Cboe Global Markets, Inc. (CBOE) vs Nasdaq, Inc. (NDAQ)

Cboe Global Markets, Inc. and Nasdaq, Inc. are both Financial Data & Stock Exchanges companies. Nasdaq, Inc. is the larger, with a market value of $52.3B against $32.2B — 1.6× the size. Cboe Global Markets, Inc. trades at the lower P/E: 24.5× against 27.0×. Cboe Global Markets, Inc. grew revenue faster over the last twelve months: 11.7% against 7.42%. Cboe Global Markets, Inc. has the higher net margin (26.6% vs 22.5%) and the higher return on invested capital (23.5% vs 8.18%). Both pay a dividend; Nasdaq, Inc. yields more (1.24% vs 0.96%). Across the 21 metrics below, Cboe Global Markets, Inc. leads on 15 and Nasdaq, Inc. on 6.

Valuation

Metric CBOE NDAQ Financial Data & Stock Exchanges median
P/E 24.50 27.03 23.59
P/S 6.52 6.06 6.89
P/B 5.87 4.41 4.00
Price to free cash flow 17.60 27.12 19.63
EV/EBITDA — — —
EV/Sales — — —
Earnings yield 4.08% 3.70% 4.04%
Free cash flow yield 5.68% 3.69% 4.39%

Profitability

Metric CBOE NDAQ Financial Data & Stock Exchanges median
Gross margin 54.08% 64.27% 70.90%
Operating margin 34.69% 29.60% 28.27%
Net margin 26.62% 22.52% 22.52%
Free cash flow margin 37.04% 22.34% 28.57%
Return on equity 26.19% 16.52% 15.12%
Return on assets 13.71% 6.82% 6.82%
Return on invested capital 23.45% 8.18% 9.96%

Growth

Metric CBOE NDAQ Financial Data & Stock Exchanges median
Revenue growth (TTM) 11.68% 7.42% 9.16%
EPS growth (last fiscal year) 44.52% 60.10% 15.41%
Revenue growth, 5-year CAGR 6.59% 7.99% 8.62%
Net income growth, 5-year CAGR 18.58% 13.89% 10.27%

Health

Metric CBOE NDAQ Financial Data & Stock Exchanges median
Debt to equity 0.26 0.71 0.48
Current ratio 1.57 1.01 1.06
Net debt to EBITDA (0.49) 2.61 1.19

Dividend

Metric CBOE NDAQ Financial Data & Stock Exchanges median
Dividend yield 0.96% 1.24% 1.28%
Payout ratio 0.24 0.34 0.32

Size

Metric CBOE NDAQ Financial Data & Stock Exchanges median
Market cap 32.17b 52.26b 32.17b

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