CBOE

Cboe Global Markets, Inc.

$315.00

+2.78% 2026-10-20

FinancialsS&P 500

1M 3M 6M 1Y 2Y

CBOESPY

+7.8%

+15.4%

+15.1%

+5.8%

YTD

+26.4%

+33.8%

Live chart

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Grades vs sector

Momentum

55th pct in sector

C+

12-1 return: +12.9%
Percentile within its GICS sector across the S&P 1500.

Growth

76th pct in sector

B+

Revenue growth (YoY): +22.9%
Percentile within its GICS sector across the S&P 1500.

Value

13th pct in sector

D-

Forward E/P: 4.8% · EBITDA/EV: 6.0%
Percentile within its GICS sector across the S&P 1500.

Profitability

70th pct in sector

Profit margin: +26.7% · Return on equity: +26.3%
Percentile within its GICS sector across the S&P 1500.

Revisions

Not enough data yet

–

EPS estimate change, 30 days (current FY): –
30-day change in analysts' current-year EPS estimate; graded across covered stocks.

Our models

Not held by any of our 5 live models right now.

Quality Growth

rank 36 of 360 · Composite (0-1) 0.7

Momentum Top 15

rank 163 of 499 · 12-1 momentum % 23.3

Momentum Blend

not in the current book

New Highs Growth

not ranked (outside this model's universe or screens)

Conviction 20

not in the current book

News

More news

Can Personal Insurance Strength Drive Hartford's Q3 Earnings Beat?

Zacks · 10h ago

Nasdaq Gears Up to Report Q3 Earnings: What's in the Cards?

Zacks · 12h ago

NYSE Chases Cboe into 24/7 Options Trading

Moby · Oct 19

Cboe Launches Extended Trading Sessions for Select Single Stock and ETF Options

PR Newswire · Oct 19

Is a Beat in the Cards for CME Group This Earnings Season?

Zacks · Oct 19

Key stats

Market cap$32.9B

P/E (trailing)24.6

P/E (forward)20.7

52-week range227.15 – 371.18

Revenue growth (YoY, latest qtr)+22.9%

Dividend yield1.12%

Analyst consensusHold (15)

Mean price target$322.33 (+2%)

Valuation and fundamentals

Valuation & fundamentals

Bottom line

Leans undervalued

Model read-out from the numbers below, not advice. Score +2 (DCF counts double).

▲DCF (base case)above the price by 165%

▼Forward P/E vs sector20.7x vs median 10.2x

▲Piotroski F-score8/9

▲Net debt / EBITDA-0.5x

•Analyst target+2% (15 analysts)

Discounted cash flow

Bear

$459

+46%

growth 9% · disc. 8.0% · term. 2.0%

Base

$836

+165%

growth 14% · disc. 7.0% · term. 2.5%

Bull

$1,533

+387%

growth 18% · disc. 6.0% · term. 3.0%

A DCF starts from trailing free cash flow, so it can overstate value if the last 12 months were unusually strong (or weak). Use the bear case or edit the starting cash flow if so.

Reverse DCFfor context, not a signal

Today's price implies shrinking cash flows: about -1% a year for 10 years.

Implied

-1%/yr

FCF, last 3 yrs

+42%/yr

FCF, last 5 yrs

+4%/yr

Revenue, last 3 yrs

+6%/yr

Revenue, last 5 yrs

+7%/yr

Same inputs as the DCF above: trailing free cash flow 1.9B, 7.0% discount rate, 2.5% growth after year 10, net cash and today's share count. Actual growth rates are compound annual rates from SEC annual filings through FY2025; "n/a" means too little history or a negative starting year.

Edit assumptions · recalculates instantly

Your value per share–

Free cash flow = operating cash flow − capital spending, trailing 12 months (TTM to 2026-06-30). Growth default: average of 3-year revenue CAGR and latest revenue growth, capped at 30%. Years 6–10 fade linearly to terminal growth. Discount rate = 4.25% risk-free assumption + beta 0.41 × 5% equity premium, kept within 7–13%. Bear: lower growth, +1 pt discount, 2% terminal. Bull: higher growth, −1 pt, 3%.

Multiples vs Financials

P/E (trailing)

sector median 13.0× · 85th pct

24.6×
pricier

Forward P/E

sector median 10.2× · 95th pct

20.7×
pricier

EV / EBITDA

sector median 10.9× · 81st pct

17.0×
pricier

Price / sales

sector median 2.8× · 79th pct

6.5×
pricier

Price / book

sector median 1.6× · 91st pct

5.8×
pricier

FCF yield

sector median 8.2% · 30th pct

5.7%
pricier

Forward EPS $15.20 vs trailing $12.83 (+18% expected growth). Forward P/E uses analysts' next-12-month estimate.

Quality & financial health

Gross margin

54.1%

Operating margin

34.7%

FCF margin

37.3%

Net margin

26.7%

Return on equity

24.1%

Return on invested capital

26.8%

Net debt / EBITDA

-0.5×

Current ratio

1.6×

Interest cover

33.1×

Cash conversion (OCF/NI)

1.5×

Piotroski F-score 8/9 · last two fiscal years

✓ Positive net income✓ Positive operating cash flow✓ Return on assets improved✓ Cash flow above net income✓ Long-term debt / assets fell✓ Current ratio improved✓ No share dilution✓ Gross margin improved✗ Asset turnover improved

Analysts

Mean target

$322

+2%

Analysts

Hold

Range

$288–$358

low – high

● price · ◆ mean target

Annual history

FY	Revenue	Net income	Free cash flow
2025	$4.7B	$1.1B	$1.7B
2024	$4.1B	$764.9M	$1.0B
2023	$3.8B	$761.4M	$1.0B
2022	$4.0B	–	$591.3M
2021	$3.5B	$529.0M	$545.8M
2020	$3.4B	$468.2M	$1.4B

From the company's 10-K filings via SEC XBRL. 3-year revenue CAGR +6.0%.

Earnings

Next report: 2026-10-30 · before open · EPS est 3.43

EstimateActual (beat)Actual (miss)

Report	EPS est	Actual	Surprise
2026-07-31	3.49	3.56	+2.0%
2026-05-01	3.37	3.70	+9.7%
2026-02-06	2.95	3.06	+3.8%
2025-10-31	2.53	2.67	+5.6%
2025-08-01	2.43	2.46	+1.1%
2025-05-02	2.36	2.50	+5.8%
2025-02-07	2.12	2.10	-0.9%
2024-11-01	2.19	2.22	+1.3%

Quarterly revenue

Quarter	Revenue	YoY
2026-06-30	$1.4B	+22.9%
2026-03-31	$1.3B	–
2025-12-31	$1.2B	–
2025-09-30	$1.1B	–
2025-06-30	$1.2B	–

Analyst actions

Wells Fargo

2026-10-14 · main

Equal-Weight → Equal-Weight
PT $309

TD Cowen

2026-10-12 · main

Buy → Buy
PT $342

Morgan Stanley

2026-10-09 · up

Underweight → Overweight
PT $358

Barclays

2026-10-07 · main

Overweight → Overweight
PT $343

TD Cowen

2026-10-05 · up

Hold → Buy
PT $334

Wells Fargo

2026-10-02 · init

→ Equal-Weight
PT $301

Recent dividends

2026-08-31: $0.860 · 2026-05-29: $0.720 · 2026-02-27: $0.720 · 2025-05-30: $0.630 · 2025-02-28: $0.630 · 2024-11-29: $0.630 · 2024-08-30: $0.630 · 2024-05-31: $0.550

Insider trades

Froetscher Janet P

Director · 2026-08-12

SELL
$261.4K

None

None · None

SELL
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None

None · None

SELL
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None

None · None

SELL
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Stats refreshed 2026-10-20 18:08:39 ET from Yahoo Finance (yfinance). "–" means the data isn't available. Refresh now

coteau

Coteau Systematic Strategies publishes stock research and model portfolios. It doesn't manage money or give investment advice. Results are hypothetical unless marked Live. Data: Yahoo Finance (delayed) and SEC EDGAR.

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