Cboe Global Markets, Inc. (CBOE) Financial Ratios
18 years of historical data (2008–2025) · Financial Services · Financial - Data & Stock Exchanges
EV/EBITDA
↑
21.69
↑+24% vs avg
5yr avg: 17.53
30Y Low9.4·High25.7
P/FCF
↓
31.25
↑+40% vs avg
5yr avg: 22.36
30Y Low7.2·High44.2
P/B Ratio
↑
7.04
↑+57% vs avg
5yr avg: 4.49
30Y Low3.0·High26.9
ROE
↑
23.4%
↓+39% vs avg
5yr avg: 16.8%
30Y Low7%·High80%
Debt/EBITDA
↓
1.03
↓-35% vs avg
5yr avg: 1.59
30Y Low1.0·High2.9
Percentile shows where the current value sits in 30-year historical distribution. Sparklines show 5-year trend.
CBOE Valuation Multiples
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
Cboe Global Markets, Inc. trades at 33.0x earnings, roughly in line with its 5-year average of 32.0x, sitting at the 81st percentile of its historical range. Compared to the Financial Services sector median P/E of 13.3x, the stock trades at a premium of 148%. On a free-cash-flow basis, the stock trades at 31.2x P/FCF, 40% above the 5-year average of 22.4x.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $36.0B | $26.4B | $20.6B | $19.0B | $13.4B | $14.0B | $10.2B | $13.4B | $11.0B | $13.4B | $7.8B |
| Enterprise Value | $35.5B | $25.8B | $21.3B | $20.0B | $14.8B | $15.1B | $11.3B | $14.1B | $11.9B | $14.5B | $7.7B |
| P/E Ratio → | 33.01 | 24.09 | 27.10 | 25.04 | 57.03 | 26.50 | 21.81 | 35.82 | 25.74 | 33.76 | 32.55 |
| P/S Ratio | 7.64 | 5.60 | 5.03 | 5.03 | 3.38 | 4.00 | 2.97 | 5.37 | 3.96 | 6.01 | 12.13 |
| P/B Ratio | 7.04 | 5.13 | 4.82 | 4.76 | 3.86 | 3.88 | 3.04 | 4.00 | 3.39 | 4.31 | 24.61 |
| P/FCF | 31.25 | 22.88 | 21.39 | 25.35 | 16.55 | 25.61 | 7.21 | 22.45 | 22.02 | 39.75 | 44.21 |
| P/OCF | 29.43 | 21.55 | 20.12 | 23.91 | 15.41 | 23.42 | 6.98 | 21.20 | 20.53 | 35.77 | 35.34 |
P/E links to full P/E history page with 30-year chart
CBOE EV Ratios
Enterprise-value multiples — capital-structure-neutral measures of total business value
Cboe Global Markets, Inc.'s enterprise value stands at 21.7x EBITDA, 24% above its 5-year average of 17.5x. The Financial Services sector median is 11.4x, placing the stock at a 90% premium on an enterprise-value basis.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 5.48 | 5.20 | 5.31 | 3.75 | 4.31 | 3.29 | 5.65 | 4.30 | 6.50 | 11.98 |
| EV / EBITDA | 21.69 | 15.79 | 17.29 | 16.47 | 22.59 | 15.48 | 13.73 | 19.75 | 14.83 | 25.68 | 22.56 |
| EV / EBIT | 23.44 | 17.07 | 18.76 | 18.05 | 30.08 | 18.74 | 16.12 | 26.15 | 19.56 | 38.74 | 24.74 |
| EV / FCF | — | 22.42 | 22.10 | 26.78 | 18.33 | 27.60 | 7.98 | 23.59 | 23.91 | 43.00 | 43.66 |
CBOE Profitability
Margins and return-on-capital ratios measuring operating efficiency
Cboe Global Markets, Inc. earns an operating margin of 32.1%, above the Financial Services sector average of 21.4%. Operating margins have expanded from 28.0% to 32.1% over the past 3 years, signaling improving operational efficiency. ROE of 23.4% indicates solid capital efficiency, compared to the sector median of 9.5%. ROIC of 17.9% represents solid returns on invested capital versus a sector median of 5.7%.
Margins
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 48.9% | 48.9% | 50.6% | 50.8% | 44.0% | 42.2% | 36.6% | 45.5% | 44.0% | 44.7% | 87.8% |
| Operating Margin | 32.1% | 32.1% | 26.8% | 28.0% | 12.4% | 23.1% | 19.3% | 21.5% | 21.6% | 16.7% | 46.2% |
| Net Profit Margin | 23.3% | 23.3% | 18.7% | 20.2% | 5.9% | 15.1% | 13.7% | 15.0% | 15.4% | 18.0% | 29.0% |
Return on Capital
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 23.4% | 23.4% | 18.5% | 20.4% | 6.6% | 15.2% | 14.0% | 11.4% | 13.4% | 23.4% | 64.7% |
| ROA | 12.9% | 12.9% | 10.0% | 10.5% | 3.4% | 7.9% | 8.1% | 7.2% | 8.1% | 14.0% | 43.4% |
| ROIC | 17.9% | 17.9% | 14.4% | 14.5% | 7.1% | 12.4% | 11.1% | 9.2% | 10.2% | 12.0% | 77.4% |
| ROCE | 22.7% | 22.7% | 17.6% | 18.2% | 8.8% | 14.9% | 13.2% | 11.2% | 12.4% | 14.0% | 84.9% |
CBOE Leverage & Debt
Solvency and debt-coverage ratios — lower is generally safer
Cboe Global Markets, Inc. carries a Debt/EBITDA ratio of 1.0x, which is manageable (75% below the sector average of 4.1x). The company holds a net cash position — cash of $2.2B exceeds total debt of $1.7B, providing substantial financial flexibility for buybacks, acquisitions, or weathering downturns.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.33 | 0.33 | 0.37 | 0.40 | 0.54 | 0.40 | 0.40 | 0.27 | 0.38 | 0.40 | — |
| Debt / EBITDA | 1.03 | 1.03 | 1.30 | 1.32 | 2.85 | 1.47 | 1.63 | 1.28 | 1.51 | 2.19 | — |
| Net Debt / Equity | — | -0.10 | 0.16 | 0.27 | 0.42 | 0.30 | 0.33 | 0.20 | 0.29 | 0.35 | -0.31 |
| Net Debt / EBITDA | -0.32 | -0.32 | 0.55 | 0.88 | 2.19 | 1.12 | 1.33 | 0.96 | 1.17 | 1.94 | -0.28 |
| Debt / FCF | — | -0.46 | 0.70 | 1.43 | 1.78 | 1.99 | 0.77 | 1.15 | 1.89 | 3.25 | -0.55 |
| Interest Coverage | — | — | 22.04 | 17.79 | 8.21 | 16.75 | 18.06 | 14.26 | 15.95 | 9.06 | 54.34 |
Net cash position: cash ($2.2B) exceeds total debt ($1.7B)
CBOE Liquidity & Efficiency
Short-term solvency ratios and asset-utilisation metrics
A current ratio of 1.87x means Cboe Global Markets, Inc. can comfortably meet its short-term obligations, though there is limited excess liquidity. The current ratio has improved from 1.43x to 1.87x over the past 3 years.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.87 | 1.87 | 1.78 | 1.43 | 1.05 | 1.31 | 1.19 | 2.16 | 1.15 | 1.31 | 2.80 |
| Quick Ratio | 1.87 | 1.87 | 1.78 | 1.43 | 1.05 | 1.31 | 1.19 | 2.16 | 1.15 | 1.31 | 2.80 |
| Cash Ratio | 0.94 | 0.94 | 0.66 | 0.39 | 0.29 | 0.29 | 0.19 | 0.81 | 0.46 | 0.43 | 1.14 |
| Asset Turnover | — | 0.51 | 0.53 | 0.50 | 0.57 | 0.51 | 0.53 | 0.49 | 0.52 | 0.42 | 1.35 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | — | — | — | — | — | — | — | — | — | — |
CBOE Shareholder Yields
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Cboe Global Markets, Inc. returns 1.1% to shareholders annually — split between a 0.8% dividend yield and 0.3% buyback yield. The payout ratio of 25.8% is conservative, leaving significant room for dividend growth or reinvestment. The earnings yield of 3.0% (inverse of P/E) provides a useful comparison to bond yields when assessing the stock's relative attractiveness to fixed income.
Dividends
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 0.8% | 1.1% | 1.2% | 1.2% | 1.6% | 1.4% | 1.7% | 1.1% | 1.2% | 0.9% | 1.0% |
| Payout Ratio | 25.8% | 25.8% | 32.6% | 29.4% | 89.1% | 36.5% | 36.4% | 40.0% | 30.6% | 29.4% | 42.0% |
Total Shareholder Return Metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 3.0% | 4.2% | 3.7% | 4.0% | 1.8% | 3.8% | 4.6% | 2.8% | 3.9% | 3.0% | 3.1% |
| FCF Yield | 3.2% | 4.4% | 4.7% | 3.9% | 6.0% | 3.9% | 13.9% | 4.5% | 4.5% | 2.5% | 2.3% |
| Buyback Yield | 0.3% | 0.4% | 1.1% | 0.6% | 0.8% | 0.6% | 3.6% | 1.3% | 1.5% | 0.2% | 0.8% |
| Total Shareholder Yield | 1.1% | 1.4% | 2.3% | 1.8% | 2.4% | 2.0% | 5.2% | 2.4% | 2.7% | 1.1% | 1.8% |
| Shares Outstanding | — | $105M | $106M | $106M | $107M | $107M | $109M | $112M | $112M | $108M | $106M |
Peer Comparison
Compare CBOE with 10 similar companies in its peer group
| Company | Market Cap | P/E | EV/EBITDA | P/FCF | Gross Margin | Op Margin | ROE | ROIC | Debt/EBITDA |
|---|---|---|---|---|---|---|---|---|---|
 CBOEYou | $36B | 33.0 | 21.7 | 31.2 | 48.9% | 32.1% | 23.4% | 17.9% | 1.0 |
 CME | $104B | 25.7 | 23.0 | 24.8 | 86.1% | 64.9% | 14.6% | 10.2% | 0.8 |
 ICE | $88B | 26.9 | 16.6 | 20.5 | 61.9% | 38.7% | 11.7% | 7.5% | 3.1 |
 NDAQ | $51B | 28.8 | 20.1 | 25.4 | 47.9% | 28.4% | 15.3% | 8.1% | 3.3 |
 MKTX | $6B | 20.8 | 12.2 | 15.0 | 68.9% | 41.7% | 20.4% | 18.0% | 0.2 |
 MSCI | $42B | 37.3 | 24.9 | 27.3 | 82.4% | 54.7% | — | 34.9% | 3.3 |
 SPGI | $125B | 28.9 | 18.0 | 23.0 | 70.2% | 42.2% | 12.1% | 9.7% | 1.9 |
 TW | $23B | 29.2 | 19.8 | 20.8 | 67.3% | 41.2% | 12.0% | 9.1% | 0.3 |
 BGC | $4B | 35.8 | 10.5 | — | 100.0% | 16.8% | 13.9% | 13.0% | 3.7 |
 VIRT | $4B | 9.9 | 9.1 | 3.3 | 48.0% | 33.8% | 27.1% | 10.1% | 6.7 |
 GS | $285B | 22.7 | 34.6 | — | 41.1% | 14.5% | 12.0% | 1.9% | 29.7 |
| Financial Services Median | — | 13.3 | 11.4 | 10.6 | 62.9% | 21.4% | 9.5% | 5.7% | 4.1 |
Peer selection based on competitive and market overlap. Compare multiple stocks →
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Start ComparisonCBOE — Frequently Asked Questions
Quick answers to the most common questions about buying CBOE stock.
What is Cboe Global Markets, Inc.'s P/E ratio?
Cboe Global Markets, Inc.'s current P/E ratio is 33.0x. The historical average is 27.9x. This places it at the 81th percentile of its historical range.
What is Cboe Global Markets, Inc.'s EV/EBITDA?
Cboe Global Markets, Inc.'s current EV/EBITDA is 21.7x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 16.9x.
What is Cboe Global Markets, Inc.'s ROE?
Cboe Global Markets, Inc.'s return on equity (ROE) is 23.4%. This is above the typical threshold of 15-20% considered good for most companies. The historical average is 38.1%.
Is CBOE stock overvalued?
Based on historical data, Cboe Global Markets, Inc. is trading at a P/E of 33.0x. This is at the 81th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
What is Cboe Global Markets, Inc.'s dividend yield?
Cboe Global Markets, Inc.'s current dividend yield is 0.79% with a payout ratio of 25.8%.
What are Cboe Global Markets, Inc.'s profit margins?
Cboe Global Markets, Inc. has 48.9% gross margin and 32.1% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
How much debt does Cboe Global Markets, Inc. have?
Cboe Global Markets, Inc.'s Debt/EBITDA ratio is 1.0x, indicating moderate leverage. A ratio below 2x is generally considered financially healthy.