Cboe Global Markets, Inc. (CBOE) Stock Analysis

Why this analysis is different

• A 9-signal quantitative MoonshotScore built from filings, insider activity, and market data — computed from the numbers, not from opinion.
• An AI Council read across up to eight perspectives — value, macro, quantitative, and momentum lenses — that shows where they disagree instead of averaging the tension away.
• Figures come straight from FMP and Yahoo Finance filings data. The AI writes the narrative around the numbers — it never edits the numbers.

Cboe Global Markets, Inc. (CBOE) Financial Services Profile

Cboe Global Markets, a leading options exchange, operates across multiple asset classes, including North American equities, futures, and global FX. With a focus on innovative trading solutions and strategic partnerships, Cboe leverages its technology and market position to serve institutional and retail investors globally, facing competition from established financial exchanges and trading platforms.

What Is the Investment Thesis for CBOE?

With a P/E ratio of 22.34 and a profit margin of 25.8%, Cboe demonstrates solid profitability. Growth catalysts include expanding its product offerings in futures and global FX, as well as leveraging strategic partnerships to enhance market reach. The company's beta of 0.37 suggests lower volatility compared to the broader market. However, potential risks include increased competition from other exchanges and regulatory changes impacting trading activities. Cboe's dividend yield of 0.80% provides a modest income stream for investors.

Based on FMP financials and quantitative analysis

CBOE Key Highlights

Market Cap of $30.1B reflects Cboe's significant presence in the financial exchange industry.

• P/E Ratio of 22.34 indicates investor expectations for future earnings growth.
• Profit Margin of 25.8% demonstrates Cboe's ability to generate substantial profits from its operations.
• Gross Margin of 52.2% highlights Cboe's efficient cost management and pricing strategies.
• Beta of 0.37 suggests lower volatility compared to the overall market, making it a potentially stable investment.

Who Are CBOE's Competitors?

CBOE is benchmarked below against 8 industry peers on price, market cap, and our AI MoonshotScore.

AI Score by Stock Expert AI · Price data: FMP / Yahoo Finance This table mixes two scoring engines — compare a number only with others carrying the same tag.

What Are CBOE's Key Strengths?

Leading position in options trading

• Diversified revenue streams across multiple asset classes
• Strategic partnerships with key industry players
• Proprietary technology and data analytics capabilities

What Are CBOE's Weaknesses?

Dependence on market volatility and trading volumes

• Exposure to regulatory changes and compliance costs
• Competition from other exchanges and trading platforms
• Potential for technology disruptions and cybersecurity threats

What Could Drive CBOE Stock Higher?

Potential regulatory changes that could increase trading volumes.

• Expansion of product offerings in futures and global FX.
• Strategic partnerships with key industry players to enhance market reach.
• Investments in technology to improve trading platforms and data analytics.

What Are the Key Risks for CBOE?

Rich valuation — a P/E of 22.34 runs well above the Financial Services sector’s ~17.50x, leaving little room for a miss.

• Increased competition from other exchanges and trading platforms.
• Economic downturns and market volatility impacting trading volumes.
• Regulatory changes and compliance costs.
• Cybersecurity breaches and technology failures.

What Are the Growth Opportunities for CBOE?

• Expansion in Futures Trading: Cboe has the opportunity to expand its futures trading segment by introducing new products and attracting more institutional investors. The global futures market is estimated to be worth trillions of dollars, offering significant growth potential. By leveraging its technology and expertise, Cboe can capture a larger share of this market. Timeline: Ongoing, with continuous product development and marketing efforts.
• Growth in Global FX: Cboe can further expand its presence in the global FX market by offering innovative trading solutions and attracting more institutional clients. The global FX market is the largest and most liquid market in the world, with trillions of dollars traded daily. Cboe's Global FX segment can benefit from increased volatility and demand for hedging solutions. Timeline: Ongoing, with strategic partnerships and technology upgrades.
• Strategic Partnerships: Cboe can leverage its strategic relationships with S&P Dow Jones Indices, LLC; FTSE International Limited; Frank Russell Company; MSCI Inc.; and DJI Opco, LLC to develop new products and expand its market reach. These partnerships provide access to valuable data, indices, and distribution channels. By collaborating with these partners, Cboe can create innovative investment solutions and attract more investors. Timeline: Ongoing, with continuous collaboration and product development.
• Technological Innovation: Cboe can invest in technological innovation to improve its trading platforms, enhance data analytics, and offer new services to its clients. By leveraging artificial intelligence, machine learning, and blockchain technology, Cboe can create more efficient and transparent trading solutions. This can attract more traders and increase trading volumes. Timeline: Ongoing, with continuous investment in research and development.
• Geographic Expansion: Cboe can expand its geographic presence by entering new markets and offering its products and services to a wider range of investors. By establishing partnerships with local exchanges and brokers, Cboe can gain access to new customer bases and increase its global market share. This can diversify its revenue streams and reduce its reliance on any single market. Timeline: Upcoming, with potential expansion into emerging markets in Asia and Latin America.

What Are CBOE's Competitive Advantages?

• Network effect: The more participants on the exchange, the more valuable it becomes.
• Proprietary technology: Cboe's trading platforms and data analytics provide a competitive edge.
• Regulatory licenses: Operating an exchange requires regulatory approvals, creating a barrier to entry.
• Brand reputation: Cboe is a well-established and trusted brand in the financial industry.

What Does CBOE Do?

Cboe Global Markets, Inc. was founded in 1973 and is headquartered in Chicago, Illinois. Originally known as the Chicago Board Options Exchange, Cboe pioneered listed options trading. Over the years, Cboe has evolved from a single options exchange to a global provider of trading and investment solutions. The company operates through five segments: Options, North American Equities, Futures, Europe and Asia Pacific, and Global FX. The Options segment focuses on trading listed market indices. The North American Equities segment facilitates trading in U.S. and Canadian equities, offering exchange-traded products (ETP) transaction and listing services. The Futures segment is involved in futures trading. The Europe and Asia Pacific segment provides pan-European listed equities and derivatives transaction services, ETPs, exchange-traded commodities, and international depository receipts. The Global FX segment offers institutional foreign exchange (FX) trading and non-deliverable forward FX transactions services. Cboe has strategic relationships with S&P Dow Jones Indices, LLC; FTSE International Limited; Frank Russell Company; MSCI Inc.; and DJI Opco, LLC. In October 2017, the company changed its name from CBOE Holdings, Inc. to Cboe Global Markets, Inc., reflecting its expanded global presence and diversified product offerings.

What Products and Services Does CBOE Offer?

• Operates options exchanges worldwide.
• Trades in listed market indices.
• Trades in listed U.S. and Canadian equities.
• Offers exchange-traded products (ETP) transaction and ETP listing services.
• Trades in futures.
• Offers pan-European listed equities and derivatives transaction services.
• Provides institutional foreign exchange (FX) trading and non-deliverable forward FX transactions services.

How Does CBOE Make Money?

• Generates revenue from transaction fees on options, equities, futures, and FX trading.
• Earns revenue from ETP listing services.
• Derives income from market data and analytics services.
• Benefits from strategic relationships with index providers.

What Industry Does CBOE Operate In?

Cboe Global Markets operates within the financial data and stock exchanges industry, which is characterized by increasing globalization, technological advancements, and regulatory scrutiny. The industry is driven by factors such as trading volumes, market volatility, and investor participation. Cboe competes with other major exchange operators and trading platforms. The industry is also influenced by macroeconomic trends, such as interest rates, economic growth, and geopolitical events. Cboe's diversified product offerings and strategic partnerships position it to capitalize on growth opportunities in this dynamic environment.

Who Are CBOE's Key Customers?

• Institutional investors
• Retail investors
• Market makers
• Broker-dealers

Over the past six months, Cboe Global Markets, Inc. insiders filed 13 SEC Form 4 transactions — 3 sales and 10 purchases. On net that is roughly 6K shares acquired (about $783K) — insiders putting money in tends to read as conviction.

Quarterly Financial Performance: Cboe Global Markets, Inc.

Revenue for Cboe Global Markets, Inc. came in at $1.44B during Jun 2026, a 13.4% improvement versus the preceding quarter. The company recorded net income of $353.1M, with diluted EPS of $3.37. Revenue has increased across the last three reported quarters, suggesting sustained momentum for this large-cap Financial Services company. Across the four most recent quarters, CBOE averaged $3.22 in diluted EPS.

CBOE Valuation & Market Position

With a $30.1B market cap, Cboe Global Markets, Inc. sits in the large-cap segment of the market. Analyst price targets span from $258.00 to $356.00, with a consensus of $317.00. At the current price of $287.30, that implies approximately 10% upside potential. Relative to its peer group, CBOE's quantitative score of 54/100 is below the peer average of 71/100.

Return on equity for Cboe Global Markets, Inc. stands at 24.6%, a gauge of how efficiently it converts shareholder capital into profit. Return on assets is 11.2%, showing how much profit it generates from its asset base. CBOE trades at a trailing price-to-earnings ratio of 22.34, above the Financial Services sector average of ~17.50x. Its free cash flow yield is 3.1%, a gauge of the cash the business throws off relative to its market value. A current ratio of 4.13 indicates the company holds enough short-term assets to cover its near-term obligations. Its earnings yield is 3.9%, the inverse of the P/E and a quick read on earnings relative to price.

Cboe Global Markets, Inc.'s Piotroski F-Score is 5/9, a 9-point checklist of profitability, leverage and efficiency — a middling fundamental profile. Its Altman Z-Score of 5.47 places it in the safe zone, indicating low near-term bankruptcy risk.

Cboe Global Markets, Inc. has beaten Wall Street's EPS estimate in 7 of its last 8 reported quarters — a consistent record of delivering on expectations. Reported results have landed about 3.8% above estimates on average.

Wall Street analysts project Cboe Global Markets, Inc. revenue of about $2.87B for fiscal 2026, with EPS near $14.03. The estimate reflects 9 contributing analysts.

Company Profile

Cboe Global Markets, Inc. operates in the Financial - Data & Stock Exchanges industry within the Financial Services sector. It is headquartered in Chicago, US. The company is led by CEO Craig Steven Donohue. CBOE has traded publicly since 2010.

CBOE Financials

Next earnings report: Oct 30, 2026

CBOE Latest News

CBOE Analyst Consensus

CBOE MoonshotScore

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Cboe Global Markets, Inc. Financial Services Stock: Key Questions Answered

Disclaimer: This content is for informational purposes only and does not constitute investment advice. Always do your own research and consult a financial advisor.

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