CME GROUP INC.
$317.97
+2.47 (+0.78%) · delayed · Nov 13, 2026
Five-year price
52w $218.31 to $329.16
- Market cap
- $114.6B
- Enterprise value
- $110.2B
- P/E
- 28.5×
- 32.1× on 3y avg EPS
- EV / EBIT
- 26.0×
- FCF yield
- 3.7%
- ROIC
- 13.3%
- Debt / equity
- 0.00
- Piotroski F
- 6/9
Value scorecard · FY2025
Does it pass the value tests?
Quality
50
- ○ROIC > 12% (5y avg)5y avg ROIC 11.0%
- ○ROE > 15% (5y avg)5y avg ROE 11.8%
- ●Stable operating marginsMargin volatility 3.0% (σ, 5y)
- ●Earnings convert to cashFCF / net income 101% (5y avg)
- ●Growing revenueRevenue CAGR 5y 6.0%
- ○Shrinking share countDiluted shares 0.5% over 5y
Value
0
- ○P/E below 15P/E 28.5
- ○EV/EBIT below 12EV/EBIT 26.0
- ○FCF yield above 6%FCF yield 3.7%
- ○Price below Graham NumberGraham Number $141.49
- ○P/B below 3P/B 4.0
Safety
80
- ●Debt / equity below 0.5D/E 0.00
- ●Debt payable in < 4 yrs of earningsNet debt $-4.4B
- ●Interest coverage > 8xCoverage 31.2x
- ○Current ratio > 1.5Current ratio 1.03
- ●Piotroski F-score ≥ 6F-score 6/9
Graham Defensive
57
- ●Adequate size (revenue > $2B)Revenue $6.5B
- ○Strong condition (current ratio ≥ 2)Current ratio 1.03
- ●Earnings stability (no loss, 10y)10 years of data
- ●Uninterrupted dividendsDividends paid every year on record
- ●Earnings growth ≥ 33% (10y, 3y avgs)EPS growth 34%
- ○Moderate P/E (≤ 15 on 3y avg EPS)P/E (3y avg) 32.1
- ○P/E × P/B ≤ 22.5Product 128.1
Valuation lab
What do you have to believe?
At $317.97, the market is pricing in about 9.3% annual free-cash-flow growth for the next decade (9% discount rate, 2.5% terminal growth).
Starting cash flow
Net debt −$4.4B · 360M shares · 5y revenue CAGR 6.0%
Intrinsic value
$251.25
Price
$317.97
Premium paid
27%
What the price implies
The market is paying for 9.3% annual cash-flow growth for 10 years at a 9.0% discount rate.
Terminal value share
58% 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 | 3,595 | 3,645 | 4,309 | 4,868 | 4,884 | 4,690 | 5,019 | 5,579 | 6,130 | 6,521 |
| Gross profit | — | — | — | — | — | — | — | — | — | — |
| Operating income | 2,201 | 2,311 | 2,608 | 2,588 | 2,637 | 2,645 | 3,016 | 3,436 | 3,932 | 4,230 |
| Operating margin | 61.2% | 63.4% | 60.5% | 53.2% | 54.0% | 56.4% | 60.1% | 61.6% | 64.1% | 64.9% |
| Pre-tax income | 2,288 | 2,526 | 2,778 | 2,690 | 2,722 | 3,374 | 3,490 | 4,154 | 4,541 | 5,331 |
| Income tax | 754 | (1,537) | 814 | 574 | 616 | 737 | 799 | 927 | 1,016 | 1,258 |
| Net income | 1,534 | 4,063 | 1,962 | 2,117 | 2,106 | 2,637 | 2,691 | 3,226 | 3,526 | 4,072 |
| EPS (diluted) | 4.53 | 11.94 | 5.71 | 5.91 | 5.87 | 7.29 | 7.40 | 8.86 | 9.67 | 11.16 |
| Diluted shares | 339 | 340 | 344 | 358 | 359 | 359 | 359 | 360 | 360 | 360 |
Who owns it