Reading the tape
CBOE: CBOE
Cboe Global Markets, Inc.
Financial Services · Financial - Data & Stock Exchanges
Market Cap
$36.44B
52w High
$349.32
52w Low
$212.75
P/E
29.51
Volume
802.71K
Outstanding Shares
104.65M
Price vs Fundamentals
Why The Stock Is Moving
Optimism is getting priced inModerate confidence
1Y Price: 52.78%Revenue (TTM): 10.61%FCF (TTM): -6.62%P/FCF: 85th pct
What changed
The stock rose 52.78% over the last year. Revenue grew 10.61% over the trailing twelve months. Operating margin moved from 27% to 34.3%. Free cash flow declined 6.62% over the trailing twelve months.
What the market seems to be pricing
The stock is trading toward the richer end of its historical P/FCF range (85th percentile) while business metrics are improving. More of the upside is already embedded in the multiple now.
What would invalidate this read
Operating margin is at 34.3% — continued expansion would be needed to justify the premium. Revenue growth of 10.61% is encouraging, but any deceleration puts the stretched multiple at risk. This read changes if revenue, margins, and cash flow continue to improve faster than expected — in that case the richer multiple could still prove conservative.
Company profile
Cboe Global Markets, Inc., through its subsidiaries, operates as an options exchange worldwide.
CEOCraig Steven Donohue
SectorFinancial Services
IndustryFinancial - Data & Stock Exchanges
Employees1,685
IPO dateJun 15, 2010
Valuation
Forward P/E—
EV/EBITDA15.73
Enterprise value$25.75B
Price / Book7.09
Stock splits
No stock splits recorded for this ticker.
Profitability & growth
Standard profitability metrics can be misleading for financial/insurance companies. GAAP requires unrealized investment gains/losses in net income (affecting ROE), and margins are blended across diverse business segments.
Revenue growth6.51%
Gross margin52.22%▼3.33%vs FY2024
Operating margin34.3%▲19.73%vs FY2024
ROE21.41%▲19.78%vs FY2024
Analyst consensus
RatingHold
Target price$314.40▼9.69%
14
Buy
13
Hold
4
Sell
Analyst ratings tend to be lagging indicators. Use as one signal among many.
Earnings
Full quarter-by-quarter history of actuals vs estimates. Switch into compare mode to inspect one metric year-over-year.
Next report
Jul 31, 2026
Q3 FY26 · EPS est $3.28 · Revenue est $695.2M
View
Dividends
$2.79/shareQuarterlyDividend Achiever · 11yrSafeCBOE pays a dividend with a 0.8% dividend yield, 11 consecutive years of growth, growing at 11.6% annually, covered 4.1× by free cash flow.
Dividend Yield
0.8%
Annual Div / Share
$2.79
5yr CAGR
+11.6%
Doubles every ~6.3yr
Payout Ratio
23.78%
Safe
Dividend Growth Rate
3yr CAGR
+11.27%
5yr CAGR
+11.6%
10yr CAGR
+11.86%
Dividend Safety
10/10Safe
Dividend History
Annual dividends paid per share
YearAnnual DivYoY
2025$2.70+14.4%
2024$2.36+12.4%
2023$2.10+7.1%
2022$1.96+8.9%
2021$1.80+15.4%
2020$1.56+16.4%
2019$1.34+15.5%
Income Projection
Invest
$
Growth rate:
Reinvest dividends
Today
$8/yr
$1/mo
In 5 yrs
$14/yr+73%
$1/mo
In 10 yrs
$24/yr+200%
$2/mo
| Today | In 5 yrs | In 10 yrs |
|---|---|---|
$8/yr $1/mo | $14/yr+73% $1/mo | $24/yr+200% $2/mo |
Yield-on-cost grows from 0.8% → 2.4% over 10yr
Analysis
Dividend Strengths
Dividend Achiever
CBOE has raised its dividend for 11 consecutive years — qualifying as a Dividend Achiever, demonstrating long-term commitment to shareholder income.
Well-covered by free cash flow
The dividend is covered 4.1× by free cash flow, indicating the company generates sufficient cash to sustain and potentially grow the payout without straining its finances.
Strong dividend growth rate
The 5-year CAGR of 11.6% meaningfully outpaces inflation, compounding real income growth for long-term holders.
Risks to Watch
No strong risk signal stands out from the latest period pair.