Cboe Global Markets, Inc. · Security & Commodity Brokers, Dealers, Exchanges & Services

CBOE

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The short version

A high-quality, profitable business with growing sales.

Going well

Sales up 23% in the latest quarter vs a year ago
Profitable every year for 10 years
Sales up 15% last year

Money moves

No insider buying or selling in the last 30 days
Institutions added 1.5% to their holdings in the quarter ending June 2026 (505 bought, 454 sold)
Held by Ray Dalio (Bridgewater)

Facts from SEC filings, not a recommendation.

What the price means

Price as of Oct 26

$334.96-1.6% that day

Company value: $35.0B; Share price times all shares
Price vs profit (P/E): 26.1x; You pay about $26 for each $1 of yearly profit
Price vs sales: 6.9x; Company value is 6.9 times a year of sales
Dividend yield: 0.8%; Yearly dividend as a share of today's price
Cash vs value: 7%; Cash as a share of company value
Debt vs value: 4%; Debt as a share of company value

From CBOE's last IEX trade and its SEC filings (profits and sales over the last four quarters). A starting point for research, not a verdict.

The business over time

Last 12 quarters, from SEC filings

Sales, Jun '26

$1.4B+23% vs a year earlier

Sep '23Tap a barJun '26

Last 12 months: $5.1B, up 12% from the 12 months before. Over 5 years, sales grew about 6.6% a year.

What the price assumes

Your guesses, our math

Move the sliders to your own view of CBOE. Starting points are the company's recent numbers.

Sales growth+12% a yearRecently: +12% a yearProfit margin27%Last 12 months: 26.7%P/E at the end26xToday: 26.1x. Many steady companies trade at 12x to 25xShare count change0% a yearBelow zero means buybacks; above zero means new shares (dilution)

Sales in 5 years$8.9B

Profit in 5 years$2.4B

Price these guesses point to$599.60+79% vs $334.96 todayAbout +12% a year, before dividends

What today's price needs: with a 27% margin and a 26x P/E, sales could shrink about 0.3% a year for 5 years and still match today's price.

Simple math on your guesses, not a forecast or a price target. Real results depend on many things these sliders leave out.

Price

Price chart by TradingView.

Business quality

The checklist Warren Buffett-style investors use. Annual numbers for 2025.

6/6Strong

PassReturn on equity 15%+Earns a lot on the money owners have in the business.23.4%
PassDebt under half of equityNot relying on borrowed money.0.28x equity
PassNet margin 10%+Keeps at least 10 cents of profit from each dollar of sales.23.3%
PassProfitable every yearSteady profits, not one good year.10 of 10 years
PassFree cash flow positiveBrings in more cash than it spends to run and grow.$1.7B
PassShare count not growingNot diluting owners. Falling means buybacks.-1.5% in 3 years

Revenue: $4.7B; +15.1% vs prior year
5-year growth: +6.6%/yr; revenue, per year
Total debt: $1.4B; 0.28x equity
Free cash flow: $1.7B; 35.7% of revenue

From annual reports filed with the SEC. Gross margin doesn't apply to banks and insurers, so it isn't scored. A checklist is a starting point for research, not a verdict.