CBOE GLOBAL MARKETS INC (CBOE)
Fair ValueFundamental
78
Price
$340.42
Market Cap
$32.89B
Part 1 · What the company is worth
Overview
Cboe Global Markets runs stock, options, futures and currency exchanges — marketplaces where buyers and sellers of financial instruments meet — plus a data business that sells the trading data those markets generate. It doesn't take positions on where prices go: it earns a fee each time a trade crosses its systems, whichever way the market moves. Its best-known products are options on the S&P 500 index (SPX) and the VIX volatility index, both exclusive to Cboe.
How it makes money
Cboe earns transaction fees on the volume of contracts and shares traded across its exchanges, plus fixed fees for market data, index licensing and connectivity that clients pay whether or not they trade. Because exclusive products like SPX options and the VIX cannot be traded anywhere else, Cboe can charge more for them than for products that also trade on rival exchanges, which is why options are the largest single share of revenue. Data and access fees provide a steadier, less volume-dependent income stream.
Revenue by segment
Trading in listed options, including the exclusive SPX and VIX products, Cboe's largest and most profitable business.
Market data, analytics and index products sold to trading firms and other clients, largely independent of trading volume.
Cboe's US stock exchanges, competing directly with NYSE and Nasdaq for equity trading volume.
Equities and derivatives trading venues outside North America.
Futures on the VIX and other Cboe-listed products.
Institutional currency trading platform, Cboe's smallest reporting segment.
Competitive moat
Network effects · NarrowExchanges benefit from network effects: traders go where liquidity already is, which keeps volume concentrated on a handful of venues. Cboe reinforces this with products only it can list, SPX options and the VIX, which cannot trade on any competing exchange. Everywhere else — plain equities, multi-listed options, futures — it competes on price against several rivals, and margins there face real, ongoing pressure.
What drives demand
CyclicalCboe's revenue tracks how much trading happens, not any underlying trend in prices, so it can actually rise when markets get volatile and investors hedge or speculate more actively. Extended calm periods with low volatility reduce trading volume and can dent revenue, especially in the more price-competitive parts of the business like equities and multi-listed options.
Key risks
- Fee competition on multi-listed products — Rival exchanges keep cutting transaction fees and incentives to win order flow on products also listed elsewhere, putting ongoing pressure on Cboe's pricing outside its exclusive franchises.
- Volatility-dependent revenue — Trading volume, and therefore revenue, can fall sharply during extended periods of low market volatility, when investors trade and hedge less.
- Regulatory and market-structure risk — Cboe is heavily regulated by the SEC and CFTC, and changes to market-structure rules or transaction fees imposed by regulators can directly affect its economics.
- Dependence on licensed index products — A large share of Cboe's differentiated profitability rests on its license to list options on S&P indices; a change to that licensing relationship or a new competing product could erode the advantage.
The case for
Buyers argue that the exclusive SPX options and VIX franchise gives Cboe pricing power no other exchange can match, that growing retail and institutional use of options provides a structural volume tailwind, and that the Data Vantage business turns that trading activity into a second, steadier revenue stream.
The case against
Sellers worry that fee competition keeps compressing margins everywhere outside the exclusive index-options franchise, that a prolonged period of low market volatility would directly cut trading volumes and revenue, and that the business depends on a licensing relationship for the S&P indices it does not fully control.
Written by the editors, published on August 18, 2026
Direct competitors
Who this company fights with for the same customers
Generated with artificial intelligence on September 18, 2026, shared with all users
Nasdaq runs six US options markets and three US equities markets alongside Nordic derivatives venues and a market-data business, competing with Cboe for the same order flow, listings and data subscribers.
Through the NYSE group ICE operates US equities exchanges and the NYSE American and NYSE Arca options markets, chasing the same brokers, market makers and listed issuers as Cboe.
CME's equity-index futures and options compete with Cboe's index options and VIX futures for the same hedging and volatility-trading flow from institutions.
MIAX's four US options exchanges have taken roughly a sixth of American equity-option volume, competing head-on with Cboe's options franchise on fees and liquidity incentives.
Its Eurex arm is Europe's dominant venue for index derivatives and, with the Xetra cash market, competes directly with Cboe Europe for European trading volumes.
Balance Sheet & Liquidity
Revenue
$5.06B
Trailing 12 months (through 6/30/2026)
Net Income
$1.35B
Trailing 12 months (through 6/30/2026)
Free Cash Flow
$1.68B
Total Equity
$5.14B
Total Liabilities
$4.17B
Current Ratio
1.57
Interest Coverage
33.06
Debt/EBITDA
0.99
Earnings Per Share
Revenue & Net Income
Free Cash Flow
Income Breakdown
Historical statement
Margins over time
Debt over time
How heavy the debt is
Growth grid
Growth — Revenue
Fair Value Estimation
Fair Value
$420.06
Current Price
$340.42
Margin of Safety
+19.0%
Fair Value Range
$273.04 - $567.08
Spread across the valuation methods used, not a statistically calibrated confidence interval.
Estimation Methods
Valuation Metrics
P/E Ratio
26.53
ROE
21.4%
P/B Ratio
6.32
P/FCF
18.97
Gross Margin
54.1%
ROIC
20.3%
Profitability Radar
Value Creation (Economic Moat)
ROIC
20.3%
WACC
7.8%
ROIC − WACC
+12.6 pp
ROIC exceeds the cost of capital — the company is creating value for shareholders.
Fundamental Analysis Criteria
Passed (22)
- EPS shows upward trend
- EPS CAGR 14.64%
- Price CAGR 13.79%
- ROIC 20.3%
- Gross margin 54.1%
- P/FCF 18.97
- Debt/equity ratio
- Operating margin 34.7%
- Positive free cash flow
- CapEx intensity
- Current ratio
- Interest coverage
- Debt/EBITDA
- Return on tangible assets
- ROE 25.8%
- Revenue growth 5Y 6.6%
- Earnings surprise, average 4.1%
- PEG ratio 1.24
- Earnings quality (operating cash flow / net income) 1.45
- Share dilution -0.5%
- Net margin trend 26.7% vs 19.9%
- Piotroski F-Score 8/9
Failed (4)
- P/B ratio 6.32
- Low reliance on intangibles
- Price below Graham Number
- DCF valuation (Overvalued)
Unavailable (1)
- Dividend payout –
Piotroski F-Score
Strong financial health
Earnings Quality
High quality: earnings backed by cash
Share Dilution
Buying back shares. Shareholder friendly
Institutional Holdings
Governance
Executive Team
| Name | Title | Age |
|---|---|---|
| Mr. Craig Steven Donohue | CEO, President & Director | 63 |
| Ms. Jill M. Griebenow CPA | Executive VP & CFO | 45 |
| Mr. Timothy Lipscomb | Executive VP & CTO | 50 |
| Mr. John Patrick Sexton J.D. | Executive VP, General Counsel & Corporate Secretary | 60 |
| Mr. Christopher Andrew Isaacson | Advisor | 47 |
| Mr. Fredric J. Tomczyk A.C.A. | Director | 69 |
| Mr. Scott L. Johnston | Executive VP & COO | 60 |
| Mr. Allen L. Wilkinson CPA | Senior VP & Chief Accounting Officer | 37 |
| Mr. Kenneth William Hill C.F.A. | Senior VP, Treasurer and Head of Investor Relations & Business Intelligence | - |
| Ms. Stacie Fleming | Senior Vice President of Marketing & Communications | - |
Audit Risk
6
Board Risk
1
Compensation Risk
3
Shareholder Rights Risk
5
Documents
- View document
Annual Report (10-K)
A yearly overview of the business, its financial results, and the risks it faces.
Filed on 2026-02-20
- View document
Quarterly Report (10-Q)
A snapshot of financial performance for the most recent three-month period.
Filed on 2026-07-31
- View document
Current Report (8-K)
An announcement of a major event, such as a leadership change or big news.
Filed on 2026-09-29
via SEC EDGAR
Income History
via SEC EDGAR
Part 2 · The price and its context
This part shows how the price has behaved, not whether the company is worth owning. Inside: technical analysis, potential, historical drawdowns, gamma exposure.
Market Reaction Profile
How much CBOE moves, measured on its daily prices.
More volatile than 58% of the tracked stocks (90-day volatility).
- Volatility 30d
- 40.1%
- Volatility 90d
- 39.3%
- Beta vs S&P 500 (1y)
- -0.39Correlation -0.14
- Max drawdown (12m)
- -36.9%
- ATR (14d, % of price)
- 3.36%
Earnings reactions
How CBOE moved around its past quarterly results.
Next earnings release
Oct 30, 2026 · In 6 days · Before the open
EPS estimate: 3.43Revenue estimate: $706M
What usually happens
- Over the last 12 releases the stock moved a median of 3.0% the next day, up or down.
- Next-day moves: up 9, down 3 (out of 12).
- Of the 4 releases that beat estimates, the stock fell the next day after 1.
Release history
| Date | When | EPS est. | EPS actual | Surprise | Gap | 1 day | 5 days |
|---|---|---|---|---|---|---|---|
| Jul 31, 2026 | Before the open | 3.55 | 3.56 | +0.4% | -3.0% | +4.6% | -2.5% |
| May 1, 2026 | Before the open | 3.36 | 3.70 | +10.3% | +4.8% | +9.0% | +12.8% |
| Feb 6, 2026 | Before the open | 3.00 | 3.06 | +2.1% | -2.8% | -0.7% | -1.7% |
| Oct 31, 2025 | Before the open | 2.58 | 2.67 | +3.6% | +1.1% | +3.7% | +6.7% |
| Aug 1, 2025 | Before the open | n/a | n/a | n/a | +0.2% | +2.8% | +3.5% |
| May 2, 2025 | Before the open | n/a | n/a | n/a | -1.0% | +2.3% | +3.1% |
| Feb 7, 2025 | Before the open | n/a | n/a | n/a | -0.2% | +2.0% | +0.6% |
| Nov 1, 2024 | Before the open | n/a | n/a | n/a | -3.0% | -1.7% | -6.5% |
| Aug 2, 2024 | Before the open | n/a | n/a | n/a | +0.2% | +4.3% | +9.9% |
| May 3, 2024 | Before the open | n/a | n/a | n/a | +1.4% | +3.2% | +5.1% |
| Feb 2, 2024 | Before the open | n/a | n/a | n/a | -2.0% | -1.1% | -0.3% |
| Nov 3, 2023 | Before the open | n/a | n/a | n/a | +0.2% | +4.1% | +8.3% |
Release dates from SEC 8-K filings.
Updated 10/24/2026
Historical statistics for educational purposes only. They are not forecasts and not investment advice.
Price reaction to the news
Latest news on CBOE and what the price did next.
- 10/14/2026PositiveSEC Approves Cboe’s KPI Prediction-Market Bets Via Robinhood
Published while the US market was open: the move of that day cannot be split into before and after the news, so no figure is shown.
- 10/14/2026PositiveHeadline no longer in the latest news feed
Published while the US market was open: the move of that day cannot be split into before and after the news, so no figure is shown.
Return of the stock minus return of SPY over the same days. A news item close to a price move did not necessarily cause it. Historical data for educational purposes only, not investment advice.
Latest News
Recent headlines for CBOE.
- 5d agoNEUTRALCboe’s Early Session for Single-Stock Options Makes Debut
Cboe Global Markets Inc. has introduced early session trading for single-stock options, expanding its product offerings to include options on ETFs that track major stock indexes. This move aims to provide investors with more flexibility and trading opportunities, potentially increasing trading volume and revenue for Cboe. While the direct impact on the company's stock price is not immediately clear, the expansion of services could be viewed as a strategic growth initiative. Investors will be monitoring trading volumes and market participation in these new options contracts.
- 10d agoPOSITIVESEC Approves Cboe’s KPI Prediction-Market Bets Via Robinhood
Cboe Global Markets Inc. has secured approval from the US Securities and Exchange Commission (SEC) to list options contracts based on key performance indicators (KPIs) of publicly traded companies. This groundbreaking development makes Cboe the first securities exchange to offer such derivative products. The approval, which also involves Robinhood Markets Inc. as a platform for these new contracts, is expected to enhance market transparency and provide investors with novel tools for hedging and speculation on company performance. This innovation could lead to increased trading volume and new revenue streams for Cboe.
- 23d agoNEUTRALCboe Eyes VIX Perpetual Futures in Broader Perps Push
Cboe Global Markets Inc. is exploring the introduction of perpetual futures contracts tied to the Cboe Volatility Index (VIX). This move aligns with a broader trend among US exchanges to adapt popular, highly leveraged financial instruments, such as those prevalent in the cryptocurrency market, to traditional asset classes. The VIX, often referred to as the 'fear index', measures expected stock market volatility. Listing perpetual futures could attract new trading strategies and liquidity, though the impact on Cboe's core business remains speculative at this stage.
- 8/25/2026NEUTRALKalshi Looks to Regulators to Delay Competing Products From Cboe
Kalshi, a prediction market operator, is petitioning regulators to delay the launch of competing products by Cboe Global Markets Inc. This move highlights the growing tension between new entrants in the prediction market space and established financial exchanges. The outcome of this regulatory request could impact the competitive landscape for event contracts and derivatives, potentially affecting revenue streams and market share for both Kalshi and Cboe. Investors will monitor regulatory decisions for insights into the future of this niche financial market.
- 7/1/2026NEUTRALCboe Seeks to List Prediction Market Type Options on Earnings Metrics
Cboe Global Markets Inc. has submitted a proposal to U.S. regulators for approval to list a new type of all-or-nothing options contract. These options would be based on specific corporate earnings metrics, allowing traders to speculate on outcomes such as SpaceX's revenue, Nvidia's data center sales, or JPMorgan Chase & Co.'s credit loss provisions. This initiative aims to expand the range of derivative products available on Cboe's platform, potentially attracting new market participants interested in event-driven trading strategies.
- 6/23/2026NEUTRALCboe Revives Binary Options to Compete with Kalshi, Polymarket
Cboe Global Markets has reintroduced S&P 500 binary options, a product absent for over a decade. This move positions Cboe to directly challenge prediction market platforms like Kalshi and Polymarket, which have gained significant traction with similar offerings. The reintroduction aims to capture a share of the growing market for event-driven trading and binary contracts. While the news highlights Cboe's strategic response to market trends and competitive pressures, its direct impact on Cboe's stock price remains to be seen as the success of these contracts depends on market adoption and regulatory reception.