Cboe Global Markets, Inc (CBOE) Fair Value & Analysis
Financial Services · US · Market cap $28.6B
Cboe Global Markets, Inc
CBOE · US
Fair value as of: Jul 19, 2026
From 26 valuation models · updated 19 days ago
Share price +11.8% over the past month.
A solid business, but screening 53% overvalued on our models.
What matters now
- A high-quality business (quality 72/100), 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 $404.53). 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 Jul 19, 2026.
How to read this chart
60‑month range $99.22 – $365.93 · fair‑value band $102.48 – $404.53 · the $289.17 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 Jul 19, 2026.
Analysis
Cboe Global Markets, Inc (CBOE) currently trades at $289.17, while our model-based Fair Value estimate is $136.64, implying the stock looks roughly 52.8% overvalued today. We read business quality at 72/100 (solid quality), in the Financial Services sector. Bear case: priced above our estimate, the market already discounts strong expectations. Bull case: above-average quality can justify a premium, the entry price still matters most (evidence: 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 Jul 19, 2026
Our scenario range runs from $102.48 (bear case) to $404.53 (bull case); at $289.17, 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 22% below its 52-week high and 34% above its 52-week low, currently above its 200-day average. For context, the median of 10 Financial Services peers we cover trades at -56% fair-value upside, at -53%, CBOE screens cheaper than that median.
Fair Value models
Each model estimates fair value its own way; the Fair Value above is the evidence-weighted 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.
All 26 models by family
Widest divergence: DCF Models ($289.65) versus Asset-Based ($32.90). Highest evidence: Growth DCF (80).
Key figures & financial health
More key figures
Figures from reported company fundamentals · as of Jul 19, 2026. TTM = trailing twelve months.
Quality Score breakdown
Of which business quality 74 · Market factors (momentum, volatility) 53
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.
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.
CBOE screens 53% overvalued. Compare with S&P Global Inc →
Recent news
External third-party headlines (Yahoo Finance, Reuters and others), not an editorial selection.
- Cboe Global Markets Inc (CBOE) (Q2 2026) Earnings Call Highlights: Record Revenue and Strategic ...
- CBOE Q2 Earnings Beat on Options Strength, Revenue Outlook Raised
- CBOE (CBOE) Reports Q2 Earnings: What Key Metrics Have to Say
- CBOE Global (CBOE) Beats Q2 Earnings and Revenue Estimates
Peer Group
Financial Data & Stock Exchanges · 55 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
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: 42/100
Values & ESG
Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.
ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.
Similar stocks
10 more Financial Data & Stock Exchanges stocks, each showing price versus our Fair Value estimate (as of Jul 19, 2026).
| Stock | Price | Fair Value | vs Fair Value |
|---|---|---|---|
| S&P Global Inc SPGI | $450.84 | $196.36 | -56% |
| CME Group CME | $245.05 | $145.51 | -41% |
| Moody's Corporation MCO | $504.46 | $194.82 | -61% |
| Intercontinental Exchange, Inc ICE | $139.65 | $75.95 | -46% |
| Deutsche Börse AG DB1 | €260.90 | €142.42 | -45% |
| Nasdaq, Inc NDAQ | $88.08 | $41.12 | -53% |
| MSCI Inc MSCI | $604.71 | $214.91 | -64% |
| Coinbase Global, Inc COIN | $160.49 | $57.05 | -64% |
| Hithink RoyalFlush Information Network Co 300033 | ¥215.56 | ¥55.36 | -74% |
| Singapore Exchange Limited S68 | 23.88 SGD | 7.88 SGD | -67% |
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How we calculate Fair Value
Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.
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