Cboe Global Markets, Inc. — Intrinsic Value & Fair Price

CBOE

CBOEFinancial ServicesFinancial - Data & Stock ExchangesCIK 0001374310cboe.comAbout CBOE

Last close · Oct 16, 2026314.98+6.89 (+2.24%)

Market cap$32.9B

Model value · DCF · Perpetuity growth · 5y

161.78

Cboe Global Markets closed at $314.98 — overvalued by 95% vs model.

104.27the model's range350.23

DCF · Perpetuity growth · 5y leads for a mature, steady company — positive operating income and three years of positive free cash flow. From a five-year discounted cash flow.

Other models

82.53 – 366.43

Wall St. target

326.00 3% below

Above model, 1y

20 of 20 days

Price and model value

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What the marks mean

Daily close

Valuation models

price $314.98 · as of Oct 17, 2026

DCF · Perpetuity growth · 5yused104.27 – 350.23161.7895% overvalued DCF · Perpetuity growth · 10y112.50 – 364.31170.8184% overvalued DCF · EBITDA exit · 5y115.78 – 206.48157.41100% overvalued DCF · EBITDA exit · 10y121.72 – 228.04167.2488% overvalued P/E · peers248.02 – 316.80289.649% overvalued P/E · own history310.77 – 418.00353.3211% undervalued PEG—203.2055% overvalued EV/EBITDA · peers202.60 – 238.25212.9448% overvalued EV/Revenue · peers273.06 – 563.12366.4314% undervalued Earnings power value110.09 – 162.01130.81141% overvalued Dividend discount52.45 – 160.7682.53282% overvalued Wall St. consensus target—326.003% below Cost of capital (WACC)—7.44%—

DCF · Perpetuity growth · 5y leads for a mature, steady company — positive operating income and three years of positive free cash flow. How we value a stock walks through every input.

engine pkg:0.1.0

Dividends

Quarterly · as of Oct 16, 2026

Yield, trailing 12 months

0.96%

Past 2 years

low 0.76%high 1.24%

Dividends per share, a year at a time

Dividends / free cash flow, FY2025: 16.9%
Raised: 15+ years in a row
Growth, 5 yrs: 11.7% a year
Last change: +19.4% · Aug 2026

Every payment, with ex-dates · latest $0.86, paid Sep 15, 2026

Research on CBOE

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How it is valued

Valued asMature & stable

Moderate growth (~12% recent)High profitability (23% net margin)Highly cyclical earningsStrong FCF yield (5.1%)

What growth the price implies: the reverse DCF

Key figures

FY2025 · chosen for mature companies

P/E

30.2×

EV / EBITDA

18.4×

FCF yield

3.5%

Dividend yield, TTM

0.96%

Beta

0.41

Cost of capital (WACC)

7.44%

Full financials

Superinvestors

13F · Q2 2026

BridgewaterBridgewater Associates, LP$12.5M Thomas GaynerMarkel Group Inc.$10.6M

All 2 holders

Analyst actions

third-party, quoted

10-14Wells Fargo · target309.00

10-09Morgan Stanley · “Overweight” from “Underweight”upgrade

10-09Morgan Stanley · target358.00

10-07Loop Capital Markets · target343.00

Ratings, targets and estimates

Recent

filings, insider trades and key news

10-12Form 4 · MTomczyk Fredric J · 14,818 sh@ 0.00 10-12Form 4 · FTomczyk Fredric J · 14,818 sh@ 297.38 10-12Form 4 · MTomczyk Fredric J · 14,818 sh@ 297.38 09-298-K · 1.01Entry into a Material Agreement 08-19Form 4 · AFischer Heidi · 1,781 sh@ 0.00 08-19Form 4 · AFischer Heidi · 1,119 sh@ 0.00

49 filings · 40 insider transactions

Comparable companies

by business, not by industry label

CMECME Group ICEIntercontinental Exchange NDAQNasdaq SPGIS&P Global MSCIMSCI

1 more company lists CBOE as a comparable

COINCoinbase

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One email a week across every stock we cover: 13F filings, insider trades, earnings and new research. It covers the whole market, not just CBOE. No account.

About Cboe Global Markets

Cboe Global Markets, Inc. functions as a global operator of various financial exchanges, primarily renowned for its options trading platforms, all managed through its numerous subsidiaries. The company organizes its expansive business activities into five distinct segments. The Options segment specializes in the trading of listed market indices. Its North American Equities division facilitates transactions for listed stocks in the United States and Canada, also offering services for exchange-traded products (ETPs), encompassing both trading and listing. The Futures segment is dedicated to futures trading. The Europe and Asia Pacific division delivers a broad range of services, including transactions for pan-European listed equities and derivatives, ETPs, exchange-traded commodities, and international depository receipts, along with ETP listing and clearing provisions. Finally, the Global FX segment serves institutional foreign exchange trading and non-deliverable forward FX transactions. Cboe Global Markets has established important strategic partnerships with key players such as S&P Dow Jones Indices, LLC; FTSE International Limited; Frank Russell Company; MSCI Inc.; and DJI Opco, LLC. The company, which originated in Chicago, Illinois, in 1973, previously operated as CBOE Holdings, Inc. until its rebranding in October 2017.

CEO: Craig Steven Donohue
Headquarters: Chicago, IL
Employees: 1,661
IPO: 2010-06-15

Full company profile

Model estimates for research reference only, not investment advice. Every model rests on assumptions that may not match what happens; the formulas are in how we value a stock.