NDAQ vs CBOE

For growth investors, Cboe Global Markets, Inc.

(CBOE) is the stronger pick with 15. 1% revenue growth year-over-year, versus 11. 1% for Nasdaq, Inc. (NDAQ). Nasdaq, Inc. (NDAQ) offers the better valuation at 28. 9x trailing P/E (22. 7x forward), making it the more compelling value choice. Analysts rate Nasdaq, Inc. (NDAQ) a "Buy" — based on 36 analyst ratings — the highest consensus in this comparison. The "better buy" depends entirely on your goals: growth investors should weight revenue trajectory, value investors should weight P/E and PEG, and income investors should weight dividend yield and streak.

On trailing P/E, Nasdaq, Inc.

(NDAQ) is the cheapest at 28. 9x versus Cboe Global Markets, Inc. at 33. 1x. On forward P/E, Nasdaq, Inc. is actually cheaper at 22. 7x. The PEG ratio (P/E divided by earnings growth rate) is the most growth-adjusted single valuation metric: Cboe Global Markets, Inc. wins at 1. 41x versus Nasdaq, Inc. 's 2. 12x — a reasonable growth-adjusted valuation.

Over the past 5 years, Cboe Global Markets, Inc.

(CBOE) delivered a total return of +231. 6%, compared to +71. 7% for Nasdaq, Inc. (NDAQ). Over 10 years, the gap is even starker: CBOE returned +473. 5% versus NDAQ's +351. 9%. Past returns do not guarantee future results, and the stock with the higher historical return may already have its best growth priced in.

By beta (market sensitivity over 5 years), Cboe Global Markets, Inc.

(CBOE) is the lower-risk stock at -0. 27β versus Nasdaq, Inc. 's 0. 78β — meaning NDAQ is approximately -390% more volatile than CBOE relative to the S&P 500. On balance sheet safety, Cboe Global Markets, Inc. (CBOE) carries a lower debt/equity ratio of 33% versus 81% for Nasdaq, Inc. — giving it more financial flexibility in a downturn.

By revenue growth (latest reported year), Cboe Global Markets, Inc.

(CBOE) is pulling ahead at 15. 1% versus 11. 1% for Nasdaq, Inc. (NDAQ). On earnings-per-share growth, the picture is similar: Nasdaq, Inc. grew EPS 60. 1% year-over-year, compared to 44. 5% for Cboe Global Markets, Inc.. Higher growth typically commands a higher valuation multiple — check whether the premium P/E or P/S is justified by the growth rate using the PEG ratio.

Cboe Global Markets, Inc.

(CBOE) is the more profitable company, earning 23. 3% net margin versus 21. 8% for Nasdaq, Inc. — meaning it keeps 23. 3% of every revenue dollar as bottom-line profit. Operating margin tells a similar story: CBOE leads at 32. 1% versus 28. 4% for NDAQ. At the gross margin level — before operating expenses — CBOE leads at 48. 9%, reflecting greater pricing power or product mix advantage. Stronger margins indicate durable pricing power, lower cost of revenue, or higher mix of software/services. They are one of the clearest signs of business quality.

The PEG ratio (forward P/E divided by expected earnings growth rate) is the most precise measure of undervaluation relative to growth potential.

By this metric, Cboe Global Markets, Inc. (CBOE) is the more undervalued stock at a PEG of 1. 41x versus Nasdaq, Inc. 's 2. 12x. A PEG below 1. 5 suggests fair-to-attractive pricing relative to expected growth. On forward earnings alone, Nasdaq, Inc. (NDAQ) trades at 22. 7x forward P/E versus 27. 5x for Cboe Global Markets, Inc. — 4. 8x cheaper on a one-year earnings basis. Analyst consensus price targets imply the most upside for NDAQ: 28. 5% to $114. 60.

All stocks in this comparison pay dividends.

Nasdaq, Inc. (NDAQ) offers the highest yield at 1. 2%, versus 0. 8% for Cboe Global Markets, Inc. (CBOE).

For long-horizon retirement investors, Cboe Global Markets, Inc.

(CBOE) is the stronger choice — it scores higher on the combination of lower volatility, dividend reliability, and long-term compounding (low volatility (β -0. 27), 0. 8% yield, +473. 5% 10Y return). Both have compounded well over 10 years (CBOE: +473. 5%, NDAQ: +351. 9%), confirming both are viable long-term holds — but the lower-volatility option typically results in less emotional selling during corrections. Retirement portfolios generally favour predictability over maximum returns. Consult a financial advisor before making allocation decisions.

Both stocks operate in the Financial Services sector, making this a peer-level intra-sector comparison — the same macro tailwinds and headwinds will affect both.

In terms of investment character: NDAQ is a mid-cap quality compounder stock; CBOE is a mid-cap high-growth stock. These fundamental differences mean investors should not choose between them on a single metric — the "better stock" depends entirely on which of these characteristics aligns with your investment strategy.