--- title: Cboe Global Markets (CBOE) — intrinsic value and fair price canonical: https://sweetvaluelab.com/stocks/cboe ticker: CBOE as_of: 2026-10-17 sector: Financial Services industry: Financial - Data & Stock Exchanges --- # Cboe Global Markets (CBOE) Cboe Global Markets (CBOE) closed at $314.98 on Oct 16, 2026, overvalued by 95% vs its model value of $161.78 (from a five-year discounted cash flow). ## Key figures | Figure | Value | | --- | ---: | | Last close | $314.98 (Oct 16, 2026) | | Model value (from a five-year discounted cash flow) | $161.78 | | Price vs model | overvalued by 95% vs model | | Range of that model | $104.27 – $350.23 | | Market value | $32.9B | | P/E (fiscal 2025) | 30.2 | | Net margin (fiscal 2025) | 23.3% | | Free cash flow (fiscal 2025) | $1.7B | | Dividend yield (trailing twelve months) | 0.96% | | Beta | 0.41 | | Cost of capital (WACC) | 7.44% | | Business classification | Mature & Stable (Moderate growth (~12% recent), High profitability (23% net margin), Highly cyclical earnings, Strong FCF yield (5.1%)) | ## Dividends | Figure | Value | | --- | ---: | | Trailing dividend yield | 0.96% | | Dividends per share, last 12 months | $3.02 | | Dividends / free cash flow (fiscal 2025) | 16.9% | | Raised | 15+ years in a row | | Growth over 5 years | 11.7% a year | | Latest payment | $0.86, ex-date Aug 31, 2026, paid Sep 15, 2026 | | Year of payments | Dividends per share | | --- | ---: | | To Aug 30, 2021 | $1.74 | | To Aug 30, 2022 | $1.94 | | To Aug 30, 2023 | $2.05 | | To Aug 30, 2024 | $2.28 | | To Aug 29, 2025 | $2.61 | | Trailing twelve months (to Aug 31, 2026) | $3.02 | ## Valuation models Each model's value per share and the role the engine gave it for this business. The headline above is one model's value; every other model is listed with its own, and each has a page of its own under the valuation. Computed Oct 17, 2026. | Model | Role | Value per share | Low | High | | --- | --- | ---: | ---: | ---: | | DCF · Perpetuity growth · 5y | primary | $161.78 | $104.27 | $350.23 | | DCF · Perpetuity growth · 10y | cross check | $170.81 | $112.50 | $364.31 | | DCF · EBITDA exit · 5y | cross check | $157.41 | $115.78 | $206.48 | | DCF · EBITDA exit · 10y | cross check | $167.24 | $121.72 | $228.04 | | P/E · peers | cross check | $289.64 | $248.02 | $316.80 | | P/E · own history | cross check | $353.32 | $310.77 | $418.00 | | PEG | sanity check | $203.20 | $203.20 | $203.20 | | EV/EBITDA · peers | cross check | $212.94 | $202.60 | $238.25 | | EV/Revenue · peers | cross check | $366.43 | $273.06 | $563.12 | | Earnings power value | cross check | $130.81 | $110.09 | $162.01 | | Dividend discount | cross check | $82.53 | $52.45 | $160.76 | ## Insider activity (SEC Form 4) Past 90 days: 0 open-market buys ($0) and 1 open-market sale ($261,376.2); 10b5-1 plan sales included. | Date | Insider | Relationship | Transaction | Shares | Value | | --- | --- | --- | --- | ---: | ---: | | Oct 12, 2026 | Tomczyk Fredric J | Director | Option/RSU exercise | 14,818 | $0 | | Oct 12, 2026 | Tomczyk Fredric J | Director | Tax withholding | 14,818 | $4.4M | | Oct 12, 2026 | Tomczyk Fredric J | Director | Option/RSU exercise | 14,818 | $4.4M | | Aug 19, 2026 | Fischer Heidi | EVP, Equities and Spot Markets | Grant / award | 1,781 | $0 | | Aug 19, 2026 | Fischer Heidi | EVP, Equities and Spot Markets | Grant / award | 1,119 | $0 | ## Recent SEC filings | Filed | Form | What | Filing | | --- | --- | --- | --- | | Sep 29, 2026 | 8-K | 1.01 Entry into a Material Agreement; 7.01 Regulation FD Disclosure; 9.01 Financial Statements and Exhibits | https://www.sec.gov/Archives/edgar/data/1374310/000110465926111989/tm2626203d1_8k.htm | | Jul 31, 2026 | 10-Q | Quarterly report | https://www.sec.gov/Archives/edgar/data/1374310/000162828026051239/cboe-20260630.htm | | Jul 31, 2026 | 8-K | 2.02 Results of Operations (Earnings); 9.01 Financial Statements and Exhibits | https://www.sec.gov/Archives/edgar/data/1374310/000162828026051217/cboe-20260731.htm | | Jul 28, 2026 | 8-K | 1.01 Entry into a Material Agreement; 2.03 Creation of a Direct Financial Obligation; 9.01 Financial Statements and Exhibits | https://www.sec.gov/Archives/edgar/data/1374310/000110465926087625/tm2621346d1_8k.htm | | Jun 26, 2026 | 8-K | 1.01 Entry into a Material Agreement; 2.03 Creation of a Direct Financial Obligation; 9.01 Financial Statements and Exhibits | https://www.sec.gov/Archives/edgar/data/1374310/000110465926078295/tm2618643d1_8k.htm | ## Superinvestors holding it (latest 13F) | Manager | Quarter | Shares | Value | | --- | --- | ---: | ---: | | Bridgewater | 2026-06-30 | 51,486 | $12.5M | | Thomas Gayner | 2026-06-30 | 43,700 | $10.6M | 2 tracked managers in all. ## About 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… --- Source: https://sweetvaluelab.com/stocks/cboe (SweetValueLab, free, no account). Prices and statements from Financial Modeling Prep; filings from SEC EDGAR. Research and educational data, not investment advice; nothing here is a recommendation to buy, sell or hold any security.