CBOE GLOBAL MARKETS INC (CBOE) Fundamental Analysis & Valuation

NYSEARCA:CBOE • US12503M1080

300.62 USD
-3.81 (-1.25%)
Last: Mar 4, 2026, 04:00 PM
Overview Stock Chart Technical Analysis Fundamental Analysis Forecast Earnings Financials Ownership News

This CBOE fundamental analysis includes valuation metrics, fair value assessment, financial health analysis, profitability trends, growth metrics and dividend sustainability analysis.

Fundamental Rating

6

CBOE gets a fundamental rating of 6 out of 10. The analysis compared the fundamentals against 238 industry peers in the Capital Markets industry. CBOE scores excellent points on both the profitability and health parts. This is a solid base for a good stock. While showing a medium growth rate, CBOE is valued expensive at the moment. These ratings would make CBOE suitable for quality investing!


Dividend Valuation Growth Profitability Health

8

1. CBOE Profitability Analysis

1.1 Basic Checks

  • CBOE had positive earnings in the past year.
  • In the past year CBOE had a positive cash flow from operations.
  • In the past 5 years CBOE has always been profitable.
  • Of the past 5 years CBOE 4 years had a positive operating cash flow.
CBOE Yearly Net Income VS EBIT VS OCF VS FCFCBOE Yearly Net Income VS EBIT VS OCF VS FCFYearly Net Income VS EBIT VS OCF VS FCF 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 500M 1B 1.5B

1.2 Ratios

  • The Return On Assets of CBOE (10.79%) is better than 86.13% of its industry peers.
  • CBOE has a better Return On Equity (20.02%) than 83.61% of its industry peers.
  • The Return On Invested Capital of CBOE (14.14%) is better than 89.08% of its industry peers.
  • CBOE had an Average Return On Invested Capital over the past 3 years of 13.55%. This is significantly above the industry average of 7.27%.
  • The last Return On Invested Capital (14.14%) for CBOE is above the 3 year average (13.55%), which is a sign of increasing profitability.
Industry RankSector Rank
ROA 10.79%
ROE 20.02%
ROIC 14.14%
ROA(3y)10.55%
ROA(5y)8.55%
ROE(3y)19.37%
ROE(5y)15.9%
ROIC(3y)13.55%
ROIC(5y)12.65%
CBOE Yearly ROA, ROE, ROICCBOE Yearly ROA, ROE, ROICYearly ROA, ROE, ROIC 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 10 20 30 40 50

1.3 Margins

  • CBOE has a Profit Margin (21.18%) which is in line with its industry peers.
  • In the last couple of years the Profit Margin of CBOE has grown nicely.
  • CBOE has a Operating Margin (29.97%) which is in line with its industry peers.
  • In the last couple of years the Operating Margin of CBOE has grown nicely.
  • The Gross Margin of CBOE (49.43%) is comparable to the rest of the industry.
  • CBOE's Gross Margin has improved in the last couple of years.
Industry RankSector Rank
OM 29.97%
PM (TTM) 21.18%
GM 49.43%
OM growth 3Y9.42%
OM growth 5Y9.25%
PM growth 3Y57.77%
PM growth 5Y11.25%
GM growth 3Y5.41%
GM growth 5Y7.08%
CBOE Yearly Profit, Operating, Gross MarginsCBOE Yearly Profit, Operating, Gross MarginsYearly Profit, Operating, Gross Margins 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 20 40 60 80

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7

2. CBOE Health Analysis

2.1 Basic Checks

  • The number of shares outstanding for CBOE remains at a similar level compared to 1 year ago.
  • Compared to 5 years ago, CBOE has less shares outstanding
  • CBOE has a better debt/assets ratio than last year.
CBOE Yearly Shares OutstandingCBOE Yearly Shares OutstandingYearly Shares Outstanding 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 20M 40M 60M 80M 100M
CBOE Yearly Total Debt VS Total AssetsCBOE Yearly Total Debt VS Total AssetsYearly Total Debt VS Total Assets 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2B 4B 6B 8B

2.2 Solvency

  • CBOE has an Altman-Z score of 6.31. This indicates that CBOE is financially healthy and has little risk of bankruptcy at the moment.
  • With an excellent Altman-Z score value of 6.31, CBOE belongs to the best of the industry, outperforming 87.82% of the companies in the same industry.
  • CBOE has a debt to FCF ratio of 2.34. This is a good value and a sign of high solvency as CBOE would need 2.34 years to pay back of all of its debts.
  • CBOE's Debt to FCF ratio of 2.34 is amongst the best of the industry. CBOE outperforms 84.87% of its industry peers.
  • CBOE has a Debt/Equity ratio of 0.30. This is a healthy value indicating a solid balance between debt and equity.
  • Looking at the Debt to Equity ratio, with a value of 0.30, CBOE is in the better half of the industry, outperforming 72.27% of the companies in the same industry.
Industry RankSector Rank
Debt/Equity 0.3
Debt/FCF 2.34
Altman-Z 6.31
ROIC/WACCN/A
WACCN/A
CBOE Yearly LT Debt VS Equity VS FCFCBOE Yearly LT Debt VS Equity VS FCFYearly LT Debt VS Equity VS FCF 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 1B 2B 3B 4B 5B

2.3 Liquidity

  • CBOE has a Current Ratio of 1.72. This is a normal value and indicates that CBOE is financially healthy and should not expect problems in meeting its short term obligations.
  • The Current ratio of CBOE (1.72) is better than 71.43% of its industry peers.
  • A Quick Ratio of 1.72 indicates that CBOE should not have too much problems paying its short term obligations.
  • The Quick ratio of CBOE (1.72) is better than 71.43% of its industry peers.
Industry RankSector Rank
Current Ratio 1.72
Quick Ratio 1.72
CBOE Yearly Current Assets VS Current LiabilitesCBOE Yearly Current Assets VS Current LiabilitesYearly Current Assets VS Current Liabilites 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 1B 2B 3B 4B

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WACCDebt/EquityHow to determine the health of a companyAltman-Z scoreShow peers with great health

5

3. CBOE Growth Analysis

3.1 Past

  • CBOE shows a strong growth in Earnings Per Share. In the last year, the EPS has been growing by 24.01%, which is quite impressive.
  • The Earnings Per Share has been growing by 15.15% on average over the past years. This is quite good.
  • Looking at the last year, CBOE shows a quite strong growth in Revenue. The Revenue has grown by 15.13% in the last year.
  • CBOE shows a small growth in Revenue. Measured over the last years, the Revenue has been growing by 6.59% yearly.
EPS 1Y (TTM)24.01%
EPS 3Y15.49%
EPS 5Y15.15%
EPS Q2Q%45.71%
Revenue 1Y (TTM)15.13%
Revenue growth 3Y6%
Revenue growth 5Y6.59%
Sales Q2Q%27.95%

3.2 Future

  • CBOE is expected to show quite a strong growth in Earnings Per Share. In the coming years, the EPS will grow by 9.83% yearly.
  • Based on estimates for the next years, CBOE will show a small growth in Revenue. The Revenue will grow by 5.21% on average per year.
EPS Next Y6.63%
EPS Next 2Y6.57%
EPS Next 3Y5.51%
EPS Next 5Y9.83%
Revenue Next Year7.3%
Revenue Next 2Y5.98%
Revenue Next 3Y5.4%
Revenue Next 5Y5.21%

3.3 Evolution

  • The EPS growth rate is decreasing: in the next years the growth will be less than in the last years.
  • The Revenue growth rate is decreasing: in the next years the growth will be less than in the last years.
CBOE Yearly Revenue VS EstimatesCBOE Yearly Revenue VS EstimatesYearly Revenue VS Estimates 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 1B 2B 3B 4B
CBOE Yearly EPS VS EstimatesCBOE Yearly EPS VS EstimatesYearly EPS VS Estimates 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 5 10 15

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2

4. CBOE Valuation Analysis

4.1 Price/Earnings Ratio

  • The Price/Earnings ratio is 28.12, which means the current valuation is very expensive for CBOE.
  • Compared to the rest of the industry, the Price/Earnings ratio of CBOE indicates a slightly more expensive valuation: CBOE is more expensive than 72.27% of the companies listed in the same industry.
  • CBOE is valuated at similar levels of the S&P average when we compare the Price/Earnings ratio to 26.83, which is the current average of the S&P500 Index.
  • The Price/Forward Earnings ratio is 26.37, which means the current valuation is very expensive for CBOE.
  • 64.71% of the companies in the same industry are cheaper than CBOE, based on the Price/Forward Earnings ratio.
  • The average S&P500 Price/Forward Earnings ratio is at 24.95. CBOE is around the same levels.
Industry RankSector Rank
PE 28.12
Fwd PE 26.37
CBOE Price Earnings VS Forward Price EarningsCBOE Price Earnings VS Forward Price Earnings ChartPrice Earnings - Forward Price Earnings PE FPE 10 20 30 40

4.2 Price Multiples

  • Based on the Enterprise Value to EBITDA ratio, CBOE is valued a bit cheaper than 68.07% of the companies in the same industry.
  • CBOE's Price/Free Cash Flow is on the same level as the industry average.
Industry RankSector Rank
P/FCF 51.12
EV/EBITDA 21.06
CBOE Per share dataCBOE EPS, Sales, OCF, FCF, BookValue per sharePer Share Data Per Share 10 20 30 40

4.3 Compensation for Growth

  • The high PEG Ratio(NY), which compensates the Price/Earnings for growth, indicates CBOE does not grow enough to justify the current Price/Earnings ratio.
  • CBOE has an outstanding profitability rating, which may justify a higher PE ratio.
PEG (NY)4.24
PEG (5Y)1.86
EPS Next 2Y6.57%
EPS Next 3Y5.51%

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5

5. CBOE Dividend Analysis

5.1 Amount

  • CBOE has a yearly dividend return of 0.99%, which is pretty low.
  • Compared to an average industry Dividend Yield of 6.44, CBOE is paying slightly less dividend.
  • With a Dividend Yield of 0.99, CBOE pays less dividend than the S&P500 average, which is at 1.82.
Industry RankSector Rank
Dividend Yield 0.99%

5.2 History

  • On average, the dividend of CBOE grows each year by 11.94%, which is quite nice.
  • CBOE has been paying a dividend for at least 10 years, so it has a reliable track record.
  • CBOE has not decreased their dividend for at least 10 years, which is a reliable track record.
Dividend Growth(5Y)11.94%
Div Incr Years11
Div Non Decr Years11
CBOE Yearly Dividends per shareCBOE Yearly Dividends per shareYearly Dividends per share 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 0.5 1 1.5 2 2.5

5.3 Sustainability

  • 28.10% of the earnings are spent on dividend by CBOE. This is a low number and sustainable payout ratio.
  • The dividend of CBOE is growing, but the earnings are growing slower. This means the dividend growth is not sustainable.
DP28.1%
EPS Next 2Y6.57%
EPS Next 3Y5.51%
CBOE Yearly Income VS Free CF VS DividendCBOE Yearly Income VS Free CF VS DividendYearly Income VS Free CF VS Dividend 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 500M 1B
CBOE Dividend Payout.CBOE Dividend Payout, showing the Payout Ratio.CBOE Dividend Payout.PayoutRetained Earnings

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CBOE Fundamentals: All Metrics, Ratios and Statistics

CBOE GLOBAL MARKETS INC

NYSEARCA:CBOE (3/4/2026, 4:00:31 PM)

300.62

-3.81 (-1.25%)

Chartmill FA Rating
GICS SectorFinancials
GICS IndustryGroupFinancial Services
GICS IndustryCapital Markets
Earnings (Last)02-06
Earnings (Next)04-30
Inst Owners89.65%
Inst Owner Change0.49%
Ins Owners0.18%
Ins Owner Change2.79%
Market Cap31.46B
Revenue(TTM)4.71B
Net Income(TTM)978.20M
Analysts66.96
Price Target291.98 (-2.87%)
Short Float %2.56%
Short Ratio3.22
Dividend
Industry RankSector Rank
Dividend Yield 0.99%
Yearly Dividend2.37
Dividend Growth(5Y)11.94%
DP28.1%
Div Incr Years11
Div Non Decr Years11
Ex-Date02-27
Surprises & Revisions
EPS beat(2)1
Avg EPS beat(2)1.59%
Min EPS beat(2)-0.39%
Max EPS beat(2)3.58%
EPS beat(4)2
Avg EPS beat(4)1.1%
Min EPS beat(4)-2.44%
Max EPS beat(4)3.67%
EPS beat(8)4
Avg EPS beat(8)0.79%
EPS beat(12)6
Avg EPS beat(12)1.06%
EPS beat(16)9
Avg EPS beat(16)1.51%
Revenue beat(2)1
Avg Revenue beat(2)0.36%
Min Revenue beat(2)-0.08%
Max Revenue beat(2)0.79%
Revenue beat(4)1
Avg Revenue beat(4)-0.64%
Min Revenue beat(4)-2.22%
Max Revenue beat(4)0.79%
Revenue beat(8)1
Avg Revenue beat(8)-1.66%
Revenue beat(12)2
Avg Revenue beat(12)7.8%
Revenue beat(16)6
Avg Revenue beat(16)37.26%
PT rev (1m)4.98%
PT rev (3m)10.4%
EPS NQ rev (1m)1.61%
EPS NQ rev (3m)9.38%
EPS NY rev (1m)0%
EPS NY rev (3m)6.24%
Revenue NQ rev (1m)0.63%
Revenue NQ rev (3m)9.72%
Revenue NY rev (1m)3.93%
Revenue NY rev (3m)6.73%
Valuation
Industry RankSector Rank
PE 28.12
Fwd PE 26.37
P/S 6.81
P/FCF 51.12
P/OCF 45.58
P/B 6.44
P/tB 89.21
EV/EBITDA 21.06
EPS(TTM)10.69
EY3.56%
EPS(NY)11.4
Fwd EY3.79%
FCF(TTM)5.88
FCFY1.96%
OCF(TTM)6.59
OCFY2.19%
SpS44.13
BVpS46.68
TBVpS3.37
PEG (NY)4.24
PEG (5Y)1.86
Graham Number105.96
Profitability
Industry RankSector Rank
ROA 10.79%
ROE 20.02%
ROCE 20.09%
ROIC 14.14%
ROICexc 18.18%
ROICexgc 117.84%
OM 29.97%
PM (TTM) 21.18%
GM 49.43%
FCFM 13.32%
ROA(3y)10.55%
ROA(5y)8.55%
ROE(3y)19.37%
ROE(5y)15.9%
ROIC(3y)13.55%
ROIC(5y)12.65%
ROICexc(3y)17.28%
ROICexc(5y)15.3%
ROICexgc(3y)213.14%
ROICexgc(5y)236.36%
ROCE(3y)19.24%
ROCE(5y)17.97%
ROICexgc growth 3Y0.4%
ROICexgc growth 5Y12.44%
ROICexc growth 3Y18.46%
ROICexc growth 5Y17.3%
OM growth 3Y9.42%
OM growth 5Y9.25%
PM growth 3Y57.77%
PM growth 5Y11.25%
GM growth 3Y5.41%
GM growth 5Y7.08%
F-Score6
Asset Turnover0.51
Health
Industry RankSector Rank
Debt/Equity 0.3
Debt/FCF 2.34
Debt/EBITDA 0.96
Cap/Depr 60.71%
Cap/Sales 1.62%
Interest Coverage 14.57
Cash Conversion 45.79%
Profit Quality 62.9%
Current Ratio 1.72
Quick Ratio 1.72
Altman-Z 6.31
F-Score6
WACCN/A
ROIC/WACCN/A
Cap/Depr(3y)N/A
Cap/Depr(5y)N/A
Cap/Sales(3y)N/A
Cap/Sales(5y)N/A
Profit Quality(3y)N/A
Profit Quality(5y)N/A
High Growth Momentum
Growth
EPS 1Y (TTM)24.01%
EPS 3Y15.49%
EPS 5Y15.15%
EPS Q2Q%45.71%
EPS Next Y6.63%
EPS Next 2Y6.57%
EPS Next 3Y5.51%
EPS Next 5Y9.83%
Revenue 1Y (TTM)15.13%
Revenue growth 3Y6%
Revenue growth 5Y6.59%
Sales Q2Q%27.95%
Revenue Next Year7.3%
Revenue Next 2Y5.98%
Revenue Next 3Y5.4%
Revenue Next 5Y5.21%
EBIT growth 1Y17.72%
EBIT growth 3Y15.98%
EBIT growth 5Y16.44%
EBIT Next Year13.23%
EBIT Next 3Y7.87%
EBIT Next 5Y6.83%
FCF growth 1Y-60.75%
FCF growth 3YN/A
FCF growth 5YN/A
OCF growth 1Y-57.45%
OCF growth 3YN/A
OCF growth 5YN/A

CBOE GLOBAL MARKETS INC / CBOE FAQ

Can you provide the ChartMill fundamental rating for CBOE GLOBAL MARKETS INC?

ChartMill assigns a fundamental rating of 6 / 10 to CBOE.


What is the valuation status for CBOE stock?

ChartMill assigns a valuation rating of 2 / 10 to CBOE GLOBAL MARKETS INC (CBOE). This can be considered as Overvalued.


Can you provide the profitability details for CBOE GLOBAL MARKETS INC?

CBOE GLOBAL MARKETS INC (CBOE) has a profitability rating of 8 / 10.


Can you provide the financial health for CBOE stock?

The financial health rating of CBOE GLOBAL MARKETS INC (CBOE) is 7 / 10.


How sustainable is the dividend of CBOE GLOBAL MARKETS INC (CBOE) stock?

The dividend rating of CBOE GLOBAL MARKETS INC (CBOE) is 5 / 10 and the dividend payout ratio is 28.1%.