Cboe Global Markets, Inc. (CBOE)
For informational purposes only. Not financial advice. Analysis by Sedat ANAK, Founder & Editor-in-Chief | AI-powered analysis. Data sourced from SEC filings and institutional-grade financial providers. Editorially reviewed. Not financial advice.
Cboe Global Markets, Inc. (CBOE) trades at $248.99 with AI Score 54/100 (Grade B). Cboe Global Markets is a leading operator of exchanges and provider of trading solutions. Market cap: $26.06B, Sector: Financial services.
Price live · AI analysis from May 10, 2026CBOE stock analysis for 2026: Analysts have set a consensus price target of $293.14 for Cboe Global Markets, Inc., suggesting 17.7% upside from the current price of $248.99. The AI MoonshotScore is 54/100, indicating a neutral outlook. Key factors: analyst coverage, AI-driven quantitative scoring.
CBOE: 5/8 perspectives are bullish. Dominant signal: Izzy Englander bullish.
How is this calculated? →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?
Cboe Global Markets presents a compelling investment case driven by its leading position in options trading and diversified revenue streams across multiple asset classes. With a P/E ratio of 28.9 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 $26.06B reflects Cboe's significant presence in the financial exchange industry.
- P/E Ratio of 28.9 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.
| Company | Price | Change | Market Cap | AI Score |
|---|---|---|---|---|
| USB U.S. Bancorp | $61.73 | -0.37% | $95.82B | 80 |
| SHG Shinhan Financial Group Co., Ltd. | $66.88 | +6.97% | $31.61B | 51 |
| LPLA LPL Financial Holdings Inc. | $295.18 | +0.65% | $23.61B | 31 |
| HBAN Huntington Bancshares Incorporated | $17.86 | -1.38% | $36.20B | 69 |
| CINF Cincinnati Financial Corporation | $192.03 | +2.57% | $29.70B | 98 |
| TDV ProShares - S&P Technology Dividend Aristocrats ETF | $98.67 | -3.65% | $280.91M | 47 |
| CWB State Street SPDR Bloomberg Convertible Securities ETF | $104.38 | -1.39% | $4.58B | 47 |
| PEQSX Putnam Large Cap Value Fund | $43.95 | +1.31% | $51.40B | 47 |
AI Score by Stock Expert AI · Price data: FMP / Yahoo Finance
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 28.9 runs well above the Financial Services sector’s ~18x, 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 Opportunities Does CBOE Have?
- Expansion in futures and global FX trading
- Development of new products and services
- Geographic expansion into emerging markets
- Leveraging technology to enhance trading efficiency and transparency
What Threats Does CBOE Face?
- Increased competition from established and new market entrants
- Regulatory changes impacting trading activities and market structure
- Economic downturns and market volatility
- Cybersecurity breaches and technology failures
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
Net buyingInsider Activity
Over the past six months, Cboe Global Markets, Inc. insiders filed 13 SEC Form 4 transactions — 1 sales and 12 purchases. On net that is roughly 5K shares acquired (about $438K) — 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 $1.27B during Q1 2026, a 5.7% improvement versus the preceding quarter. The company recorded net income of $385.7M, with diluted EPS of $3.67. 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 $2.94 in diluted EPS.
CBOE Valuation & Market Position
With a $26.06B market cap, Cboe Global Markets, Inc. sits in the large-cap segment of the market. Relative to its peer group, CBOE's quantitative score of 54/100 is below the peer average of 66/100.
ROE 25%Key Financial Metrics
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 28.92, above the Financial Services sector average of ~18x. 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.
F-Score 6/9Financial Health
Cboe Global Markets, Inc.'s Piotroski F-Score is 6/9, a 9-point checklist of profitability, leverage and efficiency — a middling fundamental profile. Its Altman Z-Score of 4.42 places it in the safe zone, indicating low near-term bankruptcy risk.
7/8 beatsEarnings Track Record
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.
FY2026 estForward Outlook
Wall Street analysts project Cboe Global Markets, Inc. revenue of about $2.80B for fiscal 2026, with EPS near $13.53. 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
Fundamental Snapshot
Based on FMP financials and quantitative analysis · FY 2025
Bull Case vs Bear Case
Bull Case
- Recent insider buying suggests confidence in Cboe's future, indicating that leadership sees potential growth.
- Community sentiment has shifted positively, with traders discussing increased trading volumes and market participation.
- Cboe's expansion into new markets and products has been well-received, signaling innovation and adaptability to changing market conditions.
- The overall stability of the derivatives market is fostering optimism, with Cboe positioned as a key player in this space.
Bear Case
- Concerns over regulatory changes in the trading landscape have created uncertainty, leading some to question Cboe's future profitability.
- Social sentiment reflects skepticism about the sustainability of recent trading volume increases, with worries about potential market corrections.
- Some community discussions highlight competition from emerging platforms, which could pressure Cboe's market share and pricing power.
- Recent earnings reports have shown mixed results, causing investors to be cautious about the company's growth trajectory.
AI-generated arguments based on insider flow, news sentiment and technicals — not financial advice · February 2026
From the Earnings Call
“We are also introducing our 2026 adjusted operating expense guidance range of $864 million to $879 million, representing 3.3% growth on the low end and 5.1% growth on the high end.”
— Jill Griebenow, CFO
“This growth was underpinned by strong demand for access to our markets, a durable and growing international contribution, and favorable trends in our newer product offerings.”
— Craig Donohue, CEO
CBOE Q4 FY2025 earnings call transcript · 2026-02-06
Recent Quarterly Results
| Quarter | Revenue | Net Income | EPS |
|---|---|---|---|
| Q1 2026 | $1.27B | $386M | $3.67 |
| Q4 2025 | $1.20B | $314M | $2.99 |
| Q3 2025 | $1.14B | $301M | $2.87 |
| Q2 2025 | $1.17B | $235M | $2.24 |
Based on FMP financials and quantitative analysis
CBOE Latest News
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Cboe Seeks SEC Approval for Earnings-Based Binary Options
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CBOE Analyst Consensus
Consensus Rating
Aggregated Buy/Hold/Sell recommendations from Benzinga, Yahoo Finance, and Finnhub for CBOE.
Price Targets
Consensus target: $293.14
CBOE MoonshotScore
What does this score mean?
The MoonshotScore rates CBOE's growth potential on a scale of 0-100 across multiple factors including innovation, market disruption, financial health, and momentum.
Latest News
Cboe Seeks SEC Approval for Earnings-Based Binary Options
Zacks.com featured highlights Ternium, CBOE, Tutor, Sunstone Hotel Investors and Casey's
Short sellers are coming after SpaceX as it sheds post-IPO gains
$10,000 Becomes $2,586 in One Year: The Hidden Decay Engine Inside UVXY
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2 min readLeadership: Kenneth William Hill
CEO
Kenneth William Hill serves as the CEO of Cboe Global Markets, bringing extensive experience in the financial services industry. His career includes leadership roles at major exchanges and trading firms. Hill's expertise spans market operations, technology, and regulatory compliance. He is known for his strategic vision and ability to drive innovation in the exchange industry. Hill's background includes a strong focus on leveraging technology to enhance trading efficiency and market transparency.
Track Record: Under Kenneth William Hill's leadership, Cboe Global Markets has focused on expanding its product offerings and global reach. Key achievements include strategic acquisitions and partnerships, as well as investments in technology to enhance trading platforms. Hill has overseen the company's efforts to navigate regulatory changes and maintain its competitive position in the financial exchange industry.
Cboe Global Markets, Inc. Financial Services Stock: Key Questions Answered
What does Cboe Global Markets, Inc. do?
Cboe Global Markets operates as a leading global exchange network, providing trading and investment solutions across a range of asset classes. The company facilitates trading in options, equities, futures, and foreign exchange. Cboe's business model revolves around generating revenue from transaction fees, listing fees, and market data services. By providing efficient and transparent trading platforms, Cboe connects buyers and sellers, contributing to price discovery and market liquidity. The company's diversified product offerings and strategic partnerships position it as a key player in the financial exchange industry.
What do analysts say about CBOE stock?
Analysts generally view Cboe Global Markets as a stable and profitable company with a strong market position. Key valuation metrics, such as the P/E ratio of 28.9, reflect investor expectations for future earnings growth. Analyst consensus typically highlights Cboe's diversified revenue streams and strategic partnerships as positive factors. However, potential risks include increased competition and regulatory changes. Analyst ratings vary, with some recommending a 'buy' or 'hold' rating based on their assessment of Cboe's growth prospects and valuation.
What are the main risks for CBOE?
Cboe Global Markets faces several key risks, including increased competition from other exchanges and trading platforms, regulatory changes impacting trading activities, economic downturns and market volatility, and cybersecurity breaches and technology failures. Increased competition could lead to lower transaction fees and reduced market share. Regulatory changes could increase compliance costs and restrict trading activities. Economic downturns and market volatility could decrease trading volumes and revenue. Cybersecurity breaches and technology failures could disrupt trading operations and damage the company's reputation.
What are the key factors to evaluate for CBOE?
Cboe Global Markets, Inc. (CBOE) holds an AI score of 54/100 (moderate). P/E: 28.9x vs the S&P 500's ~20-25x. Analysts target $293.14 (+18%). Not financial advice.
How frequently does CBOE data refresh on this page?
CBOE prices update in real time during U.S. market hours. Fundamentals refresh after quarterly filings; analyst ratings and AI insights update daily; news is aggregated continuously.
What has driven CBOE's recent stock price performance?
Cboe Global Markets, Inc. (CBOE) moves on earnings results, analyst revisions, sector rotation, and market sentiment. Notable catalyst: Leading position in options trading. See the News tab for the latest drivers. Past performance does not predict future results.
Should investors consider CBOE overvalued or undervalued right now?
Cboe Global Markets, Inc. (CBOE) trades at 28.9x earnings. Analysts target $293.14 (+18%) — upside seen. Compare P/E, P/S, and EV/EBITDA against sector peers for a full view.
What research should beginners do before buying CBOE?
Before investing in Cboe Global Markets, Inc. (CBOE), research these four areas: (1) the company's revenue model and competitive position (see Company Overview), (2) financial health through revenue growth, margins, and cash flow (see MoonshotScore), (3) what Wall Street analysts recommend and their price targets (see Analyst tab), and (4) specific risk factors that could impact the stock (see Risk Factors section).
Disclaimer: This content is for informational purposes only and does not constitute investment advice. Always do your own research and consult a financial advisor.
Official Resources
Data provided for informational purposes only.
- Information is based on available financial data and company reports as of 2026-05-10.
- Market conditions and company performance are subject to change.