Cboe Global Markets, Inc. (CBOE) vs Intercontinental Exchange Inc. (ICE)

Cboe Global Markets, Inc. and Intercontinental Exchange Inc. are both Financial Data & Stock Exchanges companies. Intercontinental Exchange Inc. is the larger, with a market value of $88.0B against $27.9B — 3.1× the size. Cboe Global Markets, Inc. trades at the lower P/E: 20.0× against 21.7×. Cboe Global Markets, Inc. grew revenue faster over the last twelve months: 11.7% against 8.98%. Intercontinental Exchange Inc. has the higher net margin (38.3% vs 26.6%) and the lower return on invested capital (7.48% vs 23.5%). Both pay a dividend; Intercontinental Exchange Inc. yields more (1.35% vs 1.27%). Across the 23 metrics below, Cboe Global Markets, Inc. leads on 16 and Intercontinental Exchange Inc. on 7.

Valuation

Metric CBOE ICE Financial Data & Stock Exchanges median
P/E 20.05 21.67 21.77
P/S 5.34 8.24 7.79
P/B 4.80 2.94 3.85
Price to free cash flow 14.40 18.75 18.75
EV/EBITDA 13.56 14.93 15.55
EV/Sales 5.15 9.92 6.94
Earnings yield 4.99% 4.61% 4.49%
Free cash flow yield 6.94% 5.33% 4.68%

Profitability

Metric CBOE ICE Financial Data & Stock Exchanges median
Gross margin 54.08% 98.59% 70.90%
Operating margin 34.69% 51.78% 29.55%
Net margin 26.62% 38.25% 23.21%
Free cash flow margin 37.04% 43.96% 29.05%
Return on equity 26.19% 13.89% 15.34%
Return on assets 13.71% 2.54% 6.82%
Return on invested capital 23.45% 7.48% 9.96%

Growth

Metric CBOE ICE Financial Data & Stock Exchanges median
Revenue growth (TTM) 11.68% 8.98% 9.16%
EPS growth (last fiscal year) 44.52% 20.71% —
Revenue growth, 5-year CAGR 6.59% 10.47% 7.76%
Net income growth, 5-year CAGR 18.58% 9.68% 9.78%

Health

Metric CBOE ICE Financial Data & Stock Exchanges median
Debt to equity 0.26 0.63 0.48
Current ratio 1.57 1.01 1.06
Net debt to EBITDA (0.49) 2.53 1.08

Dividend

Metric CBOE ICE Financial Data & Stock Exchanges median
Dividend yield 1.27% 1.35% 1.16%
Payout ratio 0.33 0.53 0.42

Size

Metric CBOE ICE Financial Data & Stock Exchanges median
Market cap 27.94b 87.99b 27.94b

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