Cboe Global Markets, Inc. (CBOE) 10-Year Financial Performance & Capital Metrics

CBOE • • Banking & Credit

Financial ServicesFinancial Data & ExchangesExchange OperatorsMulti-Asset Exchange Operators

AboutCboe Global Markets, Inc., through its subsidiaries, operates as an options exchange worldwide. It operates through five segments: Options, North American Equities, Futures, Europe and Asia Pacific, and Global FX. The Options segment trades in listed market indices. The North American Equities segment trades in listed U.S. and Canadian equities. This segment also offers exchange-traded products (ETP) transaction and ETP listing services. The Futures segment trades in futures. The Europe and Asia Pacific segment offers pan-European listed equities and derivatives transaction services, ETPs, exchange-traded commodities, and international depository receipts, as well as ETP listings and clearing services. The Global FX segment provides institutional foreign exchange (FX) trading and non-deliverable forward FX transactions services. The company has strategic relationships with S&P Dow Jones Indices, LLC; FTSE International Limited; Frank Russell Company; MSCI Inc.; and DJI Opco, LLC. 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.Show more

Net Interest Income -$24M +52.0%
Total Revenue $4.09B +8.5%
Net Income $765M +0.5%
Return on Equity 18.51% -9.4%
Net Interest Margin -0.31% +53.8%
Efficiency Ratio 23.79% +4.4%
ROA 10.01% -4.7%
Equity / Assets 54.94% +3.2%
Book Value per Share 40.56 +8.1%
Tangible BV/Share -2.54 +64.5%
Debt/Equity 0.37 -7.5%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Strong 5Y profit CAGR of 15.3%
✓Strong Piotroski F-Score: 7/9
✓Efficient operations: 23.8% efficiency ratio
✓Well capitalized: 54.9% equity/assets
✓Good 3Y average ROE of 15.2%
✓Diversified revenue: 99.3% from non-interest income

✗Weaknesses

✗Weak NIM of -0.3%

Price & Volume

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Growth Metrics

Revenue CAGR

10Y20.83%

5Y10.4%

3Y5.42%

TTM-

Profit (Net Income) CAGR

10Y14.96%

5Y15.33%

3Y13.08%

TTM25.77%

EPS CAGR

10Y12.55%

5Y16.57%

3Y13.59%

TTM26.84%

ROCE

10Y Avg29.79%

5Y Avg14.52%

3Y Avg14.85%

Latest17.58%

Peer Comparison

Multi-Asset Exchange Operators

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
NDAQNasdaq, Inc.	57.29B	100.33	51.98	22.03%	15.09%	13.51%	3.02%	0.88
CBOECboe Global Markets, Inc.	28.34B	270.83	37.56	8.51%	18.68%	20.09%	3.4%	0.37
ICEIntercontinental Exchange, Inc.	98.8B	173.28	36.25	18.76%	23.42%	11.27%	4.25%	0.75

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Net Interest Income+	0	-5.7M	-41.3M	-38.2M	-35.9M	-37.6M	-47.4M	-56.4M	-50.4M	-24.2M
NII Growth %	-	-	-6.25%	0.08%	0.06%	-0.05%	-0.26%	-0.19%	0.11%	0.52%
Net Interest Margin %	-	-	-	-	-	-	-	-	-	-
Interest Income	0	0	0	0	1.9M	1.1M	600K	3.6M	12M	27.3M
Interest Expense	43K	5.75M	41.3M	38.2M	37.8M	38.7M	48M	60M	62.4M	51.5M
Loan Loss Provision	102.06M	130.95M	1.19B	1.51B	1.32B	2.13B	1.97B	2.16B	1.79B	1.97B
Non-Interest Income+	634.54M	645.11M	2.23B	2.77B	2.49B	3.43B	3.49B	3.95B	3.76B	4.07B
Non-Interest Income %	-	-	-	-	-	-	-	-	-	-
Total Revenue+	634.54M	645.11M	2.23B	2.77B	2.5B	3.43B	3.49B	3.96B	3.77B	4.09B
Revenue Growth %	0.03%	0.02%	2.46%	0.24%	-0.1%	0.37%	0.02%	0.13%	-0.05%	0.09%
Non-Interest Expense	241.8M	268.2M	623.7M	617.5M	599.7M	592.1M	670.2M	1.25B	860.1M	974M
Efficiency Ratio	-	-	-	-	-	-	-	-	-	-
Operating Income+	319.9M	298.2M	371.9M	599.4M	537.2M	662.2M	805.9M	489.6M	1.06B	1.1B
Operating Margin %	-	-	-	-	-	-	-	-	-	-
Operating Income Growth %	0.02%	-0.07%	0.25%	0.61%	-0.1%	0.23%	0.22%	-0.39%	1.16%	0.04%
Pretax Income+	324.02M	306.6M	334.4M	571.2M	501.4M	660.4M	756.1M	432.9M	1.05B	1.08B
Pretax Margin %	-	-	-	-	-	-	-	-	-	-
Income Tax+	119M	120.88M	-66.2M	146M	130.6M	192.2M	227.1M	197.9M	286.2M	318.9M
Effective Tax Rate %	-	-	-	-	-	-	-	-	-	-
Net Income+	205.02M	186.82M	401.7M	426.5M	374.9M	468.2M	529M	235M	761.4M	764.9M
Net Margin %	-	-	-	-	-	-	-	-	-	-
Net Income Growth %	0.08%	-0.09%	1.15%	0.06%	-0.12%	0.25%	0.13%	-0.56%	2.24%	0%
Net Income (Continuing)	205M	185.7M	400.6M	425.2M	370.8M	468.2M	529M	235M	761.4M	764.9M
EPS (Diluted)+	2.46	2.27	3.69	3.80	3.35	4.27	4.92	2.20	7.13	7.21
EPS Growth %	0.11%	-0.08%	0.63%	0.03%	-0.12%	0.27%	0.15%	-0.55%	2.24%	0.01%
EPS (Basic)	2.46	2.27	3.70	3.81	3.37	4.28	4.93	2.21	7.16	7.24
Diluted Shares Outstanding	105.9M	105.9M	107.5M	112.2M	111.8M	109.3M	107.2M	106.7M	106.2M	105.5M

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash & Short Term Investments+	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Cash & Due from Banks	102.25M	97.3M	143.5M	275.1M	229.3M	245.4M	341.9M	432.7M	543.2M	920.3M
Short Term Investments	0	0	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Total Investments+	48.43M	72.9M	130M	121.9M	132.2M	135.1M	282.9M	344.9M	402.8M	494M
Investments Growth %	2.92%	0.51%	0.78%	-0.06%	0.08%	0.02%	1.09%	0.22%	0.17%	0.23%
Long-Term Investments	48.43M	72.92M	82.7M	86.2M	61.2M	42.7M	245.8M	253.2M	345.3M	383.7M
Accounts Receivables	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Goodwill & Intangibles+	-	-	-	-	-	-	-	-	-	-
Goodwill	7.66M	26.47M	2.71B	2.69B	2.68B	2.9B	3.03B	3.12B	3.14B	3.12B
Intangible Assets	59.31M	71.65M	1.9B	1.72B	1.59B	1.73B	1.67B	1.66B	1.6B	1.42B
PP&E (Net)	65.27M	60.85M	78.8M	76.6M	100.4M	193.6M	217.6M	222.2M	245.8M	242.5M
Other Assets	54M	65.68M	-430.7M	-373.9M	-327M	-288.3M	-246.9M	-41M	171.7M	135.9M
Total Current Assets	204.12M	239.09M	436.7M	683.7M	607.6M	1.57B	1.53B	1.56B	1.98B	2.48B
Total Non-Current Assets	180.67M	238.08M	4.83B	4.64B	4.51B	4.95B	5.28B	5.44B	5.51B	5.31B
Total Assets+	384.79M	476.7M	5.27B	5.32B	5.11B	6.52B	6.81B	7B	7.49B	7.79B
Asset Growth %	0%	0.24%	10.05%	0.01%	-0.04%	0.27%	0.05%	0.03%	0.07%	0.04%
Return on Assets (ROA)	0.53%	0.43%	0.14%	0.08%	0.07%	0.08%	0.08%	0.03%	0.11%	0.1%
Accounts Payable	1.76M	6.5M	43.2M	12.8M	21M	28.5M	19.5M	27.5M	24.7M	17.9M
Total Debt+	0	0	1.24B	1.22B	914.3M	1.34B	1.43B	1.87B	1.61B	1.6B
Net Debt	-102.25M	-97.3M	1.09B	940.3M	685M	1.09B	1.09B	1.44B	1.07B	679M
Long-Term Debt	0	0	1.24B	915.6M	867.6M	1.14B	1.3B	1.44B	1.44B	1.44B
Short-Term Debt	0	0	0	299.8M	0	68.7M	0	304.7M	0	0
Other Liabilities	45.84M	68.9M	95M	131.7M	162.7M	209.4M	239.2M	266.9M	311.3M	348.1M
Total Current Liabilities	74M	85.4M	334M	595.9M	281.6M	1.31B	1.17B	1.48B	1.38B	1.4B
Total Non-Current Liabilities	51.15M	73.82M	1.82B	1.48B	1.48B	1.85B	2.04B	2.06B	2.12B	2.11B
Total Liabilities	125.14M	159.22M	2.16B	2.08B	1.76B	3.17B	3.21B	3.53B	3.5B	3.51B
Total Equity+	259.64M	317.9M	3.11B	3.24B	3.36B	3.35B	3.6B	3.47B	3.98B	4.28B
Equity Growth %	0.04%	0.22%	8.78%	0.04%	0.04%	-0%	0.08%	-0.04%	0.15%	0.07%
Equity / Assets (Capital Ratio)	-	-	-	-	-	-	-	-	-	-
Return on Equity (ROE)	0.8%	0.65%	0.23%	0.13%	0.11%	0.14%	0.15%	0.07%	0.2%	0.19%
Book Value per Share	2.45	3.00	28.94	28.89	30.01	30.64	33.63	32.48	37.52	40.56
Tangible BV per Share	-	-	-	-	-	-	-	-	-	-
Common Stock	927K	929K	1.2M	1.2M	1.2M	1.2M	1.1M	1.1M	1.1M	1M
Additional Paid-in Capital	123.58M	139.2M	2.62B	2.66B	2.69B	2.71B	1.51B	1.46B	1.48B	1.51B
Retained Earnings	603.6M	710.78M	993.3M	1.29B	1.51B	1.81B	2.15B	2.17B	2.53B	2.82B
Accumulated OCI	-824K	-762K	50.7M	11.5M	37.6M	74.6M	55.6M	-31M	-9.4M	-48.4M
Treasury Stock	-467.63M	-532.2M	-558.3M	-720.1M	-887.1M	-1.25B	-106.8M	-131M	-10.5M	-1.4M
Preferred Stock	0	0	0	0	0	0	0	0	0	0

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	245.28M	221.41M	374.4M	534.7M	632.8M	1.46B	596.8M	868.6M	793M	1.02B
Operating CF Growth %	-0.07%	-0.1%	0.69%	0.43%	0.18%	1.31%	-0.59%	0.46%	-0.09%	0.29%
Net Income	204.13M	184.94M	396.7M	422.1M	372.7M	467M	527.3M	234.1M	757.5M	761M
Depreciation & Amortization	46.35M	44.45M	192.2M	204M	176.6M	158.5M	167.4M	166.8M	158M	133M
Deferred Taxes	0	0	0	0	0	0	0	0	0	0
Other Non-Cash Items	4.8M	-4.19M	-160.4M	-4.6M	31.4M	-10.1M	15.7M	334.3M	-15.5M	109.5M
Working Capital Changes	-9.92M	-3.71M	-54.1M	-86.8M	52.1M	843.4M	-113.6M	133.4M	-107M	21.1M
Cash from Investing+	-79.42M	-84.39M	-1.44B	-25.6M	-15.9M	-430.5M	-352.7M	-835.1M	-55.1M	-141.8M
Purchase of Investments	-35.39M	-23.33M	-140M	-168M	-108.8M	-234.6M	-311M	-119.3M	-146.9M	-155.8M
Sale/Maturity of Investments	0	0	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Net Investment Activity	-	-	-	-	-	-	-	-	-	-
Acquisitions	-2.96M	-14.26M	-1.41B	0	0	-351.5M	-151.5M	-708.3M	0	4M
Other Investing	-1.74M	-2.4M	0	0	30M	500K	600K	0	1.1M	3M
Cash from Financing+	-211.53M	-150.2M	1.1B	-371.6M	-662.9M	-201.7M	-200.3M	81.7M	-656.1M	-495M
Dividends Paid	-73.43M	-78.5M	-118.1M	-130.3M	-150M	-170.6M	-193.3M	-209.4M	-223.5M	-249.4M
Share Repurchases	-135.34M	-64.62M	-26.1M	-161.8M	-167.9M	-363.3M	-87.5M	-110.4M	-114.5M	-225.7M
Stock Issued	0	0	2M	2.1M	9.3M	200K	0	0	0	0
Net Stock Activity	-	-	-	-	-	-	-	-	-	-
Debt Issuance (Net)	-1000K	0	1000K	-1000K	-1000K	1000K	1000K	1000K	-1000K	0
Other Financing	1.28M	1.17M	0	-56.6M	-4.3M	-2.2M	-9.5M	-37.2M	-13.1M	-19.9M
Net Change in Cash+	-45.67M	-4.96M	46.2M	131.6M	-45.8M	16.1M	96.5M	90.8M	115.6M	372M
Exchange Rate Effect	0	0	1000K	-1000K	200K	-1000K	1000K	-1000K	1000K	-1000K
Cash at Beginning	147.93M	102.25M	97.3M	143.5M	275.1M	229.3M	245.4M	341.9M	432.7M	548.3M
Cash at End	102.25M	97.3M	143.5M	275.1M	229.3M	245.4M	341.9M	432.7M	548.3M	920.3M
Interest Paid	0	0	27M	38.7M	0	29.2M	42.1M	51M	56.7M	100.1M
Income Taxes Paid	133.5M	142.1M	177.4M	213.4M	0	191.5M	209.8M	271.1M	286.4M	362.4M
Free Cash Flow+	205.94M	177.01M	336.9M	498.4M	597.7M	1.41B	545.8M	808.8M	748M	963.7M
FCF Growth %	-0.03%	-0.14%	0.9%	0.48%	0.2%	1.36%	-0.61%	0.48%	-0.08%	0.29%

Banking Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	80.45%	64.69%	23.43%	13.43%	11.37%	13.97%	15.21%	6.65%	20.44%	18.51%
Return on Assets (ROA)	53.34%	43.37%	13.99%	8.06%	7.19%	8.05%	7.94%	3.4%	10.51%	10.01%
Net Interest Margin	0%	-1.2%	-0.78%	-0.72%	-0.7%	-0.58%	-0.7%	-0.81%	-0.67%	-0.31%
Efficiency Ratio	38.11%	41.57%	27.98%	22.3%	24.03%	17.28%	19.18%	31.63%	22.79%	23.79%
Equity / Assets	67.48%	66.69%	59.07%	60.91%	65.62%	51.39%	52.9%	49.51%	53.22%	54.94%
Book Value / Share	2.45	3	28.94	28.89	30.01	30.64	33.63	32.48	37.52	40.56
NII Growth	-	-	-624.56%	7.51%	6.02%	-4.74%	-26.06%	-18.99%	10.64%	51.98%
Dividend Payout	35.8%	42.02%	29.4%	30.55%	40.01%	36.44%	36.54%	89.11%	29.35%	32.61%

Revenue by Segment

	2017	2018	2019	2020	2021	2022	2023	2024
Transaction And Clearing Fees	-	-	-	-	-	-	-	2.9B
Transaction And Clearing Fees Growth	-	-	-	-	-	-	-	-
Regulatory Fees	291.5M	333.9M	311.7M	500.2M	208.3M	-	-	426.3M
Regulatory Fees Growth	-	14.55%	-6.65%	60.47%	-58.36%	-	-	-
Access And Capacity Fees	-	-	221.9M	236.7M	280.7M	-	-	369.8M
Access And Capacity Fees Growth	-	-	-	6.67%	18.59%	-	-	-
Market Data Fees	164.5M	204M	213.5M	232M	252.1M	-	-	294.8M
Market Data Fees Growth	-	24.01%	4.66%	8.67%	8.66%	-	-	-
Other Revenue	-	-	-	-	-	-	-	99M
Other Revenue Growth	-	-	-	-	-	-	-	-
Derivatives markets	-	-	-	-	-	1.68B	1.79B	-
Derivatives markets Growth	-	-	-	-	-	-	6.25%	-
Cash and spot markets	-	-	-	-	-	1.78B	1.45B	-
Cash and spot markets Growth	-	-	-	-	-	-	-18.70%	-
Liquidity Payments	-	1.11B	964.7M	1.55B	1.65B	1.67B	1.39B	-
Liquidity Payments Growth	-	-	-13.32%	61.10%	6.22%	1.18%	-17.03%	-
Data and access solutions	-	-	-	-	-	497M	539.2M	-
Data and access solutions Growth	-	-	-	-	-	-	8.49%	-
Section31 Fees	-	302.4M	271.4M	465M	179.6M	329.8M	185.7M	-
Section31 Fees Growth	-	-	-10.25%	71.33%	-61.38%	83.63%	-43.69%	-
Routing And Clearing	-	39.1M	35.8M	70.4M	87.8M	83.2M	79.1M	-
Routing And Clearing Growth	-	-	-8.44%	96.65%	24.72%	-5.24%	-4.93%	-
Royalty Fees	-	97.4M	86.8M	83.4M	86.3M	-	-	-
Royalty Fees Growth	-	-	-10.88%	-3.92%	3.48%	-	-	-

Frequently Asked Questions

Valuation & Price

Cboe Global Markets, Inc. (CBOE) has a price-to-earnings (P/E) ratio of 37.6x. This suggests investors expect higher future growth.

Growth & Financials

Cboe Global Markets, Inc. (CBOE) grew revenue by 8.5% over the past year. This is steady growth.

Yes, Cboe Global Markets, Inc. (CBOE) is profitable, generating $981.5M in net income for fiscal year 2024 (18.7% net margin).

Dividend & Returns

Yes, Cboe Global Markets, Inc. (CBOE) pays a dividend with a yield of 0.87%. This makes it attractive for income-focused investors.

Cboe Global Markets, Inc. (CBOE) has a return on equity (ROE) of 18.5%. This is reasonable for most industries.

Industry Metrics

Cboe Global Markets, Inc. (CBOE) has a net interest margin (NIM) of -0.3%. NIM has been under pressure due to interest rate environment.

Cboe Global Markets, Inc. (CBOE) has an efficiency ratio of 23.8%. This is excellent, indicating strong cost control.

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