Cboe Global Markets vs CME Group
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The short version
- CME Group is the larger business, with $6.5B of revenue in fiscal 2025 against $4.7B for Cboe Global Markets.
- Cboe Global Markets grew revenue faster (15.1%, against 6.4%).
- CME Group kept more of each dollar of sales as operating profit (64.9% operating margin, against 31.1%).
- CME Group turned more of its sales into free cash flow (64.3% FCF margin, against 35.7%).
- Cboe Global Markets earned a higher return on the capital invested in it (22.8%, against 11.9%).
- Investors pay more for each dollar of Cboe Global Markets’s earnings: a P/E of 26.5x against 25.1x for CME Group.
| Latest fiscal year | CBOE · FY25 | CME · FY25 |
|---|---|---|
| Size | ||
| Market cap | $35.7B | $109.6B |
| Revenue | $4.7B | $6.5B |
| Free cash flow | $1.7B | $4.2B |
| Net income | $1.1B | $4.1B |
| Growth | ||
| Revenue growth | 15.1% | 6.4% |
| 5-year growth | 6.6% | 6.0% |
| Share count change | −0.4% | 0.1% |
| Profitability | ||
| Gross margin | 51.5% | — |
| Operating margin | 31.1% | 64.9% |
| Net margin | 23.3% | 62.5% |
| FCF margin | 35.7% | 64.3% |
| Return on capital | 22.8% | 11.9% |
| Return on equity | 23.4% | 14.8% |
| Balance sheet | ||
| Net debt | −$810M | −$1.1B |
| Net debt / EBITDA | −0.5x | −0.3x |
| Dividends and buybacks | $351M | $3.9B |
| Valuation & quality | ||
| P/E | 26.5x | 25.1x |
| Piotroski F-score | 9 | 7 |
FY16
CBOE $703M
CME $3.6B
FY17
CBOE $2.2B
CME $3.6B
FY18
CBOE $2.8B
CME $4.3B
FY19
CBOE $2.5B
CME $4.9B
FY20
CBOE $3.4B
CME $4.9B
FY21
CBOE $3.5B
CME $4.7B
FY22
CBOE $4.0B
CME $5.0B
FY23
CBOE $3.8B
CME $5.6B
FY24
CBOE $4.1B
CME $6.1B
FY25
CBOE $4.7B
CME $6.5B
CBOE
CME
FY16
CBOE 42.4%
CME 61.2%
FY17
CBOE 16.7%
CME 63.4%
FY18
CBOE 21.7%
CME 60.5%
FY19
CBOE 21.5%
CME 53.2%
FY20
CBOE 19.3%
CME 54.0%
FY21
CBOE 23.1%
CME 56.4%
FY22
CBOE 12.4%
CME 60.1%
FY23
CBOE 28.0%
CME 61.6%
FY24
CBOE 26.8%
CME 64.1%
FY25
CBOE 31.1%
CME 64.9%
CBOE
CME
FY16
CBOE $185M
CME $1.6B
FY17
CBOE $337M
CME $1.7B
FY18
CBOE $498M
CME $2.3B
FY19
CBOE $598M
CME $2.4B
FY20
CBOE $1.4B
CME $2.5B
FY21
CBOE $546M
CME $2.3B
FY22
CBOE $591M
CME $3.0B
FY23
CBOE $1.0B
CME $3.4B
FY24
CBOE $1.0B
CME $3.6B
FY25
CBOE $1.7B
CME $4.2B
CBOE
CME
FY16
CBOE —
CME 7.1%
FY17
CBOE —
CME 10.7%
FY18
CBOE 10.8%
CME 7.2%
FY19
CBOE 9.9%
CME 7.1%
FY20
CBOE 11.5%
CME 7.2%
FY21
CBOE 12.9%
CME 7.3%
FY22
CBOE 5.8%
CME 8.3%
FY23
CBOE 16.2%
CME 9.8%
FY24
CBOE 16.3%
CME 11.3%
FY25
CBOE 22.8%
CME 11.9%
CBOE
CME
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.