Cboe Global Markets (CBOE) Stock Fundamentals, Analysis & Risk Signals

Health score, price, valuation, risk signals, and key metrics at a glance.

Cboe Global Markets

Cboe US•Financial Services•Financial Data & Stock Exchanges

$266.67-3.76(-0.01%)After hours

Market Cap

$27.89B

P/E

20.6x

P/S

5.5x

P/B

5.0x

Cboe Global Markets, Inc., through its subsidiaries, operates as a derivatives and securities exchange network that delivers trading, clearing, and investment solutions in the United States and internationally. It operates through five segments: Options, North American Equities, Europe and Asia Pacific, Futures, and Global FX. The Options segment includes options on market indices, stocks of individual corporations, and exchange-traded products (ETPs), such as exchange-traded funds (ETFs) and exchange-traded notes (ETNs). This segment also offers trading in listed options through a single system. The North American Equities segment comprises U.S. equities and ETP transaction services. This segment also includes listing services on Cboe Canada, ETP listings on BZX, the Cboe Global Markets, Inc. common stock listing, and applicable market data. The Europe and Asia Pacific segment provides pan-European derivatives transaction services; ETPs, including exchange-traded funds, exchange-traded notes, and exchange-traded commodities; international depository receipts; and an ETP listings business on regulated markets and clearing activities, as well as equities services. The Futures segment offers transaction services, including trading in VIX futures and other futures products, the licensing of proprietary market data, and access and capacity services. The Global FX segment provides institutional foreign exchange (FX) trading and non-deliverable forward FX transaction services. The company also provides trading solutions and products in multiple asset classes, including equities, derivatives, and FX across North America, Europe, and Asia Pacific. It has strategic relationships with S&P Dow Jones Indices, LLC; Frank Russell Company; and FTSE International Limited. The company was formerly known as CBOE Holdings, Inc. and changed its name to Cboe Global Markets, Inc. in October 2017. Cboe Global Markets, Inc. was founded in 1973 and is headquartered in Chicago, Illinois.

How this company scores

ExcellentMetricSide Score: 88/100

Strongest: Balance Sheet & Red Flags (25/25); weakest: Cash & Earnings Quality (18/25).

Profitability22/25

Growth23/25

Balance Sheet & Red Flags25/25

Cash & Earnings Quality18/25

Strengths

Strong marginsHigh ROERising earningsLow leverage

Valuation vs. 5-year range

Today's multiple positioned against its own trailing range — a visual premium/discount check.

P/E · 20.6x5y range 20.6x – 57.3x

Currently near its 20-quarter median.

P/S · 5.5x5y range 3.3x – 6.2x

Currently near its 20-quarter median.

P/B · 5.0x5y range 3.4x – 5.5x

Watch items

Data-driven signals worth keeping an eye on across the last 8 quarters

Some Concerns

Earnings Quality

Watch

FCF/Net Income has dropped below 0.7x in 4 quarters — monitor for earnings quality deterioration.

Cash Burn

Watch

FCF turned negative in 3 of the last 8 quarters — occasional cash consumption.

Price & Volume

Market Cap $27.89B

Metrics at a Glance

as of June 2026

Revenue & Profit

Revenue, EBITDA, operating income, net income, EPS, and shares

TTM Revenue: $5.06B
Q. Revenue: $1.44B
TTM EBITDA: $1.88B
TTM Op. Income: $1.76B
Q. Op. Income: $476.00M
TTM Net Income: $1.35B
Q. Net Income: $353.10M
EPS: $3.36
Shares Out.: $104.70M

$5.06B in TTM revenue grew 11.7% YoY, reaching $1.44B last quarter. TTM EBITDA of $1.88B and TTM operating income of $1.76B show growth is flowing through to the bottom line. TTM net income of $1.35B means revenue is converting into profit. Across the last 8 quarters, TTM revenue has risen for 7 consecutive quarters — an improving trend.

Margins

Gross, EBITDA, operating, and net margin trends

Gross Margin: 50.7%
EBITDA Margin: 34.9%
Op. Margin: 33.0%
Net Margin: 24.5%

Op. margin of 33.0% is up 4.1% YoY — cost efficiency is improving. Net margin at 24.5% and gross margin of 50.7% show how much of each revenue dollar survives to profit. Over the past year, operating margin is up 14% — a weakening trend.

Price Ratios

P/E, P/S, P/B, EV/EBITDA, FCF yield, and earnings yield

P/E Ratio: 20.6x
P/S Ratio: 5.5x
P/B Ratio: 5.0x

At 20.6x P/E, the stock trades within typical market levels. P/S of 5.5x and P/B of 5.0x provide additional context. Use the growth and margin sections to judge whether the multiple is justified. Across the last 8 quarters, P/E has fallen for 5 consecutive quarters — an improving trend.

Assets & Liabilities

Total assets, cash, debt, book value, and leverage

Total Assets: $10.61B
Cash: $2.28B
Long-Term Debt: $794.20M
Book Value: $5.63B
D/E Ratio: 0.1
Debt/EBITDA: 1.6

With $10.61B in assets and $794.20M in long-term debt, D/E is 0.1and book value is $5.63B — a conservative capital structure with a cushion to weather downturns. Across the last 8 quarters, debt/equity has fallen for 7 consecutive quarters — an improving trend.

Cash Flow

Operating cash flow, free cash flow, FCF margin, and earnings quality

Op. Cash Flow: $-503.20M
TTM Free Cash Flow: $1.91B
FCF Margin: 37.7%
FCF / Net Income: 1.4

TTM FCF of $1.91B on $-503.20M in operating cash flow. The FCF / Net Income ratio of 1.4x means free cash flow covers net income — earnings are backed by cash. Over the past year, free cash flow is up 1787% — a weakening trend.