Cboe Global Markets, Inc.
$375.42
+6.53 (+1.77%) · delayed · Nov 13, 2026
Five-year price
52w $227.15 to $378.35
- Market cap
- $39.2B
- Enterprise value
- $38.4B
- P/E
- 36.0×
- 45.5× on 3y avg EPS
- EV / EBIT
- 26.2×
- FCF yield
- 4.3%
- ROIC
- 23.6%
- Debt / equity
- 0.28
- Piotroski F
- 8/9
Value scorecard · FY2025
Does it pass the value tests?
Quality
83
- ●ROIC > 12% (5y avg)5y avg ROIC 14.9%
- ●ROE > 15% (5y avg)5y avg ROE 16.0%
- ○Stable operating marginsMargin volatility 6.5% (σ, 5y)
- ●Earnings convert to cashFCF / net income 156% (5y avg)
- ●Growing revenueRevenue CAGR 5y 6.6%
- ●Shrinking share countDiluted shares -3.8% over 5y
Value
0
- ○P/E below 15P/E 36.0
- ○EV/EBIT below 12EV/EBIT 26.2
- ○FCF yield above 6%FCF yield 4.3%
- ○Price below Graham NumberGraham Number $107.46
- ○P/B below 3P/B 7.6
Safety
100
- ●Debt / equity below 0.5D/E 0.28
- ●Debt payable in < 4 yrs of earningsNet debt $-0.8B
- ●Interest coverage > 8xCoverage 28.1x
- ●Current ratio > 1.5Current ratio 1.87
- ●Piotroski F-score ≥ 6F-score 8/9
Graham Defensive
57
- ●Adequate size (revenue > $2B)Revenue $4.7B
- ○Strong condition (current ratio ≥ 2)Current ratio 1.87
- ●Earnings stability (no loss, 10y)10 years of data
- ●Uninterrupted dividendsDividends paid every year on record
- ●Earnings growth ≥ 33% (10y, 3y avgs)EPS growth 155%
- ○Moderate P/E (≤ 15 on 3y avg EPS)P/E (3y avg) 45.5
- ○P/E × P/B ≤ 22.5Product 346.7
Valuation lab
What do you have to believe?
At $375.42, the market is pricing in about 7.4% annual free-cash-flow growth for the next decade (9% discount rate, 2.5% terminal growth).
Starting cash flow
Net debt −$774M · 104M shares · 5y revenue CAGR 6.6%
Intrinsic value
$364.39
Price
$375.42
Premium paid
3%
What the price implies
The market is paying for 7.4% annual cash-flow growth for 10 years at a 9.0% discount rate.
Terminal value share
59% of the value sits beyond year 10.
Financial statements
A decade of the record.
USD millions · fiscal years · source: SEC 10-K XBRL
| Line item | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 703 | 2,229 | 2,769 | 2,496 | 3,427 | 3,495 | 3,959 | 3,774 | 4,095 | 4,714 |
| Gross profit | 566 | 996 | 1,217 | 1,137 | 1,254 | 1,476 | 1,742 | 1,918 | 2,072 | 2,429 |
| Operating income | 298 | 372 | 599 | 537 | 662 | 806 | 490 | 1,058 | 1,098 | 1,467 |
| Operating margin | 42.4% | 16.7% | 21.6% | 21.5% | 19.3% | 23.1% | 12.4% | 28.0% | 26.8% | 31.1% |
| Pre-tax income | 307 | 334 | 571 | 501 | 660 | 756 | 433 | 1,048 | 1,084 | 1,567 |
| Income tax | 121 | (66) | 146 | 131 | 192 | 227 | 198 | 286 | 319 | 467 |
| Net income | 187 | 402 | 427 | 375 | 468 | 529 | 235 | 761 | 765 | 1,100 |
| EPS (diluted) | 2.27 | 3.69 | 3.76 | 3.34 | 4.27 | 4.92 | 2.19 | 7.13 | 7.21 | 10.42 |
| Diluted shares | 81 | 108 | 112 | 112 | 109 | 107 | 107 | 106 | 106 | 105 |
Who owns it