Cboe Global Markets Inc (CBOE) Fair Value & Analysis
Financial Services · US · Market cap $28.6B · ISIN US12503M1080
What is Cboe Global Markets Inc really worth?
Cboe Global Markets Inc
CBOE · US
A strong business, but trading 118% above our fair value of $136.64.
Strengths
Risks
For context
Fair value as of: Aug 31, 2026
From 13 valuation models · updated 5 days ago
Share price +3.5% over the past month.
What runs behind every stock
69 individual criteria per stock, every one traceable See the method →
What matters now
- A high-quality business (quality 78/100), yet the market already pays well above fair value. Quality at a full price, with little margin of safety.
- The model range is unusually wide ($102.48 to $398.28). The outcome hinges heavily on assumptions, so read the point estimate with caution.
- For a financial, book-value and earnings-based methods matter more than a cash-flow DCF, which fits banks and insurers poorly.
Price vs Fair Value (5 years)
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 31, 2026.
How to read this chart
60‑month range $99.22 – $365.93 · fair‑value band $102.48 – $398.28 · the $298.50 price screens above the $136.64 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Aug 31, 2026.
Analysis
Cboe Global Markets Inc (CBOE) currently trades at $298.50, while our model-based Fair Value estimate is $136.64, implying the stock looks roughly 118.4% overvalued today. The Quality Score stands at 78/100 (high quality), in the Financial Services sector. Bull case: the DCF Models group reads highest at a median of $228.37 per share, and 3 of the 13 models we run sit above the $298.50 price. Bear case: the Asset-Based group reads lowest at $32.90, and 10 of the 13 models stay below the price. Evidence for this calculation is high.
Over the trailing twelve months, Cboe Global Markets Inc generated revenue of $4.8B at a net margin of 25.8%. Revenue grew 6.5% year over year. It earns a return on equity of 25.1%. The balance sheet holds a net cash position of $532M. Fundamentals as of Aug 31, 2026
Our scenario range runs from $102.48 (bear case) to $398.28 (bull case); at $298.50, the current price sits within that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 19% below its 52-week high and 38% above its 52-week low, currently above its 200-day average. For context, the median of 10 Financial Services peers we cover trades at −55% fair-value upside, at −54%, CBOE screens cheaper than that median.
Fair Value models
This estimate rests on fiscal year 2025 figures, and about 8 months have passed since. In that time the company retained roughly $6.05 per share, which is 4.4 % of the fair value. The fair value deliberately does not add this in: the models value reported figures, not a projection.
Each model estimates fair value its own way; the Fair Value above is the evidence-weighted, family-balanced blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small. Every input is real reported data, nothing guessed.
All 13 models by family
Widest divergence: DCF Models ($228.37) versus Asset-Based ($32.90). Highest evidence: Growth DCF (75).
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Key figures & financial health
More key figures
Figures from reported company fundamentals · as of Aug 31, 2026. TTM = trailing twelve months.
Quality Score breakdown
Of which business quality 74 · Market factors (momentum, volatility) 61
Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.
All values are scores from 0 to 100 (100 = best against fixed, research-based bands), not percentages. The three market factors (momentum, 52-week proximity, low volatility) are displayed but carry zero weight in the headline number: market sentiment is not a business property.
About the company
Cboe Global Markets, Inc., through its subsidiaries, operates as a derivatives and securities exchange network that delivers cutting-edge trading, clearing, and investment solutions in the United States and internationally. It operates through five segments: Options, North American Equities, Europe and Asia Pacific, Futures, and Global FX.
Full company description
Cboe Global Markets, Inc., through its subsidiaries, operates as a derivatives and securities exchange network that delivers cutting-edge trading, clearing, and investment solutions in the United States and internationally. It operates through five segments: Options, North American Equities, Europe and Asia Pacific, Futures, and Global FX. The Options segment includes options on market indices, as well as on the stocks of individual corporations and on trading solutions and products in multiple asset classes, including equities, derivatives, and FX, across North America, Europe, and Asia Pacific (ETPs), such as exchange-traded funds (ETFs) and exchange-traded notes (ETNs); and trading in listed options through a single system. The North American Equities segment comprising U.S. equities and ETP transaction services. This segment also includes listing services on Cboe Canada, ETP listings on BZX, the Cboe Global Markets, Inc. common stock listing, and applicable market data. The Europe and Asia Pacific segment provides pan-European derivatives transaction services, ETPs, including exchange traded funds, exchange traded notes, and exchange traded commodities, and international depository receipts; and ETP listings business on regulated markets and clearing activities, as well as the equities services. The Futures segment offers transaction services, which includes trading of VIX futures and other futures products, the licensing of proprietary market data, as well as access and capacity services. The Global FX segment provides institutional foreign exchange (FX) trading and non-deliverable forward FX transactions services. It has strategic relationships with S&P Dow Jones Indices, LLC; Frank Russell Company; and FTSE International Limited. The company was formerly known as CBOE Holdings, Inc. and changed its name to Cboe Global Markets, Inc. in October 2017. Cboe Global Markets, Inc. was founded in 1973 and is headquartered in Chicago, Illinois.
Company description, as reported by the company or data provider.
Revenue & earnings trend
FY2021 – FY2025 · reported fiscal years
Cboe Global Markets Inc reported revenue of $4.7B in FY2025 versus $3.5B in FY2021, a compound +7.8%/yr. Reported net income was $1.1B in FY2025, compounding +20.1%/yr from FY2021.
of which total revenue +23.4 % · buybacks/dilution −1.7 %
Annual growth per factor. These are factors, not summands: multiplied they give the EPS growth rate, added they do not quite. Start and end points are 3-year averages (details on hover).
CBOE screens 118% overvalued. Compare with S&P Global Inc →
Earlier news
External third-party headlines (Yahoo Finance, Reuters and others), not an editorial selection.
- Kalshi Looks to Regulators to Delay Competing Products From Cboe
- Cboe Global Markets Stock Outlook: Is Wall Street Bullish or Bearish?
- Is Cboe Global Markets (CBOE) Fully Valued On Its Dividend Rise And Clearing Expansion?
- How Investors Are Reacting To Cboe Global Markets (CBOE) 16th Straight Dividend Increase
Peer Group
Financial Data & Stock Exchanges · 53 stocks
How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.
Valuation Multiples vs Financial Data & Stock Exchanges median · lower = cheaper
Strength profile in five axes (Snowflake)
Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.
VALUE 0: the price sits above our fair-value range.
Insider activity: 46/100
Values & ESG
Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.
Similar stocks
10 more Financial Data & Stock Exchanges stocks, each showing price versus our Fair Value estimate (as of Aug 31, 2026).
| Stock | Price | Fair Value | vs Fair Value |
|---|---|---|---|
| S&P Global Inc SPGI | $435.39 | $196.36 | −55% |
| CME Group CME | $285.80 | $145.51 | −49% |
| Moody's Corporation MCO | $514.95 | $192.63 | −63% |
| Intercontinental Exchange, Inc ICE | $162.33 | $75.95 | −53% |
| Hong Kong Exchanges and Clearing Limited 80388 | HK$360.20 | HK$280.07 | −22% |
| Deutsche Börse AG DB1 | €291.20 | €142.42 | −51% |
| Nasdaq, Inc NDAQ | $99.35 | $41.12 | −59% |
| MSCI Inc MSCI | $570.76 | $214.91 | −62% |
| Coinbase Global, Inc COIN | $190.72 | $73.66 | −61% |
| Hithink RoyalFlush Information Network Co 300033 | ¥231.91 | ¥55.36 | −76% |
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