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Cboe Global Markets, Inc.

CBOE Financial Financial Data & Stock Exchanges

Cboe Global Markets, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $4.7 billion, up 15.1% from fiscal 2024.

Revenue
+19.0%
EPS
+43.3%
Free cash flow
+471.7%
Total debt
+0.13%

Quarter to September 2026, against a year earlier

353.21 0.14 +0.04%
Market cap
$36.8B
P/E
25.0×
Fwd P/E
—
Dividend yield
0.86%
F-score
9/9
Altman Z
n/a
Beneish M
n/a
Dividend safety
n/a
Overview Business Profile Earnings & Analysis
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios
Segments Valuation Filings

Cboe Global Markets, Inc. (CBOE) valuation and DCF model

What the price implies · reverse DCF

At $353.21 the price implies 50.6% a year of dividend growth, at a 9.0% cost of equity.

The dividend a share grew 11.8% a year over the last ten years, 11.6% over the last five. The price asks for about four times its ten-year rate. Return on equity averaged 20.9% over ten years; the price implies 43.0% for good.

In December 2017 the price assumed 29.2% a year; Cboe Global Markets, Inc. went on to grow the dividend a share 24.4% a year to FY2025.

Price implies
50.6%
Last 5 years, reported
11.6%
Last 10 years, reported
11.8%

The headline discounts the last twelve months’ the dividend a share at 9.0% for ten years and grows it 2.5% a year after that, the same for every company, so the figure compares across the market (how a reverse DCF works).

The other way round · DCF
The price needs
50.6% a year for ten years
$353.21
today’s price
Its base case
11.8% a year for five years, then 7.1%
$19.67
94.4% below today’s price

Both are growth in the dividend a share, discounted at 9.0%, with 2.5% a year after year ten.

Base case on its own ten-year record Cboe Global Markets, Inc.’s own growth, carried forward

Its assumptions

Powerpack lets you start from a scenario and type over any of them.

The base case’s inputs, which Powerpack lets you change
1 · Dividends
the four quarters to September 2026, from the 10-Q and 10-K filings

Yearly growth in the dividend. It usually slows as the company matures.

Today’s price implies the dividend a share growing 50.6% a year for ten years.

2 · Rates

Cost of equity is the yearly return shareholders require, typically 8–11%. Terminal growth is growth forever after year 10, usually near long-run inflation, 2–3%.

3 · Per share

The model is a share’s own: no debt to take off and no shares to divide among.

Advanced inputs

Against Cboe Global Markets, Inc.’s own cost of capital: risk-free 4.3% + beta 0.36 × equity premium 4.5% = 5.9% cost of equity; weighted, 5.9%.

Use 5.9%
Base case value per share $19.67 ten years discounted, and what follows
Current price $353.21 market price per share
Below today’s price 94.4% downside at the base case’s assumptions

How we got there$7.80 10 years of dividends+$11.87 terminal value=$19.67 per share

Valuation against its own history

Today’s multiple against its 5- and 10-year averages and the industry median (Financial Data & Stock Exchanges).

Multiple Current 5Y avg 10Y avg vs 10Y avg Industry median vs industry 10Y range
P/E 25.04× 31.72× 30.28× 17% below 24.85× 1% above
P/FCF 14.59× 18.19× 20.71× 30% below 20.23× 28% below
P/B 6.23× 4.95× 4.32× 44% above 4.56× 37% above
EV/EBITDA — 15.25× 16.56× — 3.38× —
EV/Sales — 4.75× 5.15× — 3.90× —
P/E P/FCF P/B EV/EBITDA EV/Sales
3.26×4.20×5.13×6.07×10Y avg 4.32×2017201820192020202120222023202420252026

CBOE trades at 6.23× P/B, against a 10-year average of 4.32× (range 3.03×–6.23×). That is dearer than 100% of the last 9 year-end readings; re-rating to the average implies $245.23 per share.

Every growth rate on this page is the business’s — its cash flow, FFO or dividend — never its share price’s. A discounted-cash-flow model is only as good as its assumptions. Figures from the 10-K and 10-Q filings. Not investment advice.