Cboe Global Markets Inc (CBOE) fair value: what the stock is really worth
As of Nov 5, 2026: fair value (intrinsic value) of Cboe Global Markets Inc stock $248, price $353, that is 29.8% below the price, quality 78 out of 100. Rating: overvalued. Calculated from audited financials with 13 of our 26 valuation models and 37 quality factors, updated daily.
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year. As of Nov 5, 2026.
How to read this chart
60‑month range $98.95 – $364.92 · fair‑value band $102.80 – $404.03 · the $353.07 price screens above the $247.78 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 5, 2026.
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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.
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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.
Stock analysis
Cboe Global Markets Inc (CBOE) currently trades at $353.07, while our model-based Fair Value estimate is $247.78, 30% below the price, so the stock looks overvalued today.
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Valuation
Bull case: the DCF Models group reads highest at a median of $247.78 per share, and 3 of the 13 models we run sit above the $353.07 price.
Bear case: the Dividend Discount group reads lowest at $49.76, and 10 of the 13 models stay below the price. Data coverage for this calculation is high.
Scenario range: $102.80 (bear) to $404.03 (bull), the price of $353.07 sits inside it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 78/100 (high quality), in the Financial Services sector.
Healthy Growth: Revenue growth appears healthy and is supported by profitability and cash-flow quality.
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.
Key figures
Market cap $37.0B Large · P/E ratio 25.1 · P/S ratio 7.02 · EPS (TTM) $14.05 · Dividend yield 0.9% · Net margin 28.1% · Return on equity 27.4% · Return on assets (EBIT) 12.7%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 95 out of 100 (high confidence).
What moves the price
The share trades about 3% below its 52-week high and 53% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Financial Services peers we cover trades at −35% fair-value upside, at −30%, CBOE screens cheaper than that median.
Fair Value models
Bear$102.80Fair Value $247.78Bull$404.03
Price $353.07 · Downside -29.8%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models. Based on fiscal year 2025 figures (about 10 months old). Earnings retained since then ($9.37 per share) are deliberately not added.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Coverage ⓘCoverage = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
In the last 6 months, one officer or director sold shares worth $699,320 and none bought.
SaleJanet P FroetscherDirector2× since May 18, 2026: 2,160 shares, avg. $323.76$699,320Aug 12, 202610b5-1 plan
SaleAllen WilkinsonSVP, CHIEF ACCOUNTING OFFICER248 shares at $292.79$72,612Feb 23, 2026
SaleEdward J. FitzpatrickDirector3,947 shares at $285.87$1.1MFeb 18, 2026
SaleAlexander Matturri JRDirector1,500 shares at $285.36$428,040Feb 18, 2026
Plus 13 other filings such as grants, option exercises or tax withholding. They are not market purchases or sales.
Sales are often planned (taxes, diversification, 10b5-1 plans). Purchases with their own money are seen as the stronger sign. For information only: not part of the quality score or Fair Value.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.83/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Revenue growth 1 year
+15.1%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+6.0%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+6.6%
Start year 2020 (pandemic). Over 10 years: +22.2% a year
Revenue growth 17 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+15.3%
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What shareholders gained per year (last 5 years) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate. Basis: adjusted.
+19.4%
Earnings growth per share plus dividend.
Earnings per share, growth per year+18.5%
Dividend (yield on the price)0.9%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.19.6% vs 16.8%, steady
Profit margin 2020 to 2025 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.19% → 32%
Pace: the 5-year rate starts in 2020 (pandemic)
Growth Forecast
A lot of optimism in the price
The price assumes more growth than the company has delivered so far and more than analysts expect.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
+13.2%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect ⓘAnalysts publish sales forecasts for the next two fiscal years. For the years after that, growth slows evenly to 2 % a year by year ten (2 % is the long-run rate our models use). Projected years are marked as such.
−6.5%
Yearly sales growth analysts expect, extended to five years.
After inflation (USA: IMF forecast 2.4% a year to 2030, 3.1% from 2016 to 2025) that is about +10.6% a year for the price and −8.7% for the forecasts.
News mood ⓘNews mood, the average tone of recent news (100 articles), rated against how stocks are usually covered. 🚀 Hype = unusually upbeat · 🙂 Positive = above average · 😐 Neutral = typical · 🙁 Negative = below average · 😨 Very negative = unusually downbeat. It reflects the tone of coverage, not our valuation.Positive
Recent news coverage is more positive than average.
AI conclusion: Network effects and scale deliver durable advantage in high-margin options and derivatives trading with solid cash flow, yet competitive threats from new venues and volume cyclicality limit resilience.
Main risk: Exchanges such as the Texas Stock Exchange or platforms like Kalshi could capture more ETF listings or launch competing perpetual index futures, cutting trading volumes or forcing lower fees on Cboe's equities and non-exclusive derivatives.
Bull case: Cboe could use its extended SPX exclusivity and AI-driven tools to launch innovative products like tokenized options and attract more retail and institutional flow despite rival pressure.
Bear case: If new platforms and regulatory pressures intensify, Cboe might lose meaningful share in equities and futures while facing higher costs, limiting growth in its broader platform.
Cboe has secured its flagship SPX options franchise through a licensing extension to 2051. This anchors decades of visibility in high-margin derivatives trading and supports expectations for steady volume growth. Our models still see the shares as overvalued. Will the locked-in ecosystem deliver more upside than competitive pressures in exchanges can erode?
Compare Cboe Global Markets Inc with another stock
Price, fair value, quality and upside side by side.
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Peer Groupⓘ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.Financial Data & Stock Exchanges · 49 stocks
Beats the industry median on 6/15 measures
A mixed picture versus its industry peers.
Valuation
Quality Score78 · Top 25%
Fair Value upside−29.8% · Above median
Profitability
Return on equity (12 months)27.4% · Above median
Return on assets11.8% · Above median
Net margin (12 months)28.1% · Below median
Operating margin (12 months)35.3% · Below median
Growth and dividend
Revenue growth (quarter YoY)19.0% · Above median
Dividend yield (12 months)0.9% · Bottom 25%
Balance sheet
Debt / equity0.28× · Above median
Valuation Multiplesvs Financial Data & Stock Exchanges median · lower = cheaper
P/E (12 months)25.1× · Pricier than median
P/B7.21× · Pricier than median
P/S (12 months)7.02× · Cheaper than median
Price / free cash flow32.1× · Priciest 25%
EV/EBITDA17.9× · Pricier than median
PEG3.09× · Priciest 25%
Strength profile in five axes (Snowflake)
This stockSector peers
VALUE (fair-value potential)0· sector 0
FUTURE (revenue growth)95· sector 71
PAST (return on equity)100· sector 81
HEALTH (low debt)86· sector 94
DIVIDEND (yield)17· sector 34
VALUE 0: the price sits above our fair-value range.
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Cite: Fair Value Calculator (2026). "Cboe Global Markets Inc Fair Value". https://www.fairvalue-calculator.com/stock/CBOE
Frequently asked questions
Is Cboe Global Markets Inc (CBOE) overvalued or undervalued?
As of Nov 5, 2026, our model estimates a fair value of $247.78 versus a price of $353.07, about 30% lower (overvalued).
What is the fair value of CBOE?
Our model-based fair value for Cboe Global Markets Inc is $247.78 (as of Nov 5, 2026), built from audited fundamentals. The current price: $353.07.
What is the quality score of CBOE?
Cboe Global Markets Inc has a Quality Score of 78/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Cboe Global Markets Inc (CBOE)?
Our model-based price target is the fair value of $247.78 (as of Nov 5, 2026) from 13 valuation models. Cautious scenario $102.80, optimistic scenario $404.03. It is a calculation from audited fundamentals, not an analyst target.
What is the Cboe Global Markets Inc stock forecast for 2026?
Our models put fair value at $247.78, about 30% lower versus a price of $353.07 (overvalued). Cautious scenario $102.80, optimistic scenario $404.03. The calculation is refreshed regularly with new filings.
What is the revenue of Cboe Global Markets Inc (CBOE)?
Cboe Global Markets Inc reported trailing-twelve-month revenue of about $5.3B (latest available figure, as of Nov 5, 2026).
Does Cboe Global Markets Inc pay a dividend?
Cboe Global Markets Inc currently shows a dividend yield of 0.86% relative to its recent price (as of Nov 5, 2026).
What growth is priced into Cboe Global Markets Inc (CBOE)?
For today's price to be fair in a discounted-cash-flow model, Cboe Global Markets Inc would have to grow free cash flow by +13.2 % per year for five years (discount rate 8.1 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +6.6 % per year. As of Nov 5, 2026.
What discount rate (WACC) does the fair value of CBOE use?
Our models discount Cboe Global Markets Inc at 8.1 %: a base by market capitalisation (large), damped by beta 0.36, country premium for USA. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For Cboe Global Markets Inc that is +13.2 % per year a year over ten years, using the same discount rate (8.1 %) and the same formula as our fair value.
How much growth has Cboe Global Markets Inc (CBOE) delivered so far?
Over the past 5 years revenue at Cboe Global Markets Inc grew +6.6 % a year. The price currently implies +13.2 % per year free-cash-flow growth a year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of Cboe Global Markets Inc (CBOE) growing?
The median revenue growth in the sector is +9.4 % a year. That is the yardstick for the growth priced into Cboe Global Markets Inc (+13.2 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Cboe Global Markets Inc (CBOE)?
The free-cash-flow yield on the price is 3.11 %: that much free cash flow Cboe Global Markets Inc produces per unit of market value. When it exceeds the discount rate of our models (8.1 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Cboe Global Markets Inc (CBOE)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Cboe Global Markets Inc it is $247.78 per share (as of Nov 5, 2026), against a price of $353.07. It is the blended result of 13 valuation models (cash flow, earnings, asset, dividend).
Is Cboe Global Markets Inc stock overvalued or undervalued in 2026?
As of Nov 5, 2026, CBOE trades above its calculated fair value: price $353.07, fair value $247.78, a gap of about −30% (overvalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of CBOE?
No. The price is what the market pays today ($353.07); the fair value is what the company's own numbers justify ($247.78). For Cboe Global Markets Inc the two are $105.29 per share apart. That gap is exactly why we show both numbers side by side.
How much is Cboe Global Markets Inc worth?
The market values Cboe Global Markets Inc at about $37.0B (market capitalisation, as of Nov 5, 2026). Per share that is $353.07; our models calculate a fair value of $247.78 per share.
What do the bullish and bearish scenarios say about CBOE?
Our models span a range for Cboe Global Markets Inc: cautious scenario $102.80, base $247.78, optimistic $404.03 per share (as of Nov 5, 2026, price $353.07). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of CBOE?
Cboe Global Markets Inc trades at a price-to-earnings ratio of 25.1 (as of Nov 5, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of $247.78 is built from several models across several years. Median P/E at fiscal year-end, 10 fiscal years (2016 to 2025), earnings ex one-offs: 25.2. Other multiples: PEG 3.1, P/B 7.2, P/S 7.0, EV/EBITDA 17.9.
What is the PEG ratio of CBOE?
The PEG ratio of Cboe Global Markets Inc is 3.09 (P/E divided by earnings growth, as of Nov 5, 2026). That is above 1, so the growth is already paid for in the price.
How solid is the balance sheet of Cboe Global Markets Inc (CBOE)?
Balance-sheet figures for Cboe Global Markets Inc (as of Nov 5, 2026): return on equity 27.4%, debt of 0.28 per unit of equity. They feed the Quality Score of 78/100, which measures business quality independently of the share price.
How far is CBOE from its 52-week high?
Cboe Global Markets Inc trades at $353.07, about 3% below its 52-week high of $364.92 and 53% above the low of $230.87 (as of Nov 5, 2026). Distance from the high says nothing about value: that is what the fair value of $247.78 is for.
Which stocks are comparable to Cboe Global Markets Inc?
From the same area (Financial Services) we also value S&P Global Inc, CME Group, Intercontinental Exchange, Inc, Moody's Corporation, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Cboe Global Markets Inc stock attractive at the current price?
The data as of Nov 5, 2026: price $353.07, calculated fair value $247.78 (−30%), Quality Score 78/100, from 13 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of CBOE calculated?
We run Cboe Global Markets Inc through 13 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of $247.78, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 15.5% above its aggregate fair value. Cboe Global Markets Inc itself currently trades above fair value. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Cboe Global Markets Inc (CBOE)?
The closing price on Nov 5, 2026 was $353.07. Our model-based fair value is $247.78, about 30% lower (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Cboe Global Markets Inc right 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 ($102.80 to $404.03). 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.
Where does the earnings growth of Cboe Global Markets Inc (CBOE) come from?
Earnings per share at Cboe Global Markets Inc grew +16.3 % a year from 2014 to 2025. Broken into its drivers: revenue per share +21.4 %, EBIT margin −5.6 %, tax rate +1.6 %, residual (interest, one-offs) +0.0 %. The four rates multiply to the earnings growth rate, they do not add up. Start and end are three-year averages so a single exceptional year does not distort the result.
Key figures of Cboe Global Markets Inc
How large is the market capitalisation of Cboe Global Markets Inc (CBOE)?
The market capitalisation of Cboe Global Markets Inc is $37.0B. The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Cboe Global Markets Inc (CBOE)?
The price-to-sales ratio of Cboe Global Markets Inc is 7.02 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Cboe Global Markets Inc (CBOE)?
Earnings per share at Cboe Global Markets Inc are $14.05 (price ÷ EPS = P/E 25.1). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Cboe Global Markets Inc (CBOE)?
The dividend yield of Cboe Global Markets Inc is 0.9% (payout 21.5%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of Cboe Global Markets Inc (CBOE)?
The net margin of Cboe Global Markets Inc is 28.1% (last twelve months). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Cboe Global Markets Inc (CBOE)?
The return on equity (ROE) of Cboe Global Markets Inc is 27.4% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Cboe Global Markets Inc (CBOE)?
On an EBIT basis the return on assets of Cboe Global Markets Inc is 12.7% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Cboe Global Markets Inc (CBOE)?
The operating margin of Cboe Global Markets Inc is 35.3% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Cboe Global Markets Inc (CBOE)?
Revenue at Cboe Global Markets Inc is growing +19.0% versus a year earlier (3y avg +6.0%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Cboe Global Markets Inc (CBOE)?
Earnings per share at Cboe Global Markets Inc are growing +43.2% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net cash does Cboe Global Markets Inc (CBOE) hold?
Cboe Global Markets Inc holds more cash than debt, $532M net (fiscal year 2025). The company holds more cash than debt, a safety cushion.
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Broad data
Nov 5, 2026