Latest Ratios: P/E Ratio 25.8x · EV/EBITDA 16.9x · ROE 23.4%. (2008–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $28.1B | $26.4B | $20.6B | $19.0B | $13.4B | $14.0B | $10.2B | $13.4B | $11.0B | $13.4B | $7.8B |
| Enterprise Value | $27.6B | $25.8B | $21.3B | $20.0B | $14.8B | $15.1B | $11.3B | $14.1B | $11.9B | $14.5B | $7.7B |
| P/E Ratio → | 25.80 | 24.09 | 27.10 | 25.04 | 57.03 | 26.50 | 21.81 | 35.82 | 25.74 | 33.76 | 32.55 |
| P/S Ratio | 6.04 | 5.66 | 5.10 | 5.11 | 3.43 | 4.06 | 3.00 | 5.46 | 4.02 | 6.12 | 12.24 |
| P/B Ratio | 5.50 | 5.13 | 4.82 | 4.76 | 3.86 | 3.88 | 3.04 | 4.00 | 3.39 | 4.31 | 24.61 |
| P/FCF | 24.40 | 22.88 | 21.39 | 25.35 | 16.55 | 25.61 | 7.21 | 22.45 | 22.02 | 39.75 | 44.21 |
| P/OCF | 22.99 | 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
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 5.54 | 5.27 | 5.40 | 3.80 | 4.37 | 3.33 | 5.74 | 4.36 | 6.62 | 12.09 |
| EV / EBITDA | 16.87 | 15.79 | 17.29 | 16.47 | 22.59 | 15.48 | 13.73 | 19.75 | 14.83 | 25.68 | 22.56 |
| EV / EBIT | 18.23 | 15.97 | 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 |
Margins and return-on-capital ratios measuring operating efficiency
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% |
| 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% |
Solvency and debt-coverage ratios — lower is generally safer
| 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 | 30.95 | 30.95 | 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)
Short-term solvency ratios and asset-utilisation metrics
| 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 | — | — | — | — | — | — | — | — | — | — | — |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
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 | 1.0% | 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% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 3.9% | 4.2% | 3.7% | 4.0% | 1.8% | 3.8% | 4.6% | 2.8% | 3.9% | 3.0% | 3.1% |
| FCF Yield | 4.1% | 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 | 1.3% | 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 |
Includes 30+ ratios · 18 years · Updated daily
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Quick answers to the most common questions about buying CBOE stock.
Cboe Global Markets, Inc.'s current P/E ratio is 25.8x. The historical average is 27.9x. This places it at the 44th percentile of its historical range.
Cboe Global Markets, Inc.'s current EV/EBITDA is 16.9x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 16.9x.
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%.
Based on historical data, Cboe Global Markets, Inc. is trading at a P/E of 25.8x. This is at the 44th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Cboe Global Markets, Inc.'s current dividend yield is 1.01% with a payout ratio of 25.8%.
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.
Cboe Global Markets, Inc.'s Debt/EBITDA ratio is 1.0x, indicating moderate leverage. A ratio below 2x is generally considered financially healthy.
Key Metrics
Top Statement Risk
Regulatory scrutiny on 0DTE options
Metrics are mathematically derived from official filings.
Premium Multiple for a Volatility Franchise
CBOE trades at 6.15x book and 28.9x trailing earnings, a premium to peers like CME (3.4x P/B) and ICE (3.1x P/B), reflecting its unique index licensing moat, as per market data.
The P/B of 6.15 is more than double the peer average, suggesting the market prices CBOE as a high-return franchise rather than a commodity exchange. The forward P/E of 21.1 implies expectations of continued earnings growth, likely driven by 0DTE volumes and data services. However, the premium may already embed optimistic assumptions about the durability of 0DTE demand and regulatory stability.
ROE Expansion on Operating Leverage
ROE improved from 3.5% in 2024Q2 to 6.4% in 2026Q2, while the efficiency ratio compressed from 31.2% to 17.7%, as reported in CBOE's financial statements, indicating strong operating leverage.
The DuPont decomposition shows that ROE gains are driven by margin expansion (efficiency ratio) and asset utilization (ROA up from 1.6% to 3.3%), not leverage, as equity/assets remained stable around 0.5. Fee income dominates at 98.7% of revenue, underscoring the transactional nature of earnings. The sharp efficiency improvement suggests that incremental volumes from 0DTE and proprietary products carry high incremental margins, but investors should monitor whether this is sustainable as competition and regulatory costs rise.
Efficiency Gains Outpace NIM Impact
CBOE's efficiency ratio fell to 17.7% in 2026Q2 from 31.2% in 2024Q2, while NIM remains negligible at 0.0%, as per financial statements, highlighting that profitability is driven by fee-based revenue, not interest income.
The near-zero NIM reflects CBOE's non-bank business model, where interest income on cash balances is minimal. The efficiency ratio compression is remarkable, indicating that revenue growth (driven by record volumes) is outpacing cost growth. However, the 2026Q2 efficiency ratio of 17.7% is slightly higher than 2026Q1's 12.9%, suggesting some quarterly volatility. The company's cost base is largely fixed, so any volume slowdown could reverse these gains, but the trend remains positive.
Equity Buffer Supports Capital Return
Equity/assets improved to 0.53 in 2026Q2 from 0.49 a year earlier, with tangible book value per share rising to $13.29, as per CBOE's balance sheet, indicating a solid capital position.
The equity ratio of 0.53 is strong for an exchange, providing ample cushion for regulatory requirements and strategic investments. Tangible book value per share has turned positive from negative levels in 2024, reflecting retained earnings and reduced intangible drag. The stable dividend yield of 0.3% and modest buybacks suggest management is prioritizing reinvestment over aggressive capital return, which may be prudent given the 0DTE growth opportunity. However, the provision surge to $698M in 2026Q2 warrants monitoring, as it could indicate rising credit exposure in trading assets.
Provision Surge Raises Credit Questions
Loan loss provisions jumped to $698M in 2026Q2 from $447M in 2024Q2, a 56% increase, according to CBOE's income statements, suggesting higher credit costs tied to trading activity.
While CBOE is not a traditional lender, the provision increase may relate to counterparty risk on clearing or margin lending. The provision coverage ratio is not disclosed, but the surge could indicate deteriorating credit quality in trading assets or a conservative stance. Investors should monitor whether these provisions are adequate to cover potential defaults, especially given the volatility-cyclical nature of the business. The negative operating cash flow in 2026Q2 (-$503M) may partly reflect these provisioning charges, but the underlying cash generation from operations appears robust.
P/E Misleads on Earnings Quality
CBOE's P/E of 28.9 is distorted by provision volatility and non-cash amortization, obscuring the true cash-generative capacity of its exchange model, as per financial statements.
The most commonly misapplied ratio for CBOE is P/E, because earnings are heavily influenced by non-cash items like amortization of intangibles from the BATS acquisition and volatile provisions. A more appropriate metric is P/TBV or EV/EBITDA, which better capture the underlying cash flow. The P/B of 6.15 and EV/EBITDA (not shown but likely high) reflect the franchise value. Investors should adjust for non-recurring items and focus on free cash flow yield to assess valuation.