CBOE GLOBAL MARKETS INC (CBOE)
SubavaliadaFundamental
80
Preço
$278.68
Capitalização de Mercado
$27.94B
Parte 1 · Quanto vale a empresa
Visão Geral
Cboe Global Markets runs stock, options, futures and currency exchanges — marketplaces where buyers and sellers of financial instruments meet — plus a data business that sells the trading data those markets generate. It doesn't take positions on where prices go: it earns a fee each time a trade crosses its systems, whichever way the market moves. Its best-known products are options on the S&P 500 index (SPX) and the VIX volatility index, both exclusive to Cboe.
Como gera receita
Cboe earns transaction fees on the volume of contracts and shares traded across its exchanges, plus fixed fees for market data, index licensing and connectivity that clients pay whether or not they trade. Because exclusive products like SPX options and the VIX cannot be traded anywhere else, Cboe can charge more for them than for products that also trade on rival exchanges, which is why options are the largest single share of revenue. Data and access fees provide a steadier, less volume-dependent income stream.
Receita por segmento
Trading in listed options, including the exclusive SPX and VIX products, Cboe's largest and most profitable business.
Market data, analytics and index products sold to trading firms and other clients, largely independent of trading volume.
Cboe's US stock exchanges, competing directly with NYSE and Nasdaq for equity trading volume.
Equities and derivatives trading venues outside North America.
Futures on the VIX and other Cboe-listed products.
Institutional currency trading platform, Cboe's smallest reporting segment.
Vantagem competitiva
Efeitos de rede · EstreitaExchanges benefit from network effects: traders go where liquidity already is, which keeps volume concentrated on a handful of venues. Cboe reinforces this with products only it can list, SPX options and the VIX, which cannot trade on any competing exchange. Everywhere else — plain equities, multi-listed options, futures — it competes on price against several rivals, and margins there face real, ongoing pressure.
O que impulsiona a procura
CíclicoCboe's revenue tracks how much trading happens, not any underlying trend in prices, so it can actually rise when markets get volatile and investors hedge or speculate more actively. Extended calm periods with low volatility reduce trading volume and can dent revenue, especially in the more price-competitive parts of the business like equities and multi-listed options.
Principais riscos
- Fee competition on multi-listed products — Rival exchanges keep cutting transaction fees and incentives to win order flow on products also listed elsewhere, putting ongoing pressure on Cboe's pricing outside its exclusive franchises.
- Volatility-dependent revenue — Trading volume, and therefore revenue, can fall sharply during extended periods of low market volatility, when investors trade and hedge less.
- Regulatory and market-structure risk — Cboe is heavily regulated by the SEC and CFTC, and changes to market-structure rules or transaction fees imposed by regulators can directly affect its economics.
- Dependence on licensed index products — A large share of Cboe's differentiated profitability rests on its license to list options on S&P indices; a change to that licensing relationship or a new competing product could erode the advantage.
Os argumentos a favor
Buyers argue that the exclusive SPX options and VIX franchise gives Cboe pricing power no other exchange can match, that growing retail and institutional use of options provides a structural volume tailwind, and that the Data Vantage business turns that trading activity into a second, steadier revenue stream.
Os argumentos contra
Sellers worry that fee competition keeps compressing margins everywhere outside the exclusive index-options franchise, that a prolonged period of low market volatility would directly cut trading volumes and revenue, and that the business depends on a licensing relationship for the S&P indices it does not fully control.
Written by the editors, published on 18 de agosto de 2026
Direct competitors
Who this company fights with for the same customers
Generated on 18 de setembro de 2026 with claude-haiku-4-5 — shared with all users
Nasdaq runs six US options markets and three US equities markets alongside Nordic derivatives venues and a market-data business, competing with Cboe for the same order flow, listings and data subscribers.
Through the NYSE group ICE operates US equities exchanges and the NYSE American and NYSE Arca options markets, chasing the same brokers, market makers and listed issuers as Cboe.
CME's equity-index futures and options compete with Cboe's index options and VIX futures for the same hedging and volatility-trading flow from institutions.
MIAX's four US options exchanges have taken roughly a sixth of American equity-option volume, competing head-on with Cboe's options franchise on fees and liquidity incentives.
Its Eurex arm is Europe's dominant venue for index derivatives and, with the Xetra cash market, competes directly with Cboe Europe for European trading volumes.
Balanço & Liquidez
Receita
$5.06B
Últimos 12 meses (até 30/06/2026)
Resultado Líquido
$1.35B
Últimos 12 meses (até 30/06/2026)
Fluxo de Caixa Livre
$1.68B
Capital Próprio Total
$5.14B
Passivo Total
$4.17B
Rácio de Liquidez
1.57
Cobertura de Juros
33.06
Dívida/EBITDA
0.99
Resultados Por Ação
Receita & Resultado Líquido
Fluxo de Caixa Livre
Decomposição dos Resultados
Demonstração histórica
Margens ao longo do tempo
A dívida ao longo do tempo
Quanto pesa a dívida
Grelha do crescimento
Crescimento — Receitas
Estimativa de Valor Justo
Valor Justo
$417.83
Preço Atual
$278.68
Margem de Segurança
+33.3%
Intervalo de Valor Justo
$271.59 - $564.07
Dispersão entre os métodos de avaliação utilizados, não um intervalo de confiança calibrado estatisticamente.
Métodos de Estimativa
Métricas de Avaliação
Rácio P/E
21.46
ROE
21.4%
Rácio P/B
5.11
P/FCF
15.34
Margem Bruta
54.1%
ROIC
20.3%
Radar de Rentabilidade
Criação de Valor (Vantagem Competitiva)
ROIC
20.3%
WACC
7.7%
ROIC − WACC
+12.6 pp
O ROIC supera o custo do capital — a empresa está a criar valor para os acionistas.
Critérios de Análise Fundamental
Aprovado (22)
- EPS shows upward trend
- EPS CAGR 14.64%
- Price CAGR 13.79%
- ROIC 20.3%
- Gross Margin 54.1%
- P/FCF 15.34
- Debt/Equity ratio
- Operating Margin 34.7%
- Positive Free Cash Flow
- CapEx intensity
- Current Ratio
- Interest Coverage
- Debt/EBITDA
- Return on Tangible Assets
- ROE 25.8%
- Revenue Growth 5Y 6.6%
- Earnings Surprise avg 4.1%
- PEG Ratio 1.05
- Earnings Quality (OCF/NI) 1.45
- Share Dilution -0.5%
- Net Margin Trend 26.7% vs 19.9%
- Piotroski F-Score 8/9
Reprovado (5)
- P/B Ratio 5.11
- Low reliance on intangibles
- Price below Graham Number
- DCF valuation (Overvalued)
- Analyst Consensus 40% Buy
Indisponível (1)
- Dividend Payout NaN%
Piotroski F-Score
Saúde financeira sólida
Qualidade dos Resultados
Alta qualidade: resultados respaldados por caixa
Diluição de Ações
A recomprar ações. Favorável ao acionista
Participações institucionais
Governação
Equipa Executiva
| Nome | Cargo | Idade |
|---|---|---|
| Mr. Craig Steven Donohue | CEO, President & Director | 63 |
| Ms. Jill M. Griebenow CPA | Executive VP & CFO | 45 |
| Mr. Timothy Lipscomb | Executive VP & CTO | 50 |
| Mr. John Patrick Sexton J.D. | Executive VP, General Counsel & Corporate Secretary | 60 |
| Mr. Christopher Andrew Isaacson | Advisor | 47 |
| Mr. Fredric J. Tomczyk A.C.A. | Director | 69 |
| Mr. Scott L. Johnston | Executive VP & COO | 60 |
| Mr. Allen L. Wilkinson CPA | Senior VP & Chief Accounting Officer | 37 |
| Mr. Kenneth William Hill C.F.A. | Senior VP, Treasurer and Head of Investor Relations & Business Intelligence | - |
| Ms. Stacie Fleming | Senior Vice President of Marketing & Communications | - |
Risco de Auditoria
6
Risco do Conselho
1
Risco de Remuneração
3
Risco dos Direitos dos Acionistas
5
Parte 2 · O preço e o momento de entrar
Esta parte não serve para saber se a empresa vale: serve para escolher quando comprá-la, depois que os fundamentos te convenceram. Dentro: análise técnica, potencial, quedas históricas, exposição gama.
Documentos
- Ver documento
Relatório anual (10-K)
Uma visão anual do negócio, dos resultados financeiros e dos riscos da empresa.
Arquivado em 2026-02-20
- Ver documento
Relatório trimestral (10-Q)
Uma atualização sobre o desempenho financeiro dos últimos três meses.
Arquivado em 2026-07-31
- Ver documento
Relatório de fato relevante (8-K)
Um aviso sobre um fato relevante, como uma mudança na liderança ou um grande anúncio.
Arquivado em 2026-09-29
via SEC EDGAR
Histórico de Resultados
via SEC EDGAR
Latest News
Recent headlines for CBOE, sourced from Markets Gazette.
- 8/25/2026NEUTRALKalshi Looks to Regulators to Delay Competing Products From Cboe
Kalshi, a prediction market operator, is petitioning regulators to delay the launch of competing products by Cboe Global Markets Inc. This move highlights the growing tension between new entrants in the prediction market space and established financial exchanges. The outcome of this regulatory request could impact the competitive landscape for event contracts and derivatives, potentially affecting revenue streams and market share for both Kalshi and Cboe. Investors will monitor regulatory decisions for insights into the future of this niche financial market.
- 7/1/2026NEUTRALCboe Seeks to List Prediction Market Type Options on Earnings Metrics
Cboe Global Markets Inc. has submitted a proposal to U.S. regulators for approval to list a new type of all-or-nothing options contract. These options would be based on specific corporate earnings metrics, allowing traders to speculate on outcomes such as SpaceX's revenue, Nvidia's data center sales, or JPMorgan Chase & Co.'s credit loss provisions. This initiative aims to expand the range of derivative products available on Cboe's platform, potentially attracting new market participants interested in event-driven trading strategies.
- 6/23/2026NEUTRALCboe Revives Binary Options to Compete with Kalshi, Polymarket
Cboe Global Markets has reintroduced S&P 500 binary options, a product absent for over a decade. This move positions Cboe to directly challenge prediction market platforms like Kalshi and Polymarket, which have gained significant traction with similar offerings. The reintroduction aims to capture a share of the growing market for event-driven trading and binary contracts. While the news highlights Cboe's strategic response to market trends and competitive pressures, its direct impact on Cboe's stock price remains to be seen as the success of these contracts depends on market adoption and regulatory reception.
via Markets Gazette