BTS · Financial Services

Cboe Global Markets, Inc.

CBOE · Financial Data & Stock Exchanges

$249.10

▼ -5.59 (-2.19%)

Cached · 10 min

Overall Grade

Defensive

Enterprising

Profitability

A⤢

Gross Profit Margin 47.2%

Operating Margin 39.7%

Net Income Margin 30.3%

Fin. Health

B⤢

Years to Pay Off Debt 4.1 yrs

Working Capital vs Long-Term Debt $937M

Working Capital $1.7B

Valuation

F⤢

Margin of Safety 0.0%

Price-to-Book 4.85x

Cash Flow

A⤢

Free Cash Flow $1.9B

CapEx % of Net Income 5.0%

Owner Earnings $434M

Profitability

Gross Profit Margin 47.2%

Revenue minus cost of goods sold. Graham's ≥40% threshold identifies businesses with durable pricing power. Note: software and financial companies naturally exceed this; retailers and manufacturers rarely reach it due to their cost structures.

Operating Margin 39.7%

Profit after operating costs before interest and taxes. A consistent ≥15% operating margin signals a business with real competitive advantages. Capital-intensive industries (airlines, auto, commodities) rarely hit this threshold due to their structural cost base — compare within industry for context.

Net Income Margin 30.3%

Bottom-line profit as a percentage of revenue. The ≥20% target reflects Buffett's preference for highly profitable businesses. Financial engineering (buybacks, tax optimisation) can inflate this temporarily — look for consistency across multiple years rather than a single strong result.

Financial Health

Years to Pay Off Debt 4.1 yrs

Total Debt ÷ Net Income. Lower = stronger balance sheet. Important caveat: utilities, telecoms, REITs, and infrastructure companies carry large structural debt by design — their bond-like cash flows service it comfortably at ratios that would alarm Graham. Compare within sector.

Working Capital vs Long-Term Debt $937M

Working Capital minus Long-Term Debt. Negative results are common and expected in capital-return-focused businesses like Apple, Domino's, and McDonald's — where aggressive buybacks and dividends intentionally reduce book equity. This does not indicate financial distress in high-FCF businesses.

Working Capital $1.7B

Current Assets minus Current Liabilities. Negative working capital can be a deliberate efficiency strategy in businesses that collect cash before paying suppliers (retailers, fast food franchises, subscription businesses). Assess alongside free cash flow generation for full context.

Cash Flow

Free Cash Flow $1.9B

Operating cash flow minus capital expenditures. Buffett's most important metric — cash a business actually generates for its owners after maintaining and growing its asset base. Consistently positive FCF is one of the strongest indicators of a durable, well-run business regardless of accounting profits.

CapEx % of Net Income 5.0%

Capital expenditure as a share of net income. Low CapEx signals a capital-light business that doesn't need heavy reinvestment to sustain earnings — Buffett's ideal. High CapEx is structurally necessary in manufacturing, airlines, telecoms, and semiconductors. For these industries, a high reading reflects the business model, not poor management.

Owner Earnings $434M

Net Income + Depreciation & Amortisation − Capital Expenditures. Buffett's preferred measure of a company's true annual earning power — what could theoretically be distributed to owners without impairing the business. More reliable than reported EPS because it accounts for the capital cost of maintaining the business.

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

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.

Market Data

Market Cap $26.1B

Enterprise Value $27.2B

P/E (TTM) 21.29

Dividend Yield 1.10%

Exchange BTS

Key Margins

Gross Profit 47.2%

Operating Margin 39.7%

Net Margin 30.3%

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 $249.10.

The business passes only 3 of 7 of Graham's defensive criteria — well below his required standard.

At $249.10, the stock trades at a 283% premium to its Graham Number of $65.03. 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 49.5x NCAV. Expected for most quality businesses — NCAV was designed to find depression-era bargains and rarely applies to modern profitable companies..

Conclusion: By Graham's standards, this stock is speculative at its current price. The intelligent investor would look elsewhere or wait.

Showing Key Metrics

Income Highlights

Metric	Q1 2026	Q4 2025	Q4 2024
Gross Profit %	47.2%▲	45.1%•	N/A
Operating Margin %	39.7%▲	35.6%•	N/A
Net Income %	30.3%▲	26.0%•	N/A
Diluted EPS	3.66▲	2.97▲	1.86

Balance Sheet Highlights

Metric	Q1 2026	Q4 2025	Q4 2024
Total Assets	$11.1B	$9.3B	N/A
Total Debt	$1.6B▼	$1.6B•	N/A
Working Capital	$1.7B▼	$2.1B•	N/A
Years to Pay Debt	4.11	5.07	N/A

Cash Flow Highlights

Metric	Q1 2026	Q4 2025	Q4 2024
Free Cash Flow	$1.9B▲	$332M•	N/A
Owner Earnings	$434M	$365M	N/A
CapEx % of Net Income	5.0%	6.4%	N/A

Income Statement

	2026	2025	2024
Tax Effect Of Unusual Items	-176	5,966
Tax Rate For Calcs	0	0
Normalized EBITDA	559,000	476,800
Total Unusual Items	-700	19,500
Total Unusual Items Excluding Goodwill	-700	19,500
Net Income From Continuing Operation Net Minority Interest	385,700	313,500
Reconciled Depreciation	29,500	31,300
Reconciled Cost Of Revenue	671,800	660,400
EBITDA	558,300	496,300
EBIT	528,800	465,000
Net Interest Income	4,400	2,100
Interest Expense	13,300	13,300
Interest Income	17,700	15,400
Normalized Income	386,224	299,966
Net Income From Continuing And Discontinued Operation	385,700	313,500
Total Expenses	767,200	775,200
Total Operating Income As Reported	505,600	403,800
Diluted Average Shares	105,000	105,000	105,100
Basic Average Shares	104,700	104,700
Diluted EPS	0	0	0
Basic EPS	0	0	0
Diluted NI Availto Com Stockholders	384,100	312,200
Net Income Common Stockholders	384,100	312,200
Otherunder Preferred Stock Dividend	1,600	1,300
Net Income	385,700	313,500
Net Income Including Noncontrolling Interests	385,700	313,500
Net Income Continuous Operations	385,700	313,500
Tax Provision	129,800	138,200
Pretax Income	515,500	451,700
Other Income Expense	5,500	20,800
Other Non Operating Income Expenses	6,200	1,300
Special Income Charges	0	-25,000
Impairment Of Capital Assets			0
Restructuring And Mergern Acquisition	0	-100
Gain On Sale Of Security	-700	44,500
Net Non Operating Interest Income Expense	4,400	2,100
Interest Expense Non Operating	13,300	13,300
Interest Income Non Operating	17,700	15,400
Operating Income	505,600	428,800
Operating Expense	95,400	114,800
Other Operating Expenses	39,600	43,700
Depreciation Amortization Depletion Income Statement	29,500	31,300
Depreciation And Amortization In Income Statement	29,500	31,300
Selling General And Administration	26,300	39,800
Selling And Marketing Expense	8,000	15,500
General And Administrative Expense	18,300	24,300
Other Gand A	18,300	24,300
Salaries And Wages			111,900
Gross Profit	601,000	543,600
Cost Of Revenue	671,800	660,400
Total Revenue	1,272,800	1,204,000
Operating Revenue	1,272,800	1,204,000

Balance Sheet

	2026	2025	2024
Treasury Shares Number	254	7
Ordinary Shares Number	104,674	104,648
Share Issued	104,927	104,655
Net Debt			520,700
Total Debt	1,584,600	1,590,700
Tangible Book Value	972,700	643,500
Invested Capital	6,816,900	6,581,200
Working Capital	1,730,500	2,059,100
Net Tangible Assets	972,700	643,500
Capital Lease Obligations	141,200	147,800
Common Stock Equity	5,373,500	5,138,300
Total Capitalization	6,167,400	6,581,200
Total Equity Gross Minority Interest	5,373,500	5,138,300
Stockholders Equity	5,373,500	5,138,300
Gains Losses Not Affecting Retained Earnings	11,100	30,100
Other Equity Adjustments	11,100	30,100
Treasury Stock	75,100	1,500
Retained Earnings	3,853,500	3,543,600
Additional Paid In Capital	1,583,000	1,565,100
Capital Stock	1,000	1,000
Common Stock	1,000	1,000
Total Liabilities Net Minority Interest	5,697,100	4,167,000
Total Non Current Liabilities Net Minority Interest	1,203,500	1,804,700
Other Non Current Liabilities	40,000	39,800
Tradeand Other Payables Non Current	22,000	15,800
Non Current Deferred Liabilities	233,000	185,300
Non Current Deferred Taxes Liabilities	233,000	185,300
Long Term Debt And Capital Lease Obligation	908,500	1,563,800
Long Term Capital Lease Obligation	114,600	120,900
Long Term Debt	793,900	1,442,900
Current Liabilities	4,493,600	2,362,300
Other Current Liabilities	3,443,900	1,618,200
Current Deferred Liabilities	16,800	6,900
Current Deferred Revenue	16,800	6,900
Current Debt And Capital Lease Obligation	676,100	26,900
Current Capital Lease Obligation	26,600	26,900
Current Debt	649,500
Other Current Borrowings	649,500
Pensionand Other Post Retirement Benefit Plans Current	31,700	109,700
Payables And Accrued Expenses	325,100	600,600
Current Accrued Expenses	124,900	115,600
Payables	200,200	485,000
Other Payable	127,200	101,500
Total Tax Payable	53,600	367,400
Income Tax Payable	50,400	50,100
Accounts Payable	19,400	16,100
Total Assets	11,070,600	9,305,300
Total Non Current Assets	4,782,000	4,883,900
Other Non Current Assets	10,100	10,500
Non Current Note Receivables	97,200	102,100	124,200
Investments And Advances	31,400	32,400
Long Term Equity Investment	31,400	32,400
Goodwill And Other Intangible Assets	4,400,800	4,494,800
Other Intangible Assets	1,258,400	1,344,300
Goodwill	3,142,400	3,150,500
Net PPE	242,500	244,100
Accumulated Depreciation	-223,400	-216,400
Gross PPE	465,900	460,500
Construction In Progress	3,900	1,600
Other Properties	105,100	111,000
Machinery Furniture Equipment	356,900	347,900
Current Assets	6,224,100	4,421,400
Other Current Assets	60,800	91,300
Restricted Cash	3,478,400	1,618,200
Receivables	514,600	459,300
Taxes Receivable	0	67,900
Accounts Receivable	514,600	391,400
Allowance For Doubtful Accounts Receivable	-6,600	-6,800
Gross Accounts Receivable	521,200	398,200
Cash Cash Equivalents And Short Term Investments	2,170,300	2,252,600
Other Short Term Investments	35,900	36,100
Cash And Cash Equivalents	2,134,400	2,216,500

Cash Flow

	2026	2025	2024
Free Cash Flow	1,940,800	332,100
Repurchase Of Capital Stock	-40,900	0
Capital Expenditure	-19,200	-20,000
Interest Paid Supplemental Data	28,600	14,800
Income Tax Paid Supplemental Data	320,700	150,700
End Cash Position	5,612,800	3,868,800
Beginning Cash Position	3,868,800	3,170,000
Effect Of Exchange Rate Changes	-58,100	4,900
Changes In Cash	1,802,100	693,900
Financing Cash Flow	-140,200	-77,500
Cash Flow From Continuing Financing Activities	-140,200	-77,500
Net Other Financing Charges			0
Proceeds From Stock Option Exercised	-23,500	-1,700
Cash Dividends Paid	-75,800	-75,800
Common Stock Dividend Paid	-75,800	-75,800
Net Common Stock Issuance	-40,900	0
Common Stock Payments	-40,900	0
Investing Cash Flow	-17,700	419,300
Cash Flow From Continuing Investing Activities	-17,700	419,300
Net Other Investing Changes		-2,500	2,800
Net Investment Purchase And Sale	1,500	441,800
Sale Of Investment	1,500	441,800
Purchase Of Investment	0	0
Net Intangibles Purchase And Sale	0
Sale Of Intangibles	0
Net PPE Purchase And Sale	-19,200	-21,600
Sale Of PPE		-1,600	-100
Purchase Of PPE	-19,200	-20,000
Operating Cash Flow	1,960,000	352,100
Cash Flow From Continuing Operating Activities	1,960,000	352,100
Change In Working Capital	1,483,100	-18,500
Change In Other Working Capital	1,887,800	-25,500
Change In Other Current Liabilities	6,900	-60,400
Change In Other Current Assets	1,800	9,900
Change In Payables And Accrued Expense	-351,500	44,500
Change In Payable	-351,500	44,500
Change In Account Payable	-351,700	7,900
Change In Tax Payable	200	36,600
Change In Income Tax Payable	200	36,600
Change In Receivables	-61,900	13,000
Changes In Account Receivables	-129,700	47,200
Other Non Cash Items	-100	3,200
Stock Based Compensation	12,900	11,700
Provisionand Write Offof Assets			0
Asset Impairment Charge		34,500	14,100
Deferred Tax	48,900	22,100
Deferred Income Tax	48,900	22,100
Depreciation Amortization Depletion	29,500	31,300
Depreciation And Amortization	29,500	31,300
Amortization Cash Flow	19,000
Amortization Of Intangibles	19,000
Depreciation	10,500
Operating Gains Losses		-45,200	2,200
Earnings Losses From Equity Investments	0	-45,200
Gain Loss On Sale Of PPE
Net Income From Continuing Operations	385,700	313,500

📊 Quarterly mode — Graham Fair Value & 7 Criteria require annual data. Switch to Annual for full analysis.

Quarter vs Same Quarter Last Year

YoY strips seasonality

Revenue Growth (YoY)

Prior year: $1.2B ▲ $1.3B +6.5%

Revenue growth vs same quarter last year strips seasonality. Consistent double-digit growth is a Buffett hallmark.

Gross Margin

Prior year: 37.6% ▲ 47.2% +9.6pp

Buffett: consistent gross margin above 40% signals durable pricing power and competitive moat.

Operating Margin

Prior year: 42.3% ▲ 39.7% -2.6pp

Graham: operating margin reflects true business economics before financing. Trend matters as much as level.

Net Margin

Prior year: 21.0% ▲ 30.3% +9.3pp

Net margin can be distorted by one-time items, tax timing, or interest costs — compare to operating margin for signal quality.

Quarterly Health Checks

3 Graham/Buffett criteria that are valid and reliable on quarterly data

✅ Adequate Size

Graham required scale for resilience. Quarterly revenue × 4 gives an annualised proxy.

$1.3B/qtr (≈$5.1B ann.)

vs > $1.5B annualised revenue

❌ Financial Condition

Current assets vs current liabilities — a real-time liquidity snapshot. Valid and reliable on quarterly data.

1.39x current ratio

vs ≥ 2.0x

✅ Free Cash Flow

Buffett's most important single metric. A positive FCF quarter means the business generated real cash for owners after maintaining its asset base.

$1.9B

vs Positive

Operating Cash Flow

$2.0B

Latest quarter · Buffett's cash reality check

ROIC

6.1%

Based on latest annual operating income

Return on Invested Capital — Buffett's preferred measure for asset-light businesses. ROIC > 15% consistently signals a durable competitive advantage (moat). More meaningful than P/B for software, pharma, and consumer brand companies where most value is intangible and off-balance-sheet.

Market Cap / Net Assets

4.9x

Net Assets: $5.4B

⚠️ Revenue grew vs prior year but operating margin contracted. Possible explanations: deliberate investment in growth (hiring, marketing, R&D), input cost inflation, or pricing pressure from competition. Buffett distinguishes between spending that builds moat vs. spending that doesn't.

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)

7.2%

Weak — poor returns on equity

Return on Assets (ROA)

3.5%

Fair — average asset utilization

Share Buybacks (Latest Year)

$67M

Management is returning capital to shareholders via buybacks

Debt Trend YoY

-0.4% YoY

Debt is declining — management is deleveraging

Leadership Team

Craig Steven Donohue

CEO, President & Director

Age 63

Pay: $3,604,464

0.935% of net income

Jill Griebenow CPA

Executive VP & CFO

Age 45

Pay: $1,819,282

0.472% of net income

Scott Johnston

Executive VP & COO

Age 60

Stacie Fleming

Senior Vice President of Marketing & Communications

Top Institutional Holders

Institution	% Owned	Shares
Blackrock Inc.	9.42%	10,511,390
Vanguard Capital Management LLC	6.09%	6,797,434
Vanguard Portfolio Management LLC	4.70%	5,241,096
Alliancebernstein L.P.	4.54%	5,061,323
State Street Corporation	4.46%	4,976,866
FMR, LLC	4.22%	4,713,522
Morgan Stanley	3.00%	3,352,623
Geode Capital Management, LLC	2.77%	3,087,556

Risk Analysis

Beta (Market Risk)

0.40

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: $223.54 Current: $249.10 High: $371.18

Currently at 17% of 52-week range

Cboe Global Markets, Inc.

Metric Explanations

Full Graham Analysis

Income Highlights

Balance Sheet Highlights

Cash Flow Highlights

Quarter vs Same Quarter Last Year

Quarterly Health Checks

Operating Cash Flow

ROIC

Market Cap / Net Assets

Peers & Industry

Capital Allocation & Alignment

Leadership Team

Top Institutional Holders

Risk Analysis