Cboe Global Markets, Inc. (CBOE) vs Morningstar, Inc. (MORN)

Cboe Global Markets, Inc. and Morningstar, Inc. are both Financial Data & Stock Exchanges companies. Cboe Global Markets, Inc. is the larger, with a market value of $27.9B against $7.4B — 3.8× the size. Morningstar, Inc. trades at the lower P/E: 18.5× against 20.0×. Cboe Global Markets, Inc. grew revenue faster over the last twelve months: 11.7% against 9.33%. Cboe Global Markets, Inc. has the higher net margin (26.6% vs 16.4%) and the higher return on invested capital (23.5% vs 17.1%). Both pay a dividend; Cboe Global Markets, Inc. yields more (1.27% vs 0.55%). Across the 23 metrics below, Cboe Global Markets, Inc. leads on 15 and Morningstar, Inc. on 8.

Valuation

Metric CBOE MORN Financial Data & Stock Exchanges median
P/E 20.05 18.47 21.77
P/S 5.34 2.89 7.79
P/B 4.80 7.23 3.85
Price to free cash flow 14.40 14.89 18.75
EV/EBITDA 13.56 10.70 15.55
EV/Sales 5.15 3.35 6.94
Earnings yield 4.99% 5.42% 4.49%
Free cash flow yield 6.94% 6.72% 4.68%

Profitability

Metric CBOE MORN Financial Data & Stock Exchanges median
Gross margin 54.08% 62.24% 70.90%
Operating margin 34.69% 23.53% 29.55%
Net margin 26.62% 16.43% 23.21%
Free cash flow margin 37.04% 19.38% 29.05%
Return on equity 26.19% 31.96% 15.34%
Return on assets 13.71% 11.13% 6.82%
Return on invested capital 23.45% 17.05% 9.96%

Growth

Metric CBOE MORN Financial Data & Stock Exchanges median
Revenue growth (TTM) 11.68% 9.33% 9.16%
EPS growth (last fiscal year) 44.52% 3.38% —
Revenue growth, 5-year CAGR 6.59% 11.97% 7.76%
Net income growth, 5-year CAGR 18.58% 10.85% 9.78%

Health

Metric CBOE MORN Financial Data & Stock Exchanges median
Debt to equity 0.26 1.67 0.48
Current ratio 1.57 1.06 1.06
Net debt to EBITDA (0.49) 0.76 1.08

Dividend

Metric CBOE MORN Financial Data & Stock Exchanges median
Dividend yield 1.27% 0.55% 1.16%
Payout ratio 0.33 2.75 0.42

Size

Metric CBOE MORN Financial Data & Stock Exchanges median
Market cap 27.94b 7.37b 27.94b

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