Fundamentals snapshot
CBOE · BTS · Financial Services · Financial Data & Stock Exchanges
Current price
$335.53
52-week range
$227.15 - $371.18
Market cap
$35.04B
One-glance verdict
We don't put a cash-flow fair value on banks and insurers. For these companies the reported 'cash flow' is really just money moving between loans, deposits and trades — not the leftover profit the owners could actually pocket — so the usual method would print a misleading number.
Balance sheet
Net cash $1.15B. Interest coverage shows how many times profit covers the interest bill.
What stands out
What this company does
Cboe Global Markets runs a bunch of stock and options exchanges, essentially providing the marketplaces where people buy and sell things like stocks and other investments. Their main money comes from charging fees for trades on these exchanges and from licensing their market data, meaning they profit from the activity happening on their platforms. This matters because they are a key piece of infrastructure for the financial world, making it possible for investments to be traded smoothly.
Cboe Global Markets, Inc. started in 1973 as the Chicago Board Options Exchange, initially focusing on options trading. Over the decades, it expanded its offerings beyond just options to include equities, futures, and foreign exchange. A key turning point was its name change to Cboe Global Markets, Inc. in 2017, signaling its broader international ambitions and diversified business. This evolution reflects a strategy to become a comprehensive exchange network, not just a single market.
Cboe Global Markets operates a network of financial exchanges where various financial products are bought and sold. Think of it like a marketplace, but instead of selling groceries, it facilitates the trading of things like stock options, futures contracts, and foreign currencies. It provides the technology and rules that allow buyers and sellers to connect and transact, and it also offers services like data feeds and listing platforms for companies.
This is Cboe's foundational business, where it facilitates the trading of options contracts. Options give investors the right, but not the obligation, to buy or sell an underlying asset (like a stock or an index) at a specific price before a certain date. Cboe offers options on a wide range of assets, including individual stocks, major market indexes (like the S&P 500), and exchange-traded products (ETPs), which are like baskets of investments. This segment is a significant part of Cboe's overall business, generating substantial revenue from trading fees and other services.
This segment focuses on the trading of stocks and ETPs within North America. Cboe provides the platforms and services for buying and selling these securities, essentially acting as a venue for stock market transactions. It also includes services for companies looking to list their stocks or ETPs on Cboe's exchanges, which can be a source of revenue. This part of the business contributes a notable portion to Cboe's total revenue.
This segment represents Cboe's international operations, offering trading services for derivatives and ETPs in European and Asian markets. It includes trading in various financial products like exchange-traded funds and commodities, as well as services for international depository receipts. Cboe also facilitates listings for companies on its regulated markets in these regions and provides clearing activities, which help ensure trades are settled properly. This segment is a growing area for Cboe as it expands its global reach.
Here, Cboe offers trading in futures contracts, which are agreements to buy or sell an asset at a predetermined price on a future date. A key product in this segment is futures based on the VIX (Volatility Index), often called the 'fear index,' which measures expected market volatility. Cboe also generates revenue by licensing its proprietary market data and providing access to its trading systems for futures products. This segment represents a smaller but important part of Cboe's diverse offerings.
This segment is dedicated to the trading of foreign exchange (FX) currencies on a global scale, primarily serving institutional investors. It facilitates the buying and selling of different currencies, including non-deliverable forwards (a type of FX contract settled in cash). While a newer area for Cboe compared to its traditional options business, it represents a strategic move into a large and liquid market, aiming to capture a share of institutional FX trading volume.
Cboe's management is focused on expanding its global presence and diversifying its product offerings beyond its traditional options business. They are investing in technology to enhance trading platforms and attract more participants across all asset classes, including equities, futures, and foreign exchange. A key priority is growing its non-transaction revenue streams, such as data and access services, to create more predictable income. Management also aims to integrate recent acquisitions to realize synergies and offer a more comprehensive suite of trading and investment solutions to clients worldwide.
Price history
Earnings history
Click any quarter to read the call summary and what the numbers say.
Is it cheap or expensive?
For a bank or insurer, the "free cash flow" shown on its statements is mostly money flowing through loans, deposits and trades — not the leftover profit the owners could actually keep, which is what this kind of valuation needs. Running that through the usual method would spit out a meaningless number, so we leave the cash-flow fair value out here rather than show you something misleading.
Is it drowning in debt?
Net cash $1.2B - more cash than debt. Interest coverage 29.0x.
Cboe Global Markets, Inc.'s profit covers its interest bill about 29.0 times over. which is stronger than most peers shown here.
Total debt $1.55B Interest coverage 28.95x This is the baseline the peer rows are being compared against.
Total debt $23.99B Interest coverage 6.23x -78% vs CBOE Carries about 4.7x less debt cushion than CBOE.
Total debt $3.85B Interest coverage 24.39x -16% vs CBOE Carries about 1.2x less debt cushion than CBOE.
Total debt $9.29B Interest coverage 6.87x -76% vs CBOE Carries about 4.2x less debt cushion than CBOE.
Total debt $153.09M Interest coverage 229.88x +694% vs CBOE Carries about 7.9x more debt cushion than CBOE.
Total debt $149.30M Interest coverage 435.41x +1,404% vs CBOE Carries about 15.0x more debt cushion than CBOE.
What you should know
The numbers
Tap any ? icon to learn what it means.
Valuation
Profitability
Health
Growth
Cash flow
Dividend
Metric explainer
Debt comparison
What you should know