17, 2026
Key Insights: Cboe Global Markets, Inc. (CBOE)
CBOE is up 2.24% at the last close. Cboe Global Markets, Inc. meets 9 of 9 Piotroski F-Score criteria, placing its fundamental strength in the top tier of US-listed stocks. Altman Z-Score of 6.58 sits comfortably in the safe zone (≥ 2.99), indicating low bankruptcy risk.
- Cboe Global Markets, Inc. converts about 37% of revenue into free cash flow — strong cash generation.
- Company is effectively debt-free after netting cash.
- Return on equity of 26.3% is well above the market average.
See how CBOE ranks on the Capex Tracker — top 50 capital spenders compared.
Recent Market Moves
See all CBOE moves →| Date | Session | Price | Move | Z-Score |
|---|---|---|---|---|
| Oct 8 | Regular | 296.68 | +5.37% | 2.23 |
| Sep 30 | Regular | 273.56 | +4.51% | 2.50 |
| Sep 30 | After-hours | 273.78 | +4.60% | 2.54 |
| Sep 29 | Pre-market | 279.07 | +10.19% | 5.26 |
| Sep 29 | Regular | 263.05 | +3.87% | 2.32 |
Frequently Asked Questions about CBOE
What is the current Cboe Global Markets, Inc. (CBOE) stock price?
CBOE is trading at $314.98 at the last market close, up 2.24% on the session. PreMarketPrice tracks CBOE pre-market, intraday and after-hours prices.
Is CBOE stock a buy right now?
PreMarketPrice's quantitative model rates Cboe Global Markets, Inc.'s financial health at 93/100. This is a data-driven snapshot of fundamentals, not investment advice.
Is CBOE stock overvalued?
Cboe Global Markets, Inc. trades at a trailing P/E of 24.2 and our valuation score rates it 69/100 (higher = cheaper vs. its own history). See the Valuation History and Key Metrics sections for forward P/E, EV/EBITDA and PEG context.
When does Cboe Global Markets, Inc. report earnings?
No confirmed earnings date is currently scheduled for CBOE. The Earnings section lists recent reports and updates as dates are announced.
What sector does Cboe Global Markets, Inc. operate in?
Cboe Global Markets, Inc. operates in the Financial Services sector, within the Security & Commodity Brokers, Dealers, Exchanges & Services industry. The Related Stocks section lists sector peers for comparison.
What does Cboe Global Markets, Inc. do?
Founded in 1973, Cboe controls the largest option exchange in the US, which provides around 60% of the firm's revenue.
About Cboe Global Markets, Inc. (CBOE) Stock
Cboe Global Markets, Inc. (CBOE) is a US-listed stock operating in the Financial Services sector, specifically the Security & Commodity Brokers, Dealers, Exchanges & Services industry. As of the latest update, Cboe Global Markets, Inc. is trading at $314.98, up 2.24% on the day with a market capitalization of $32.8 billion. The financial health score for CBOE is 93/100, which indicates excellent financial strength based on profitability, leverage, liquidity, and growth metrics. This page provides real-time pre-market pricing, earnings calendar, financial health analysis, and valuation metrics for CBOE stock.
CBOE Stock Analysis & Key Metrics
On PreMarketPrice, you can track Cboe Global Markets, Inc. (CBOE) across multiple dimensions:
- Pre-market price & movement: Real-time CBOE stock price with percentage change, updated continuously during pre-market and regular trading hours.
- Valuation & P/E history: Historical P/E, P/S, and P/B ratios for CBOE with trend analysis and normalized valuation multiples.
- Financial statements: Revenue, net income, assets, liabilities, and equity for Cboe Global Markets, Inc. across multiple reporting periods.
- Financial health score: A composite score of 93/100 based on Altman Z-Score, Piotroski F-Score, profitability, and leverage metrics for CBOE.
- Sector peers: Compare CBOE against 6 other financial services stocks on key financial metrics.
Is CBOE a Good Stock to Buy?
This page provides data-driven analysis to help you evaluate Cboe Global Markets, Inc. (CBOE) as an investment. The financial health score of 93/100 suggests excellent financial fundamentals. Valuation metrics show whether the stock is trading above or below its historical average.However, this is not financial advice — always do your own research before investing.
Data on this page is sourced from real-time market feeds, Polygon.io, and Finnhub.Cboe Global Markets, Inc. (CBOE) trades on NYSE. Pre-market trading occurs 4:00 AM – 9:30 AM ET. Regular market hours are 9:30 AM – 4:00 PM ET.