Cboe Global Markets
CBOE · Financial Exchanges & Data
$340.42
3.9%FactSet
FDS · Financial Exchanges & Data
$331.32
1.2%The short version
- Cboe Global Markets is the larger business, with $4.7B of revenue in fiscal 2025 against $2.5B for FactSet, about 1.9 times as much.
- Cboe Global Markets grew revenue faster (15.1%, against 6.7%).
- Cboe Global Markets kept more of each dollar of sales as operating profit (31.1% operating margin, against 28.3% operating margin).
- Cboe Global Markets turned more of its sales into free cash flow (35.7% FCF margin, against 28.6% FCF margin).
- Cboe Global Markets earned a higher return on the capital invested in it (22.8%, against 18.2%).
| Latest fiscal year | CBOE · FY25 | FDS · FY26 |
|---|---|---|
| Size | ||
| Market cap | $35.7B | $12.1B |
| Revenue | $4.7B | $2.5B |
| Free cash flow | $1.7B | $707M |
| Net income | $1.1B | $534M |
| Growth | ||
| Revenue growth | 15.1% | 6.7% |
| 5-year growth | 6.6% | 9.3% |
| Share count change | −0.4% | −4.6% |
| Profitability | ||
| Gross margin | 51.5% | 50.6% |
| Operating margin | 31.1% | 28.3% |
| Net margin | 23.3% | 21.5% |
| FCF margin | 35.7% | 28.6% |
| Return on capital | 22.8% | 18.2% |
| Return on equity | 23.4% | 25.5% |
| Balance sheet | ||
| Net debt | −$810M | $1.1B |
| Net debt / EBITDA | −0.5x | 1.3x |
| Dividends and buybacks | $351M | $808M |
| Valuation & quality | ||
| P/E | 26.5x | — |
| Piotroski F-score | 9 | 6 |
FY17
CBOE $2.2B
FDS $1.2B
FY18
CBOE $2.8B
FDS $1.4B
FY19
CBOE $2.5B
FDS $1.4B
FY20
CBOE $3.4B
FDS $1.5B
FY21
CBOE $3.5B
FDS $1.6B
FY22
CBOE $4.0B
FDS $1.8B
FY23
CBOE $3.8B
FDS $2.1B
FY24
CBOE $4.1B
FDS $2.2B
FY25
CBOE $4.7B
FDS $2.3B
FY26
CBOE —
FDS $2.5B
CBOE
FDS
FY17
CBOE 16.7%
FDS 28.8%
FY18
CBOE 21.7%
FDS 27.1%
FY19
CBOE 21.5%
FDS 30.5%
FY20
CBOE 19.3%
FDS 29.4%
FY21
CBOE 23.1%
FDS 29.8%
FY22
CBOE 12.4%
FDS 25.8%
FY23
CBOE 28.0%
FDS 30.2%
FY24
CBOE 26.8%
FDS 31.8%
FY25
CBOE 31.1%
FDS 32.2%
FY26
CBOE —
FDS 28.3%
CBOE
FDS
FY17
CBOE $337M
FDS $284M
FY18
CBOE $498M
FDS $352M
FY19
CBOE $598M
FDS $368M
FY20
CBOE $1.4B
FDS $428M
FY21
CBOE $546M
FDS $494M
FY22
CBOE $591M
FDS $487M
FY23
CBOE $1.0B
FDS $585M
FY24
CBOE $1.0B
FDS $615M
FY25
CBOE $1.7B
FDS $617M
FY26
CBOE —
FDS $707M
CBOE
FDS
FY17
CBOE —
FDS 35.9%
FY18
CBOE 10.8%
FDS 31.4%
FY19
CBOE 9.9%
FDS 42.5%
FY20
CBOE 11.5%
FDS 44.5%
FY21
CBOE 12.9%
FDS 46.6%
FY22
CBOE 5.8%
FDS 23.3%
FY23
CBOE 16.2%
FDS 18.2%
FY24
CBOE 16.3%
FDS 20.8%
FY25
CBOE 22.8%
FDS 20.7%
FY26
CBOE —
FDS 18.2%
CBOE
FDS
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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.