BTS · Financial Services

Cboe Global Markets, Inc.

CBOE · Financial Data & Stock Exchanges

$337.43

▲ 10.46 (3.2%)

Data cached · refreshes every 10 min

Mr. Market is currently offering Cboe Global Markets, Inc. at $337.43.

The business passes 4 of 7 of Graham's defensive criteria — adequate but not exceptional.

Overall Grade

Defensive

Enterprising

Profitability A

Gross Profit Margin 40.9%

Operating Margin 32.1%

Net Income Margin 23.3%

Fin. Health A

Years to Pay Off Debt 1.4 yrs

Working Capital vs Long-Term Debt $616M

Working Capital $2.1B

Valuation F

Margin of Safety 0.0%

Price-to-Book 6.88x

Cash Flow A

Free Cash Flow $1.7B

CapEx % of Net Income 6.5%

Owner Earnings $1.3B

4/7

Graham Score

Enterprising

Defensive — Graham's strict criteria (P/B, P/E, dividends, stability) · Enterprising — Profitability & cash flow focused, accepts higher valuations for quality

Market Data

Market Cap $35.3B

Enterprise Value $33.7B

P/E (TTM) 28.82

Dividend Yield 0.85%

Exchange BTS

Key Margins

Gross Profit 40.9%

Operating Margin 32.1%

Net Margin 23.3%

Company Info

Sector Financial Services

Industry Financial Data & Stock Exchanges

Employees 1661

Country United States

Visit website

📖

Full Graham Analysis

Mr. Market is currently offering Cboe Global Markets, Inc. at $337.43.

The business passes 4 of 7 of Graham's defensive criteria — adequate but not exceptional.

At $337.43, the stock trades at a 215% premium to its Graham Number of $107.24. Graham would consider this price speculative.

There is no margin of safety at the current price. Graham would advise patience and waiting for a better entry point.

Trading at 138.9x NCAV. Expected for most quality businesses — NCAV was designed to find depression-era bargains and rarely applies to modern profitable companies..

Conclusion: This stock is better suited for Graham's Enterprising investor — one willing to devote time and skill to security selection.

About Cboe Global Markets, Inc.

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.

Showing Key Metrics

Income Highlights

Metric	2025	2024	2023	2022	2021
Gross Profit %	40.9% ▲	39.3%	39.5%	34.8%	N/A
Operating Margin %	32.1% ▲	28.8%	28.2%	24.5%	N/A
Net Income %	23.3% ▲	18.7%	20.2%	5.9%	N/A
Diluted EPS	10.42 ▲	7.21	7.13	2.19	N/A

Balance Sheet Highlights

Metric	2025	2024	2023	2022	2021
Total Assets	$9.3B	$7.8B	$7.5B	$7.0B	N/A
Total Debt	$1.6B ↓	$1.6B	$1.6B	$1.9B	N/A
Working Capital	$2.1B ▲	$1.1B	$596M	$79M	N/A
Years to Pay Debt	1.45	2.09	2.12	7.96	N/A

Cash Flow Highlights

Metric	2025	2024	2023	2022	2021
Free Cash Flow	$1.7B ▲	$1.0B	$1.0B	$591M	N/A
Owner Earnings	$1.3B	$959M	$964M	$462M	N/A
CapEx % of Net Income	6.5%	8.0%	5.9%	25.4%	N/A

Income Statement

	2025	2024	2023	2022	2021
Tax Effect Of Unusual Items	13,648	-15,670	8,763	-99,456
Tax Rate For Calcs	0	0	0	0
Normalized EBITDA	1,695,500	1,321,600	1,235,900	1,133,300
Total Unusual Items	45,800	-53,300	32,100	-473,600
Total Unusual Items Excluding Goodwill	45,800	-53,300	32,100	-473,600
Net Income From Continuing Operation Net Minority Interest	1,100,000	764,900	761,400	235,000
Reconciled Depreciation	122,400	133,000	158,000	166,800
Reconciled Cost Of Revenue	2,785,900	2,484,500	2,281,300	2,579,800
EBITDA	1,741,300	1,268,300	1,268,000	659,700
EBIT	1,618,900	1,135,300	1,110,000	492,900
Net Interest Income	-2,900	-24,200	-50,400	-56,400
Interest Expense	52,300	51,500	62,400	60,000
Interest Income	49,400	27,300	12,000	3,600
Normalized Income	1,067,848	802,530	738,063	609,144
Net Income From Continuing And Discontinued Operation	1,100,000	764,900	761,400	235,000
Total Expenses	3,200,100	2,913,800	2,708,200	2,988,100
Total Operating Income As Reported	1,467,100	1,098,400	1,057,900	489,600
Diluted Average Shares	105,100	105,500	106,200	106,700
Basic Average Shares	104,700	105,100	105,800	106,300
Diluted EPS	0	0	0	0
Basic EPS	0	0	0	0
Diluted NI Availto Com Stockholders	1,094,800	761,000	757,500	234,100
Net Income Common Stockholders	1,094,800	761,000	757,500	234,100
Otherunder Preferred Stock Dividend	5,200	3,900	3,900	900
Net Income	1,100,000	764,900	761,400	235,000
Net Income Including Noncontrolling Interests	1,100,000	764,900	761,400	235,000
Net Income Continuous Operations	1,100,000	764,900	761,400	235,000
Tax Provision	466,600	318,900	286,200	197,900
Pretax Income	1,566,600	1,083,800	1,047,600	432,900
Other Income Expense	55,400	-72,700	32,700	-481,100
Other Non Operating Income Expenses	9,600	-19,400	600	-7,500
Special Income Charges	-47,000	-82,300	-7,400	-480,800
Write Off	46,700	81,000	0
Impairment Of Capital Assets		81,000	0	460,900	0
Restructuring And Mergern Acquisition	300	1,300	7,400	19,900
Gain On Sale Of Security	92,800	29,000	39,500	7,200
Net Non Operating Interest Income Expense	-2,900	-24,200	-50,400	-56,400
Interest Expense Non Operating	52,300	51,500	62,400	60,000
Interest Income Non Operating	49,400	27,300	12,000	3,600
Operating Income	1,514,100	1,180,700	1,065,300	970,400
Operating Expense	414,200	429,300	426,900	408,300
Other Operating Expenses	158,200	155,700	139,300	128,800
Depreciation Amortization Depletion Income Statement	122,400	133,000	158,000	166,800
Depreciation And Amortization In Income Statement	122,400	133,000	158,000	166,800
Selling General And Administration	133,600	140,600	129,600	112,700
Selling And Marketing Expense	42,100	45,800	37,600	23,700
General And Administrative Expense	91,500	94,800	92,000	89,000
Other Gand A	91,500	94,800	92,000	89,000
Salaries And Wages		462,400	425,800	363,000	288,500
Gross Profit	1,928,300	1,610,000	1,492,200	1,378,700
Cost Of Revenue	2,785,900	2,484,500	2,281,300	2,579,800
Total Revenue	4,714,200	4,094,500	3,773,500	3,958,500
Operating Revenue	4,714,200	4,094,500	3,773,500	3,958,500

Balance Sheet

	2025	2024	2023	2022	2021
Treasury Shares Number	7	7	29	1,719
Ordinary Shares Number	104,648	104,686	105,528	105,951
Share Issued	104,655	104,693	105,557	107,670
Net Debt		520,700	896,000	1,309,300	957,400
Total Debt	1,590,700	1,599,300	1,610,800	1,871,300
Tangible Book Value	643,500	-268,300	-760,400	-1,374,600
Invested Capital	6,581,200	5,720,600	5,424,200	5,207,300
Working Capital	2,059,100	1,083,900	595,900	78,800
Net Tangible Assets	643,500	-268,300	-760,400	-1,374,600
Capital Lease Obligations	147,800	158,300	171,600	129,300
Common Stock Equity	5,138,300	4,279,600	3,985,000	3,465,300
Total Capitalization	6,581,200	5,720,600	5,424,200	4,902,600
Total Equity Gross Minority Interest	5,138,300	4,279,600	3,985,000	3,465,300
Stockholders Equity	5,138,300	4,279,600	3,985,000	3,465,300
Gains Losses Not Affecting Retained Earnings	30,100	-48,400	-9,400	-31,000
Other Equity Adjustments	30,100	-48,400	-9,400	-31,000
Treasury Stock	1,500	1,400	10,500	131,000
Retained Earnings	3,543,600	2,815,900	2,525,200	2,171,100
Additional Paid In Capital	1,565,100	1,512,500	1,478,600	1,455,100
Capital Stock	1,000	1,000	1,100	1,100
Common Stock	1,000	1,000	1,100	1,100
Total Liabilities Net Minority Interest	4,167,000	3,509,500	3,502,500	3,533,600
Total Non Current Liabilities Net Minority Interest	1,804,700	2,114,300	2,119,100	2,056,400
Other Non Current Liabilities	39,800	43,100	67,500	70,800
Tradeand Other Payables Non Current	15,800	305,000	243,800	196,100
Non Current Deferred Liabilities	185,300	186,800	217,800	222,900
Non Current Deferred Taxes Liabilities	185,300	186,800	217,800	222,900
Long Term Debt And Capital Lease Obligation	1,563,800	1,579,400	1,590,000	1,566,600
Long Term Capital Lease Obligation	120,900	138,400	150,800	129,300
Long Term Debt	1,442,900	1,441,000	1,439,200	1,437,300
Current Liabilities	2,362,300	1,395,200	1,383,400	1,477,200
Other Current Liabilities	1,618,200	845,500	911,900	590,000
Current Deferred Liabilities	6,900	6,400	5,900	11,700
Current Deferred Revenue	6,900	6,400	5,900	11,700
Current Debt And Capital Lease Obligation	26,900	19,900	20,800	304,700
Current Capital Lease Obligation	26,900	19,900	20,800	0
Current Debt				304,700
Other Current Borrowings				304,700
Pensionand Other Post Retirement Benefit Plans Current	109,700	89,800	77,100	90,200
Payables And Accrued Expenses	600,600	433,600	367,700	480,600
Current Accrued Expenses	115,600	118,800	115,200	121,000
Payables	485,000	314,800	252,500	359,600
Other Payable	101,500	295,200	144,500	238,200
Total Tax Payable	367,400	1,700	83,300	93,900
Income Tax Payable	50,100	1,600	1,000	3,500
Accounts Payable	16,100	17,900	24,700	27,500
Total Assets	9,305,300	7,789,100	7,487,500	6,998,900
Total Non Current Assets	4,883,900	5,310,000	5,508,200	5,442,900
Other Non Current Assets	10,500	11,700	171,700	127,600
Non Current Note Receivables	102,100	124,200
Investments And Advances	32,400	383,700	345,300	253,200
Long Term Equity Investment	32,400	383,700	345,300	253,200
Goodwill And Other Intangible Assets	4,494,800	4,547,900	4,745,400	4,839,900
Other Intangible Assets	1,344,300	1,423,700	1,604,800	1,717,100
Goodwill	3,150,500	3,124,200	3,140,600	3,122,800
Net PPE	244,100	242,500	245,800	222,200
Accumulated Depreciation	-216,400	-191,600	-215,200	-259,600
Gross PPE	460,500	434,100	461,000	481,800
Construction In Progress	1,600	3,300	1,500	7,700
Other Properties	111,000	124,500	136,600	111,700
Machinery Furniture Equipment	347,900	306,300	322,900	291,300
Buildings And Improvements			0	68,800	68,800
Land And Improvements			0	2,300	2,300
Current Assets	4,421,400	2,479,100	1,979,300	1,556,000
Other Current Assets	91,300	84,600	118,000	70,500
Restricted Cash	1,618,200	845,500	848,800	543,000
Receivables	459,300	518,400	411,800	418,100
Taxes Receivable	67,900	73,800	74,500	48,300
Accounts Receivable	391,400	444,600	337,300	369,800
Allowance For Doubtful Accounts Receivable	-6,800	-6,600	-4,500	-2,200
Gross Accounts Receivable	398,200	451,200	341,800	372,000
Cash Cash Equivalents And Short Term Investments	2,252,600	1,030,600	600,700	524,400
Other Short Term Investments	36,100	110,300	57,500	91,700
Cash And Cash Equivalents	2,216,500	920,300	543,200	432,700

Cash Flow

	2025	2024	2023	2022	2021
Free Cash Flow	1,681,600	1,039,700	1,030,600	591,300
Repurchase Of Capital Stock	-66,700	-204,800	-83,900	-100,900
Repayment Of Debt	0	0	-305,000	-220,000
Issuance Of Debt		0	0	663,600	110,000
Capital Expenditure	-71,000	-60,900	-45,000	-59,800
Interest Paid Supplemental Data	91,700	100,100	56,700	51,000
Income Tax Paid Supplemental Data	391,600	362,400	286,400	271,100
End Cash Position	3,868,800	1,765,800	1,397,100	979,900
Beginning Cash Position	1,765,800	1,397,100	979,900	1,092,200
Effect Of Exchange Rate Changes	271,800	-95,100	52,800	-10,000
Changes In Cash	1,831,200	463,800	364,400	-102,300
Financing Cash Flow	-371,600	-495,000	-656,100	81,700
Cash Flow From Continuing Financing Activities	-371,600	-495,000	-656,100	81,700
Net Other Financing Charges		-19,900	-13,100	-42,100	-9,100
Proceeds From Stock Option Exercised	-20,600	-20,900	-30,600	-9,500
Cash Dividends Paid	-284,300	-249,400	-223,500	-209,400
Common Stock Dividend Paid	-284,300	-249,400	-223,500	-209,400
Net Common Stock Issuance	-66,700	-204,800	-83,900	-100,900
Common Stock Payments	-66,700	-204,800	-83,900	-100,900
Net Issuance Payments Of Debt	0	0	-305,000	443,600
Net Short Term Debt Issuance		0	-305,000	-220,000	-20,000
Short Term Debt Payments		0	-305,000	-220,000	-20,000
Net Long Term Debt Issuance	0	0	-305,000	663,600
Long Term Debt Payments	0	0	-305,000	-220,000
Long Term Debt Issuance		0	0	663,600	110,000
Investing Cash Flow	450,200	-141,800	-55,100	-835,100
Cash Flow From Continuing Investing Activities	450,200	-141,800	-55,100	-835,100
Net Other Investing Changes	7,000	2,900	300		600
Net Investment Purchase And Sale	512,600	-87,900	-11,200	-67,000
Sale Of Investment	689,900	67,900	135,700	52,300
Purchase Of Investment	-177,300	-155,800	-146,900	-119,300
Net Investment Properties Purchase And Sale		3,300	0	0
Sale Of Investment Properties		3,300	0	0
Net Business Purchase And Sale		0	0	-708,300	-151,500
Purchase Of Business		0	0	-708,300	-151,500
Net Intangibles Purchase And Sale	1,600	100	800	0
Sale Of Intangibles	1,600	100	800	0
Net PPE Purchase And Sale	-71,000	-56,900	-45,000	-59,800
Sale Of PPE	0	4,000	0	0
Purchase Of PPE	-71,000	-60,900	-45,000	-59,800
Operating Cash Flow	1,752,600	1,100,600	1,075,600	651,100
Cash Flow From Continuing Operating Activities	1,752,600	1,100,600	1,075,600	651,100
Change In Working Capital	528,600	97,100	175,600	-84,100
Change In Other Working Capital	529,000	76,500	276,800	-221,600
Change In Other Current Liabilities	-1,000	58,600	46,900	76,200
Change In Other Current Assets	41,900	-8,700	-44,100	-24,800
Change In Payables And Accrued Expense	-126,800	94,500	-117,100	141,300
Change In Payable	-126,800	94,500	-117,100	141,300
Change In Account Payable	6,500	-36,400	-19,100	38,800
Change In Tax Payable	48,500	800	-2,800	-3,800
Change In Income Tax Payable	48,500	800	-2,800	-3,800
Change In Receivables	85,500	-123,800	13,100	-55,200
Changes In Account Receivables	79,400	-124,300	39,400	-49,800
Other Non Cash Items	2,200	1,300	-10,400	-2,500
Stock Based Compensation	50,400	41,800	41,300	30,700
Provisionand Write Offof Assets		3,100	4,000	1,100	400
Asset Impairment Charge	41,600	112,600	1,800	471,500
Deferred Tax	-8,400	-23,600	-15,200	-155,700
Deferred Income Tax	-8,400	-23,600	-15,200	-155,700
Depreciation Amortization Depletion	122,400	133,000	158,000	166,800
Depreciation And Amortization	122,400	133,000	158,000	166,800
Amortization Cash Flow			125,000	131,500	133,900
Amortization Of Intangibles			125,000	131,500	133,900
Depreciation			33,000	35,300	33,500
Operating Gains Losses	-84,200	-26,500	-36,900	-11,700
Earnings Losses From Equity Investments	-84,200	-26,500	-36,900	-4,200
Gain Loss On Investment Securities			-2,700	-7,500
Gain Loss On Sale Of PPE			100	300	400
Net Income From Continuing Operations	1,100,000	764,900	761,400	235,000

These metrics estimate what Cboe Global Markets, Inc. is worth based on its fundamentals — independent of what the market currently prices it at. Graham's Fair Value and NCAV are conservative floors rooted in 1930s–60s principles. EPV assumes zero growth. None are price targets — they are reference points for judging whether the current price offers a margin of safety.

Graham's Fair Value

$107.24

Margin of Safety

Market Cap ÷ Company Value

1.28

P/B Ratio

6.88

Warren's Owner Earnings

$1.3B

Latest fiscal year

Graham's 7 Criteria

Defensive Investor Checklist

4/7 — Enterprising Investor

✅ Adequate Size

$4.7B

vs > $1.5B revenue

❌ Strong Financial Condition

1.87x

vs Current Ratio > 2.0x

✅ Earnings Stability

No loss years (4 yrs data)

vs No negative EPS years

✅ Dividend Record

0.85%

vs Uninterrupted dividends

✅ Earnings Growth

+375.8% EPS growth

vs > 33% EPS growth

❌ Moderate P/E Ratio

28.8x

vs P/E ≤ 15.0x

❌ Moderate Price-to-Book

6.88x P/B (P/E×P/B: 198.2)

vs P/B ≤ 1.5x | P/E × P/B ≤ 22.5

Net Current Asset Value

$2.43

Trading at 138.9x NCAV. Expected for most quality businesses — NCAV was designed to find depression-era bargains and rarely applies to modern profitable companies.

"Buy at two-thirds of net current assets." — Graham

Earnings Power Value

$160.62

Per share, no-growth floor. Compare to current price.

Cash Flow Analysis

Metric	2025	2024	2023	2022	2021
Capital Expenditure % of Net Income	6.5%	8.0%	5.9%	25.4%	N/A
Repurchase of Capital Stock	-$67M	-$205M	-$84M	-$101M	N/A
Free Cash Flow	$1.7B ▲	$1.0B ▲	$1.0B ▲	$591M •	N/A •
Warren's Owner Earnings	$1.3B	$959M	$964M	$462M	N/A

Peers & Industry

No auto-detected peers for Financial Data & Stock Exchanges. You can manually compare CBOE against any stock using the Compare tool.

"The management of a business is its most important single factor — more important than market position, patents, or financial structure."

— Benjamin Graham

Capital Allocation & Alignment

Insider Ownership

0.25%

Low — management has little skin in the game

Return on Equity (ROE)

21.4%

Excellent — management generates strong returns on equity

Return on Assets (ROA)

11.8%

Strong — management uses assets efficiently

Share Buybacks (Latest Year)

$67M

Management is returning capital to shareholders via buybacks

Debt Trend YoY

-0.5% YoY

Debt is declining — management is deleveraging

Leadership Team

Craig Steven Donohue

CEO, President & Director

Age 63

Pay: $3,604,464

0.328% of net income

Jill Griebenow CPA

Executive VP & CFO

Age 45

Pay: $1,819,282

0.165% of net income

Scott Johnston

Executive VP & COO

Age 60

Stacie Fleming

Senior Vice President of Marketing & Communications

Top Institutional Holders

Institution	% Owned	Shares
Vanguard Group Inc	11.61%	12,955,689
Blackrock Inc.	8.87%	9,898,436
Alliancebernstein L.P.	5.88%	6,566,424
State Street Corporation	4.46%	4,978,582
FMR, LLC	3.90%	4,351,799
Geode Capital Management, LLC	2.68%	2,987,134
Morgan Stanley	2.41%	2,691,162
T. Rowe Price Investment Management, Inc.	2.00%	2,228,571

Risk Analysis

Beta (Market Risk)

0.37

Low volatility — more stable than the market

Short Interest

3.0% of float

Low short interest — market is not heavily bearish

Debt-to-Equity

0.29x

Conservative balance sheet — low financial risk

Current Ratio

1.39x

Adequate liquidity

52-Week Price Range

Low: $212.75 Current: $337.43 High: $340.53

Currently at 98% of 52-week range

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