Latest Ratios: P/E Ratio 24.3x · EV/EBITDA 21.5x · ROE 14.6%. (2000–2025 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 | $97.4B | $98.4B | $83.6B | $75.7B | $60.4B | $82.0B | $65.3B | $71.9B | $64.7B | $49.7B | $39.1B |
| Enterprise Value | $96.7B | $97.7B | $84.1B | $76.2B | $61.1B | $82.6B | $67.1B | $74.1B | $67.7B | $94.2B | $77.0B |
| P/E Ratio → | 24.27 | 24.47 | 24.02 | 23.77 | 22.72 | 31.34 | 31.01 | 33.96 | 32.95 | 12.23 | 25.46 |
| P/S Ratio | 15.24 | 15.39 | 14.00 | 13.97 | 12.44 | 18.13 | 13.84 | 15.33 | 15.58 | 14.09 | 11.26 |
| P/B Ratio | 3.40 | 3.42 | 3.16 | 2.83 | 2.25 | 2.99 | 2.48 | 2.75 | 2.49 | 2.22 | 1.92 |
| P/FCF | 23.22 | 23.46 | 23.24 | 22.42 | 20.36 | 36.04 | 25.92 | 29.62 | 27.82 | 28.26 | 24.07 |
| P/OCF | 22.77 | 23.00 | 22.65 | 21.92 | 19.76 | 34.13 | 24.03 | 26.90 | 26.49 | 27.00 | 22.79 |
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 | — | 15.29 | 14.09 | 14.06 | 12.58 | 18.27 | 14.22 | 15.80 | 16.30 | 26.70 | 22.18 |
| EV / EBITDA | 21.47 | 21.69 | 19.71 | 20.12 | 18.09 | 27.26 | 21.63 | 15.22 | 15.48 | 25.85 | 20.86 |
| EV / EBIT | 22.87 | 17.94 | 17.89 | 17.67 | 16.73 | 23.33 | 23.22 | 25.84 | 23.06 | 35.64 | 31.94 |
| EV / FCF | — | 23.30 | 23.39 | 22.57 | 20.60 | 36.31 | 26.64 | 30.53 | 29.13 | 53.57 | 47.41 |
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 | 86.1% | 86.1% | 86.1% | 85.1% | 85.0% | 82.2% | 82.5% | 81.5% | 84.4% | 84.5% | 84.9% |
| Operating Margin | 64.9% | 64.9% | 64.1% | 61.6% | 60.1% | 56.4% | 54.0% | 53.2% | 60.5% | 63.4% | 61.2% |
| Net Profit Margin | 62.0% | 62.0% | 57.5% | 57.8% | 53.6% | 56.2% | 43.1% | 43.5% | 45.5% | 111.5% | 42.7% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 14.6% | 14.6% | 13.2% | 12.0% | 9.9% | 9.8% | 8.0% | 8.1% | 8.1% | 19.0% | 7.5% |
| ROA | 2.4% | 2.4% | 2.6% | 2.1% | 1.5% | 1.6% | 2.1% | 2.8% | 2.6% | 5.6% | 2.2% |
| ROIC | 10.2% | 10.2% | 9.8% | 8.5% | 7.4% | 6.5% | 6.6% | 6.4% | 3.9% | 2.7% | 2.8% |
| ROCE | 3.6% | 3.6% | 11.0% | 9.4% | 8.3% | 7.3% | 7.2% | 7.1% | 7.9% | 7.6% | 7.2% |
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 | 0.13 | 0.13 | 0.13 | 0.13 | 0.13 | 0.13 | 0.13 | 0.14 | 0.17 | 2.07 | 1.96 |
| Debt / EBITDA | 0.83 | 0.83 | 0.80 | 0.90 | 1.02 | 1.14 | 1.11 | 0.77 | 1.01 | 12.74 | 10.78 |
| Net Debt / Equity | — | -0.02 | 0.02 | 0.02 | 0.03 | 0.02 | 0.07 | 0.08 | 0.12 | 1.99 | 1.86 |
| Net Debt / EBITDA | -0.15 | -0.15 | 0.13 | 0.14 | 0.21 | 0.20 | 0.58 | 0.45 | 0.69 | 12.21 | 10.27 |
| Debt / FCF | — | -0.16 | 0.15 | 0.15 | 0.24 | 0.27 | 0.72 | 0.90 | 1.30 | 25.31 | 23.34 |
| Interest Coverage | 41.98 | 41.98 | 29.22 | 27.06 | 22.45 | 21.21 | 17.38 | 16.11 | 18.61 | 22.59 | 19.52 |
Net cash position: cash ($4.4B) exceeds total debt ($3.8B)
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 | 92.97 | 92.97 | 1.01 | 1.02 | 1.01 | 1.01 | 1.01 | 1.03 | 1.01 | 1.03 | 1.03 |
| Quick Ratio | 92.97 | 92.97 | 1.01 | 1.02 | 1.01 | 1.01 | 1.01 | 1.03 | 1.01 | 1.03 | 1.03 |
| Cash Ratio | 79.27 | 79.27 | 0.03 | 0.03 | 0.02 | 0.02 | 0.02 | 0.04 | 0.03 | 0.04 | 0.05 |
| Asset Turnover | — | 0.03 | 0.04 | 0.04 | 0.03 | 0.02 | 0.04 | 0.06 | 0.06 | 0.05 | 0.05 |
| 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 | 4.0% | 4.0% | 4.3% | 4.3% | 4.4% | 2.7% | 3.2% | 2.4% | 3.3% | 4.0% | 4.6% |
| Payout Ratio | 97.2% | 97.2% | 101.7% | 100.3% | 97.9% | 83.0% | 100.2% | 80.1% | 109.6% | 49.1% | 116.5% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 4.1% | 4.1% | 4.2% | 4.2% | 4.4% | 3.2% | 3.2% | 2.9% | 3.0% | 8.2% | 3.9% |
| FCF Yield | 4.3% | 4.3% | 4.3% | 4.5% | 4.9% | 2.8% | 3.9% | 3.4% | 3.6% | 3.5% | 4.2% |
| Buyback Yield | 0.3% | 0.3% | 0.0% | 0.0% | 0.0% | 0.0% | 0.1% | 0.1% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 4.3% | 4.3% | 4.3% | 4.3% | 4.4% | 2.7% | 3.3% | 2.4% | 3.3% | 4.0% | 4.6% |
| Shares Outstanding | — | $360M | $360M | $360M | $359M | $359M | $359M | $358M | $344M | $340M | $339M |
Includes 30+ ratios · 26 years · Updated daily
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10-year return with dividends reinvested.
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Quick answers to the most common questions about buying CME stock.
CME Group Inc.'s current P/E ratio is 24.3x. The historical average is 26.5x. This places it at the 42th percentile of its historical range.
CME Group Inc.'s current EV/EBITDA is 21.5x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 18.8x.
CME Group Inc.'s return on equity (ROE) is 14.6%. The historical average is 13.0%.
Based on historical data, CME Group Inc. is trading at a P/E of 24.3x. This is at the 42th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
CME Group Inc.'s current dividend yield is 4.03% with a payout ratio of 97.2%.
CME Group Inc. has 86.1% gross margin and 64.9% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
CME Group Inc.'s Debt/EBITDA ratio is 0.8x, indicating low leverage. A ratio below 2x is generally considered financially healthy.
Key Metrics
Top Statement Risk
FMX competition and EPS miss
Metrics are mathematically derived from official filings.
Premium Multiple for a Monopoly Franchise
CME trades at 24.3x trailing earnings and 3.4x book, a premium to peers like ICE (27.5x P/E) but justified by its dominant Treasury futures franchise and high returns on tangible equity, according to recent market data.
The P/B of 3.40 is below CBOE's 6.02 but above ICE's 3.12, reflecting the market's pricing of CME's superior liquidity moat and pricing power. The forward P/E of 22.11 implies expectations of continued earnings growth, supported by record volumes in H1 2026. However, the PEG of 1.77 suggests the stock is not cheap on a growth-adjusted basis, and the market may be pricing in a 'flight to quality' premium that could unwind if FMX gains traction.
ROE Understated by Collateral-Heavy Balance Sheet
CME's ROE of 3.9% in 2026Q2 appears low but is distorted by a massive collateral base; excluding performance bonds, returns on tangible equity are likely in the high teens, as reported in financial statements.
The DuPont decomposition reveals that CME's ROE is dragged down by an equity-to-assets ratio of just 0.14, a direct result of clearing member collateral inflating total assets. The efficiency ratio of 4.4% in 2026Q2 underscores exceptional operating leverage, with near-zero incremental costs per trade. Investors should focus on ROTCE, which, based on tangible book value per share of -$3.20, is not directly calculable but suggests the market values CME on earnings power rather than book value.
Efficiency Ratio Hits Record Low
CME's efficiency ratio improved to 4.4% in 2026Q2, down from 20.2% a year earlier, reflecting record volumes and minimal incremental costs, as per financial disclosures.
The dramatic improvement in the efficiency ratio indicates that revenue growth is outpacing cost growth, a hallmark of the exchange's high fixed-cost, high operating leverage model. However, the EPS miss in Q2, despite record volumes, suggests that some costs may have been deferred or that product mix shifted toward lower-margin contracts. The NIM is not meaningful for CME, as it does not rely on interest income from loans or deposits; instead, the focus should be on transaction fees and market data revenue.
Equity Base Stable Amid Collateral Growth
CME's equity-to-assets ratio fell to 0.14 in 2026Q2 as collateral inflows surged, but the absolute equity base remained flat at $26.5B, indicating strong capital generation, based on reported figures.
The decline in equity-to-assets is a function of balance sheet inflation from performance bond deposits, not a deterioration in capital strength. CME's low debt-to-equity ratio of 0.13% underscores a conservative capital structure, with ample capacity for capital return. The variable dividend policy returned $2.7B in Q1 2026, and with robust operating cash flow, the company appears well-positioned to sustain shareholder returns.
Provision Spike Signals Clearing Risk
Loan loss provisions jumped to $568.3M in 2026Q2, a 216% increase from Q1, despite no traditional loan book, suggesting heightened clearing member default risk, as per financial disclosures.
The provision spike is unusual for an exchange and may reflect increased collateral volatility or a specific clearing member stress. While CME's default fund is designed to absorb such losses, the increase warrants monitoring. The absence of a traditional loan book means that asset quality metrics like NPL ratios are not applicable; instead, investors should assess the adequacy of the default fund and the concentration of clearing member exposures.
P/E Misleads on Earnings Quality
The P/E ratio is commonly misapplied to CME because provisions and collateral-related items can distort net income, obscuring the underlying earnings power of the exchange, as reported in financial statements.
For CME, the P/E ratio can be volatile due to one-time items like the provision spike in Q2 2026, which may not reflect recurring earnings. A more appropriate metric is P/TBV or EV/EBITDA, which better captures the cash-generative nature of the business. Additionally, the market should focus on ROTCE, which, when adjusted for the collateral base, likely exceeds 20%, justifying the premium valuation.