Cboe Global Markets, Inc.

Earnings Score
Moat Score
Safety Score

Market Cap $21.04B
PE 27
Debt $1.45B
Cash $2.80B
EV $19.69B
FCF $1.57B

Earnings

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Sales & Net Margins

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Earnings	$776.20M
EBIT	$1.10B
ROE	18%
ROA	13%
FCF	$1.57B
Equity	$4.21B
Growth Stability	51%
PE	27.11
PEG	2.31
PB	5
P/FCF	13.42
P/S	5.32
Price/Cash	0.13
Debt/Equity	0.34
Debt/FCF	0.92
Net Margins	19%
Gross Margins	52%
Op. Margins	28%
Earnings CAGR	13%
Sales Growth YoY	16%
Sales Growth QoQ	8%
Sales CAGR	22%
FCF CAGR	23%
Equity CAGR	33%
Earnings Stability	0.44
Earnings Growth YoY	5%
Earnings Growth QoQ	56%
Earnings CAGR 5Y	12%

Sales CAGR 5Y	7%
FCF CAGR 5Y	1%
Equity CAGR 5Y	5%
Earnings CAGR 3Y	3%
Sales CAGR 3Y	3%
FCF CAGR 3Y	77%
Equity CAGR 3Y	8%
Market Cap	$21.04B
Revenue	$3.96B
Dividend Yield	1%
Payout Ratio	31%
Assets	$8.71B
Total Debt	$1.45B
Cash	$2.80B
Shares Outstanding	104.68M
EV	19.69B
Earnings Score	48%
Moat Score	95%
Safety Score	73%
Final Score	72%
Working Capital	928.2M
Current Ratio	1.39
Gross Profit	$2.05B
Shares Growth 3y	-1%
Equity Growth QoQ	5%
Equity Growth YoY	11%

Assets & ROA

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Stockholders Equity & ROE

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Cboe Global Markets Inc operates the Chicago Board Options Exchange, still, the largest U.S. options exchange by total volume. This marketplace offers trading in options on stocks, market indexes and exchange-traded funds and notes. The company also runs a fast-growing futures exchange, CFE, and an electronic options market, C2. After operating for most of its history as a not-for-profit, member-owned exchange company, the company became a for-profit corporation in 2006 and went public in 2010.

SEC Filings

Direct access to Cboe Global Markets, Inc. (CBOE) Annual Reports (10K) and Quarterly Reports (10Q) from the SEC website.

2024
- 10-Q Sep 30
- 10-Q Jun 30
- 10-Q Mar 31
2023
- 10-K Dec 31
- 10-Q Sep 30
- 10-Q Jun 30
- 10-Q Mar 31
2022
- 10-K Dec 31
- 10-Q Sep 30
- 10-Q Jun 30
- 10-Q Mar 31

Sector Comparison

How does Cboe Global Markets, Inc. compare to its competitors?

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Peter Lynch's Chart

This chart shows the current pricing of Cboe Global Markets, Inc. compared to its past. The addition of the earnings trend line provides further insights into the company's earnings power.

CAGR 13%

Stability 44%

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Cboe Global Markets, Inc. Discounted Cash Flow

Fully customizable DCF calculator online for Cboe Global Markets, Inc..

Years

Calculation mode

= $77B

	0	1	2	3	4	5	6	7	8	9	10	TV
fcf	$1.6B	$1.9B	$2.4B	$2.9B	$3.6B	$4.4B	$5.4B	$6.6B	$8.1B	$9.9B	$12B	$122B
DCF		$1.7B	$2B	$2.2B	$2.4B	$2.7B	$3B	$3.4B	$3.8B	$4.2B	$4.7B	$47B
Value	$77B

Competitiveness and MOAT

High margins render the company resilient under dire circumstances, hence able to drive competitors out or acquire them. ROE and ROA measure the average flow generated by each invested dollar. Their marginal value is a forecast of future growth, and it is considered by Buffett and Munger the most important single indicator.

Years	12/2014	12/2015	12/2016	12/2017	12/2018	12/2019	12/2020	12/2021	12/2022	12/2023	TTM
Net Margins	31%	32%	28%	18%	15%	15%	14%	15%	6%	20%	19%
ROA	-	84%	64%	7%	11%	11%	10%	12%	7%	14%	13%
ROE	-	79%	58%	13%	13%	11%	14%	15%	7%	19%	18%

Good Net Margins (18.93%)

Net Margins are high enough to offer a good protection on the profits in case of higher costs or higher interests. Furthermore higher margins reduce earnings’ volatility.

Safety and Stability

Being debt the number one cause of investment losses and company death, the ratio Debt/FCF is of utmost importance to guarantee safety. On the other hand the Graham’s stability measures the drawdown of earnings, hence indicating the reliability of the flow generated by the company.

Years	12/2014	12/2015	12/2016	12/2017	12/2018	12/2019	12/2020	12/2021	12/2022	12/2023	TTM
Debt over FCF	-	-	0	3.71	3.06	1.46	0.91	2.4	3.48	1.41	0.92
Debt over Equity	-	-	0	0.4	0.47	0.26	0.38	0.36	0.59	0.36	0.34
Growth Stability	-	-	-	100%	100%	100%	100%	100%	51%	100%	51%

Good Debt/FCF ratio (0.92)

Net Margins are high enough to offer a good protection on the profits in case of higher costs or higher interests. Furthermore higher margins reduce earnings’ volatility.

Good Debt/Equity ratio (0.34)

The company is not overleveraged and has a good balance between equity and debt.

Bad Graham’s Stability (51%)

The company has a bad stability in its earnings, which is a sign of a bad competitive advantage.

Growth

Growth can be dangerous when forecasting, simply projecting the current growth is in general wrong. A company passes through multiple phases, from being young and unprofitable, to the first periods of profitability and high growth, until it arrives at a period of regime with limited growth. Identifying in which phase the company is in may help forecasting.

Years	12/2014	12/2015	12/2016	12/2017	12/2018	12/2019	12/2020	12/2021	12/2022	12/2023	CAGR 5Y
Revenue YoY growth	-	3%	4%	239%	24%	-10%	37%	2%	13%	-5%	7%
Earnings YoY growth	-	8%	-9%	114%	6%	-12%	26%	13%	-56%	224%	12%
Equity YoY growth	-	4%	22%	878%	4%	4%	-0%	8%	-4%	15%	5%
FCF YoY growth	-	-3%	-10%	82%	48%	20%	136%	-61%	8%	74%	1%