Cboe Global Markets
CBOE · Financial Exchanges & Data
$340.42
3.9%Morningstar
MORN · Financial Exchanges & Data
$224.89
0.7%The short version
- Cboe Global Markets is the larger business, with $4.7B of revenue in fiscal 2025 against $2.4B for Morningstar, about 1.9 times as much.
- Cboe Global Markets grew revenue faster (15.1%, against 7.5%).
- Cboe Global Markets kept more of each dollar of sales as operating profit (31.1% operating margin, against 21.5% operating margin).
- Cboe Global Markets turned more of its sales into free cash flow (35.7% FCF margin, against 18.1% FCF margin).
- Investors pay more for each dollar of Cboe Global Markets’s earnings: a P/E of 26.5x against 21.4x for Morningstar.
| Latest fiscal year | CBOE · FY25 | MORN · FY25 |
|---|---|---|
| Size | ||
| Market cap | $35.7B | $8.6B |
| Revenue | $4.7B | $2.4B |
| Free cash flow | $1.7B | $443M |
| Net income | $1.1B | $374M |
| Growth | ||
| Revenue growth | 15.1% | 7.5% |
| 5-year growth | 6.6% | 12.0% |
| Share count change | −0.4% | −2.1% |
| Profitability | ||
| Gross margin | 51.5% | 61.0% |
| Operating margin | 31.1% | 21.5% |
| Net margin | 23.3% | 15.3% |
| FCF margin | 35.7% | 18.1% |
| Return on capital | 22.8% | 22.5% |
| Return on equity | 23.4% | 26.4% |
| Balance sheet | ||
| Net debt | −$810M | $544M |
| Net debt / EBITDA | −0.5x | 0.8x |
| Dividends and buybacks | $351M | $864M |
| Valuation & quality | ||
| P/E | 26.5x | 21.4x |
| Piotroski F-score | 9 | 6 |
FY16
CBOE $703M
MORN $799M
FY17
CBOE $2.2B
MORN $912M
FY18
CBOE $2.8B
MORN $1.0B
FY19
CBOE $2.5B
MORN $1.2B
FY20
CBOE $3.4B
MORN $1.4B
FY21
CBOE $3.5B
MORN $1.7B
FY22
CBOE $4.0B
MORN $1.9B
FY23
CBOE $3.8B
MORN $2.0B
FY24
CBOE $4.1B
MORN $2.3B
FY25
CBOE $4.7B
MORN $2.4B
CBOE
MORN
FY16
CBOE 42.4%
MORN 22.6%
FY17
CBOE 16.7%
MORN 18.6%
FY18
CBOE 21.7%
MORN 21.2%
FY19
CBOE 21.5%
MORN 16.1%
FY20
CBOE 19.3%
MORN 15.5%
FY21
CBOE 23.1%
MORN 15.1%
FY22
CBOE 12.4%
MORN 9.0%
FY23
CBOE 28.0%
MORN 11.3%
FY24
CBOE 26.8%
MORN 21.3%
FY25
CBOE 31.1%
MORN 21.5%
CBOE
MORN
FY16
CBOE $185M
MORN $151M
FY17
CBOE $337M
MORN $184M
FY18
CBOE $498M
MORN $239M
FY19
CBOE $598M
MORN $254M
FY20
CBOE $1.4B
MORN $308M
FY21
CBOE $546M
MORN $348M
FY22
CBOE $591M
MORN $168M
FY23
CBOE $1.0B
MORN $197M
FY24
CBOE $1.0B
MORN $449M
FY25
CBOE $1.7B
MORN $443M
CBOE
MORN
FY16
CBOE —
MORN —
FY17
CBOE —
MORN —
FY18
CBOE 10.8%
MORN —
FY19
CBOE 9.9%
MORN 15.9%
FY20
CBOE 11.5%
MORN 13.7%
FY21
CBOE 12.9%
MORN 15.5%
FY22
CBOE 5.8%
MORN 6.1%
FY23
CBOE 16.2%
MORN 9.8%
FY24
CBOE 16.3%
MORN 20.6%
FY25
CBOE 22.8%
MORN 22.5%
CBOE
MORN
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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.