# Cboe Global Markets (CBOE.US)

Canonical: https://gigainvestors.com/s/CBOE

Analysis as of: 2026-10-16T07:27:16.157Z. Financial observations: FY2008–FY2026.

Listing currency: USD. Reporting currency: USD.

## Verdict

A wonderful business at too high a price

Quality tests for Buy: pass (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: $308.09 per share; close as of 2026-10-15.

Estimated value: low $130.21 per share, central $145.14 per share, high $165.02 per share. Buy at or below the central value $145.14 per share. Valuation as of 2026-10-16T07:27:16.157Z; scenarios are not confidence intervals.

Expected annual return: 6.0% at the stated quote. About 6.0% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; US 10-year bond 5.1% + 4 points).

## Checklist

### understandable: pass

- 2 revenue declines in the last 10 years (informational)

- Financial history: 10 years

- Years with declining revenue: 2

- Years with a net loss: 0

- Operating margin variation: 0.28×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.17×

- FY2018: 0.22×

- FY2019: 0.22×

- FY2020: 0.19×

- FY2021: 0.23×

- FY2022: 0.12×

- FY2023: 0.28×

- FY2024: 0.27×

- FY2025: 0.32×

- LTM to Jun 2026: 0.35×

### moat: pass

- ROIC, median of available years: 33.5%

- ROIC, second-lowest year: 23.9%

- Typical minus recent gross margin: -3.8 pp

- Typical gross margin (annual median): 45.1%

- Recent gross margin (lower of latest and 3-year median): 48.9%

- Years with nonpositive capital: 0

- Capital spending / revenue: 1.5%

- ROIC including acquisitions, ten-year median: 13.9%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 98.9%

- FY2017: 23.9%

- FY2018: 30.7%

- FY2019: 29.6%

- FY2020: 32.3%

- FY2021: 34.6%

- FY2022: 18.8%

- FY2023: 41.5%

- FY2024: 45.0%

- FY2025: 74.9%

### economics: pass

- Owner earnings / net income, 5-yr: 1.14×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: $3.9B

- Net income, five-year total: $3.4B

- Return on incremental invested capital: >100%

- Working capital / revenue, annual change: -0.2 pp

- Working capital / revenue, change between three-year averages: -3.3 pp

- Working capital / revenue, final three-year average: 5.9%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: 1.22×

- FY2022: 1.46×

- FY2023: 1.15×

- FY2024: 1.09×

- FY2025: 1.05×

### management: pass

- Historical market-dollar context (not the management verdict): 2016 to 2025 (9 years)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 30.7% vs 45.0%

- Per-share earnings: 2.47 to 7.25 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 2.4%

- Ordinary dilution, 5-year annual growth: -0.8%

- Market cap gain: $20B

- Cumulative retained earnings: $2.8B

- Diluted shares, 10-year annual growth: 2.4%

- Diluted shares, 5-year annual growth: -0.8%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 14.4%

- Per-share value change: $4.78

- Per-share value, starting three-year median: $2.47

- Per-share value, ending three-year median: $7.25

- Buybacks concentrated in cheaper years (correlation): 0.14

- Average buyback yield: 1.1%

- Buyback history: 10 years

- Debt-funded buybacks: No

- Acquisition spending: $5.1B

- Cumulative net income, 10 years: $5.2B

- ROIC, first three-year median: 30.7%

- ROIC, last three-year median: 45.0%

Chart: Earnings per share; fiscal year observations.

- FY2016: $2.30

- FY2017: $3.74

- FY2018: $3.80

- FY2019: $3.35

- FY2020: $4.28

- FY2021: $4.93

- FY2022: $2.20

- FY2023: $7.17

- FY2024: $7.25

- FY2025: $10.47

### accounting: pass

- Sloan accruals: -1.3%

- Receivables to sales index (DSRI): 0.77×

- Restructuring years, last five: 2

- Stock compensation / operating cash flow: 4.1%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.11×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.87×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -7.3%

- FY2017: 0.5%

- FY2018: -2.0%

- FY2019: -5.0%

- FY2020: -15.2%

- FY2021: -1.0%

- FY2022: -5.9%

- FY2023: -0.4%

- FY2024: -3.3%

- FY2025: -1.3%

## Holders

- [Thomas Gayner](https://gigainvestors.com/MKL): tracked 13F investor; follow the investor page for holding quarter and amounts.

## Price story

Price needs cash profits to grow 11.5% a year for ten years · "CBOE Q2 Earnings Beat on Options Strength, Revenue Outlook Raised" (finance.yahoo.com, Jul 2026) · sales +7.4%

Story as of 2026-10-16T09:58:28.105Z; price observation 2026-10-15.

Price needs cash profits to grow 11.5% a year for ten years

- 2025-05-02: Cboe Global's Q1 Earnings Beat Estimates, Revenue Guidance Raised ([finance.yahoo.com](https://finance.yahoo.com/news/cboe-globals-q1-earnings-beat-163900883.html))

- 2026-02-06: Cboe Q4 earnings helped by derivatives strength; issues 2026 guidance ([seekingalpha.com](https://seekingalpha.com/news/4548542-cboe-q4-earnings-helped-by-derivatives-strength-issues-2026-guidance?utm_source=feed_news_all&utm_medium=referral&feed_item_type=news))

- 2026-05-01: Cboe Global Beats Q1 Earnings Estimates, Raises Revenue Guidance ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/cboe-global-beats-q1-earnings-153900042.html))

- 2026-06-19: Cboe (CBOE) Faces New ETF Rivals As Perpetual Futures Threaten Its Core Business ([finance.yahoo.com](https://finance.yahoo.com/markets/options/articles/cboe-cboe-faces-etf-rivals-091439739.html))

- 2026-07-31: CBOE Q2 Earnings Beat on Options Strength, Revenue Outlook Raised ([finance.yahoo.com](https://finance.yahoo.com/markets/options/articles/cboe-q2-earnings-beat-options-172900149.html))

### Sales · FY2025–2026

sales +7.4%; source https://www.sec.gov/Archives/edgar/data/1374310/000162828026010013/cboe-20251231.htm; observed 2026-02-20.

- FY2017: $2.2B 

- FY2018: $2.8B 

- FY2019: $2.5B 

- FY2020: $3.4B 

- FY2021: $3.5B 

- FY2022: $4.0B 

- FY2023: $3.8B 

- FY2024: $4.1B 

- FY2025: $4.7B 

- FY2026: $5.1B 

### Gross margin · FY2025

gross margin 48.9%; source https://www.sec.gov/Archives/edgar/data/1374310/000162828026010013/cboe-20251231.htm; observed 2026-02-20.

- FY2016: 80.6% 

- FY2017: 44.7% 

- FY2018: 44.0% 

- FY2019: 45.5% 

- FY2020: 36.6% 

- FY2021: 42.2% 

- FY2022: 44.0% 

- FY2023: 50.8% 

- FY2024: 50.6% 

- FY2025: 48.9% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in financial data & stock exchanges; annual sales are USD 4.7 billion.

- Source: https://www.sec.gov/Archives/edgar/data/1374310/000162828026010013/cboe-20251231.htm#000162828026010013 (filed 2026-02-20); FY2025: revenue 4714200000; grossProfit 2306700000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); CBOE.US: Cboe Global Markets, Inc., through its subsidiaries, operates as a derivatives and securities exchange network that delivers 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, stocks of individual corporations, and exchange-traded products (ETPs), such as exchange-traded funds (ETFs) and exchange-traded notes (ETNs). This segment also offers trading in listed options through a single system. The North American Equities segment comprises 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; international depository receipts; and an ETP listings business on regulated markets and clearing activities, as well as equities services. The Futures segment offers transaction services, including trading in VIX futures and other futures products, the licensing of proprietary market data, and access and capacity services. The Global FX segment provides institutional foreign exchange (FX) trading and non-deliverable forward FX transaction services. The company also provides trading solutions and products in multiple asset classes, including equities, derivatives, and FX across North America, Europe, and Asia Pacific. 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.

### Why customers stay

Margins ranged from 48.9% to 50.8% during 2023–25; it earns 33.5% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-20); FY2023: grossProfit / revenue = 50.8%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-20); FY2024: grossProfit / revenue = 50.6%.

- Source: https://www.sec.gov/Archives/edgar/data/1374310/000162828026010013/cboe-20251231.htm (filed 2026-02-20); FY2025: grossProfit / revenue = 48.9%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-20); 10-year return on capital observations [[2016,0.9892061547883335],[2017,0.2386268848251524],[2018,0.3068298836519892],[2019,0.2956356225488709],[2020,0.3233306719527192],[2021,0.346149067860526],[2022,0.18837457085355747],[2023,0.4146055985301843],[2024,0.44962824649940786],[2025,0.7487405656894994]]; median 0.33473986990662263. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 10 of 10 years; bought back USD 96.5 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-20); FY2016: growth capex 2000; upkeep 44400000; owner earnings 186820000. Growth capex / owner earnings = 0.000010705491917353602.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-20); FY2017: growth capex 0; upkeep 37500000; owner earnings 556400000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-20); FY2018: growth capex 0; upkeep 36300000; owner earnings 594200000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-20); FY2019: growth capex 0; upkeep 35100000; owner earnings 516400000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-20); FY2020: growth capex 0; upkeep 47400000; owner earnings 579300000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-20); FY2021: growth capex 0; upkeep 51000000; owner earnings 645400000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-20); FY2022: growth capex 0; upkeep 59800000; owner earnings 342000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-20); FY2023: growth capex 0; upkeep 45000000; owner earnings 874400000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-20); FY2024: growth capex 0; upkeep 60900000; owner earnings 837000000. Growth capex / owner earnings = 0.

- Source: https://www.sec.gov/Archives/edgar/data/1374310/000162828026010013/cboe-20251231.htm (filed 2026-02-20); FY2025: growth capex 0; upkeep 71000000; owner earnings 1151400000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-20); Dividend observations: [[2016,78500000],[2017,118100000],[2018,130300000],[2019,150000000],[2020,170600000],[2021,193300000],[2022,209400000],[2023,223500000],[2024,249400000],[2025,284300000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://www.sec.gov/Archives/edgar/data/1374310/000162828026010013/cboe-20251231.htm (filed 2026-02-20); FY2025: cash repurchases 96500000 USD.

### Are managers owners

Insiders own 0.3% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); CBOE.US SharesStats.PercentInsiders = 0.255 percentage points; cache date 2026-10-16.

### What could break it

"Our business and operations are dependent upon a number of third parties." (SEC filing, Feb 2026)

- Source: https://www.sec.gov/Archives/edgar/data/1374310/000162828026010013/cboe-20251231.htm (filed 2026-02-20); Our business and operations are dependent upon a number of third parties.

### What the price says

The price assumes cash profits grow 11.5% yearly over ten years; actual growth was 15.7%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-20); Ten-year compound average after fade. Initial solved rate 0.15289969572376666. Price 308.09; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 2.550938628158845 → FY2025 10.955280685061846. Closing-price date 2026-10-15.

## Monthly share-price history (USD per share)

- 2016-10: $63.21 per share

- 2016-11: $68.90 per share

- 2016-12: $73.89 per share

- 2017-01: $79.62 per share

- 2017-02: $78.05 per share

- 2017-03: $81.07 per share

- 2017-04: $82.41 per share

- 2017-05: $86.37 per share

- 2017-06: $91.40 per share

- 2017-07: $94.53 per share

- 2017-08: $100.89 per share

- 2017-09: $107.63 per share

- 2017-10: $113.06 per share

- 2017-11: $123.43 per share

- 2017-12: $124.59 per share

- 2018-01: $134.39 per share

- 2018-02: $112.01 per share

- 2018-03: $114.10 per share

- 2018-04: $106.78 per share

- 2018-05: $97.56 per share

- 2018-06: $104.07 per share

- 2018-07: $97.13 per share

- 2018-08: $100.80 per share

- 2018-09: $95.96 per share

- 2018-10: $112.85 per share

- 2018-11: $107.62 per share

- 2018-12: $97.83 per share

- 2019-01: $93.27 per share

- 2019-02: $95.91 per share

- 2019-03: $95.44 per share

- 2019-04: $101.61 per share

- 2019-05: $108.54 per share

- 2019-06: $103.63 per share

- 2019-07: $109.31 per share

- 2019-08: $119.16 per share

- 2019-09: $114.91 per share

- 2019-10: $115.15 per share

- 2019-11: $118.90 per share

- 2019-12: $120.00 per share

- 2020-01: $123.22 per share

- 2020-02: $114.00 per share

- 2020-03: $89.25 per share

- 2020-04: $99.38 per share

- 2020-05: $106.46 per share

- 2020-06: $93.28 per share

- 2020-07: $87.70 per share

- 2020-08: $91.79 per share

- 2020-09: $87.74 per share

- 2020-10: $81.29 per share

- 2020-11: $91.32 per share

- 2020-12: $93.12 per share

- 2021-01: $91.73 per share

- 2021-02: $98.96 per share

- 2021-03: $98.69 per share

- 2021-04: $104.37 per share

- 2021-05: $111.30 per share

- 2021-06: $119.05 per share

- 2021-07: $118.47 per share

- 2021-08: $126.15 per share

- 2021-09: $123.86 per share

- 2021-10: $131.94 per share

- 2021-11: $128.94 per share

- 2021-12: $130.40 per share

- 2022-01: $118.53 per share

- 2022-02: $117.29 per share

- 2022-03: $114.42 per share

- 2022-04: $112.98 per share

- 2022-05: $112.31 per share

- 2022-06: $113.19 per share

- 2022-07: $123.38 per share

- 2022-08: $117.97 per share

- 2022-09: $117.37 per share

- 2022-10: $124.50 per share

- 2022-11: $126.84 per share

- 2022-12: $125.47 per share

- 2023-01: $122.88 per share

- 2023-02: $126.17 per share

- 2023-03: $134.24 per share

- 2023-04: $139.70 per share

- 2023-05: $132.42 per share

- 2023-06: $138.01 per share

- 2023-07: $139.68 per share

- 2023-08: $149.71 per share

- 2023-09: $156.21 per share

- 2023-10: $163.89 per share

- 2023-11: $182.19 per share

- 2023-12: $178.56 per share

- 2024-01: $183.85 per share

- 2024-02: $192.00 per share

- 2024-03: $183.73 per share

- 2024-04: $181.15 per share

- 2024-05: $172.99 per share

- 2024-06: $170.06 per share

- 2024-07: $183.51 per share

- 2024-08: $205.40 per share

- 2024-09: $204.87 per share

- 2024-10: $213.57 per share

- 2024-11: $215.85 per share

- 2024-12: $195.40 per share

- 2025-01: $204.33 per share

- 2025-02: $210.80 per share

- 2025-03: $226.29 per share

- 2025-04: $221.80 per share

- 2025-05: $229.12 per share

- 2025-06: $233.21 per share

- 2025-07: $241.04 per share

- 2025-08: $235.95 per share

- 2025-09: $245.25 per share

- 2025-10: $245.64 per share

- 2025-11: $258.17 per share

- 2025-12: $251.00 per share

- 2026-01: $265.06 per share

- 2026-02: $299.72 per share

- 2026-03: $281.07 per share

- 2026-04: $300.09 per share

- 2026-05: $333.56 per share

- 2026-06: $242.67 per share

- 2026-07: $310.23 per share

- 2026-08: $300.20 per share

- 2026-09: $275.29 per share

- 2026-10: $308.09 per share

## Annual estimated value (USD per share)

- FY2016: low $30.30 per share, central $34.34 per share, high $39.72 per share

- FY2017: low $69.81 per share, central $79.24 per share, high $91.80 per share

- FY2018: low $78.01 per share, central $93.61 per share, high $108.67 per share

- FY2019: low $63.15 per share, central $71.55 per share, high $82.73 per share

- FY2020: low $86.93 per share, central $113.59 per share, high $132.49 per share

- FY2021: low $87.06 per share, central $112.96 per share, high $131.65 per share

- FY2022: low $89.43 per share, central $115.32 per share, high $134.18 per share

- FY2023: low $76.67 per share, central $86.56 per share, high $99.72 per share

- FY2024: low $87.33 per share, central $98.13 per share, high $112.51 per share

- FY2025: low $120.76 per share, central $134.58 per share, high $152.97 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

Prior published observations retained from 2026-10-15T06:32:55.642Z where newer inputs omit a numeric field or fiscal period.

## Sources

[Original 10-K filing](https://www.sec.gov/Archives/edgar/data/1374310/000162828026010013/cboe-20251231.htm); period 2025-12-31, filed 2026-02-20.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.

## Reported holder observations

- [Thomas Gayner](https://gigainvestors.com/MKL): 43,700 CBOE shares; USD 10,605,000 reported position value; 0.08% of portfolio; hold; quarter 2026 Q2.

# CBOE — CBOE Holdings Inc.

Held by 1 investor · USD 10,605,000 total · 2026 Q2 · reported price USD 242.68 (split-adjusted).
Page: https://gigainvestors.com/s/CBOE

## Holders (2026 Q2)

| Investor | Value | % of their portfolio | This quarter |
|---|---:|---:|---|
| Andreas Halvorsen (https://gigainvestors.com/vg) | USD 193,493,366 | 0.0% | sold |
| Thomas Gayner (https://gigainvestors.com/MKL) | USD 10,605,000 | 0.1% | hold |

## Total held by quarter

- 2023 Q4: USD 430,775,821 · 1 holder · USD 178.56
- 2024 Q1: USD 304,082,337 · 1 holder · USD 183.73
- 2024 Q2: USD 0 · 0 holders
- 2024 Q3: USD 0 · 0 holders
- 2024 Q4: USD 0 · 0 holders
- 2025 Q1: USD 1,357,980 · 1 holder · USD 226.33
- 2025 Q2: USD 4,430,990 · 1 holder · USD 233.21
- 2025 Q3: USD 6,989,910 · 1 holder · USD 245.26
- 2025 Q4: USD 10,478,833 · 1 holder · USD 250.99
- 2026 Q1: USD 205,776,562 · 2 holders · USD 281.08
- 2026 Q2: USD 10,605,000 · 1 holder · USD 242.68