Cboe Global Markets vs Coinbase
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The short version
- Coinbase is the larger business, with $7.2B of revenue in fiscal 2025 against $4.7B for Cboe Global Markets, about 1.5 times as much.
- Cboe Global Markets grew revenue faster (15.1%, against 9.4%).
- Cboe Global Markets kept more of each dollar of sales as operating profit (31.1% operating margin, against 20.0%).
- Cboe Global Markets turned more of its sales into free cash flow (35.7% FCF margin, against 31.9%).
- Cboe Global Markets earned a higher return on the capital invested in it (22.8%, against 14.5%).
| Latest fiscal year | CBOE · FY25 | COIN · FY25 |
|---|---|---|
| Size | ||
| Market cap | $35.7B | $43.3B |
| Revenue | $4.7B | $7.2B |
| Free cash flow | $1.7B | $2.3B |
| Net income | $1.1B | $1.3B |
| Growth | ||
| Revenue growth | 15.1% | 9.4% |
| 5-year growth | 6.6% | 41.2% |
| Share count change | −0.4% | 5.1% |
| Profitability | ||
| Gross margin | 51.5% | — |
| Operating margin | 31.1% | 20.0% |
| Net margin | 23.3% | 17.6% |
| FCF margin | 35.7% | 31.9% |
| Return on capital | 22.8% | 14.5% |
| Return on equity | 23.4% | 10.1% |
| Balance sheet | ||
| Net debt | −$810M | −$3.9B |
| Net debt / EBITDA | −0.5x | −2.4x |
| Dividends and buybacks | $351M | $790M |
| Valuation & quality | ||
| P/E | 26.5x | — |
| Piotroski F-score | 9 | 4 |
Revenue
FY16
CBOE $703M
COIN —
FY17
CBOE $2.2B
COIN —
FY18
CBOE $2.8B
COIN —
FY19
CBOE $2.5B
COIN $534M
FY20
CBOE $3.4B
COIN $1.3B
FY21
CBOE $3.5B
COIN $7.8B
FY22
CBOE $4.0B
COIN $3.2B
FY23
CBOE $3.8B
COIN $3.1B
FY24
CBOE $4.1B
COIN $6.6B
FY25
CBOE $4.7B
COIN $7.2B
CBOE
COIN
Operating margin
FY16
CBOE 42.4%
COIN —
FY17
CBOE 16.7%
COIN —
FY18
CBOE 21.7%
COIN —
FY19
CBOE 21.5%
COIN −8.6%
FY20
CBOE 19.3%
COIN 32.0%
FY21
CBOE 23.1%
COIN 39.2%
FY22
CBOE 12.4%
COIN −84.9%
FY23
CBOE 28.0%
COIN −5.2%
FY24
CBOE 26.8%
COIN 35.2%
FY25
CBOE 31.1%
COIN 20.0%
CBOE
COIN
Free cash flow
FY16
CBOE $185M
COIN —
FY17
CBOE $337M
COIN —
FY18
CBOE $498M
COIN —
FY19
CBOE $598M
COIN −$114M
FY20
CBOE $1.4B
COIN $284M
FY21
CBOE $546M
COIN $4.0B
FY22
CBOE $591M
COIN −$1.6B
FY23
CBOE $1.0B
COIN $673M
FY24
CBOE $1.0B
COIN $3.0B
FY25
CBOE $1.7B
COIN $2.3B
CBOE
COIN
Return on capital
FY16
CBOE —
COIN —
FY17
CBOE —
COIN —
FY18
CBOE 10.8%
COIN —
FY19
CBOE 9.9%
COIN —
FY20
CBOE 11.5%
COIN —
FY21
CBOE 12.9%
COIN —
FY22
CBOE 5.8%
COIN —
FY23
CBOE 16.2%
COIN —
FY24
CBOE 16.3%
COIN 43.3%
FY25
CBOE 22.8%
COIN 14.5%
CBOE
COIN
Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.