Cboe Global Markets vs MSCI
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The short version
- Cboe Global Markets is the larger business, with $4.7B of revenue in fiscal 2025 against $3.1B for MSCI, about 1.5 times as much.
- Cboe Global Markets grew revenue faster (15.1%, against 9.8%).
- MSCI kept more of each dollar of sales as operating profit (54.7% operating margin, against 31.1%).
- MSCI turned more of its sales into free cash flow (49.4% FCF margin, against 35.7%).
- MSCI earned a higher return on the capital invested in it (44.5%, against 22.8%).
- Investors pay more for each dollar of MSCI’s earnings: a P/E of 32.6x against 26.5x for Cboe Global Markets.
| Latest fiscal year | CBOE · FY25 | MSCI · FY25 |
|---|---|---|
| Size | ||
| Market cap | $35.7B | $44.5B |
| Revenue | $4.7B | $3.1B |
| Free cash flow | $1.7B | $1.5B |
| Net income | $1.1B | $1.2B |
| Growth | ||
| Revenue growth | 15.1% | 9.8% |
| 5-year growth | 6.6% | 13.1% |
| Share count change | −0.4% | −2.9% |
| Profitability | ||
| Gross margin | 51.5% | — |
| Operating margin | 31.1% | 54.7% |
| Net margin | 23.3% | 38.4% |
| FCF margin | 35.7% | 49.4% |
| Return on capital | 22.8% | 44.5% |
| Return on equity | 23.4% | — |
| Balance sheet | ||
| Net debt | −$810M | $5.7B |
| Net debt / EBITDA | −0.5x | 3.3x |
| Dividends and buybacks | $351M | $3.0B |
| Valuation & quality | ||
| P/E | 26.5x | 32.6x |
| Piotroski F-score | 9 | 7 |
Revenue
FY16
CBOE $703M
MSCI $1.2B
FY17
CBOE $2.2B
MSCI $1.3B
FY18
CBOE $2.8B
MSCI $1.4B
FY19
CBOE $2.5B
MSCI $1.6B
FY20
CBOE $3.4B
MSCI $1.7B
FY21
CBOE $3.5B
MSCI $2.0B
FY22
CBOE $4.0B
MSCI $2.2B
FY23
CBOE $3.8B
MSCI $2.5B
FY24
CBOE $4.1B
MSCI $2.9B
FY25
CBOE $4.7B
MSCI $3.1B
CBOE
MSCI
Operating margin
FY16
CBOE 42.4%
MSCI 42.4%
FY17
CBOE 16.7%
MSCI 45.5%
FY18
CBOE 21.7%
MSCI 47.9%
FY19
CBOE 21.5%
MSCI 48.5%
FY20
CBOE 19.3%
MSCI 52.2%
FY21
CBOE 23.1%
MSCI 52.5%
FY22
CBOE 12.4%
MSCI 53.7%
FY23
CBOE 28.0%
MSCI 54.8%
FY24
CBOE 26.8%
MSCI 53.5%
FY25
CBOE 31.1%
MSCI 54.7%
CBOE
MSCI
Free cash flow
FY16
CBOE $185M
MSCI $410M
FY17
CBOE $337M
MSCI $371M
FY18
CBOE $498M
MSCI $583M
FY19
CBOE $598M
MSCI $680M
FY20
CBOE $1.4B
MSCI $789M
FY21
CBOE $546M
MSCI $923M
FY22
CBOE $591M
MSCI $1.1B
FY23
CBOE $1.0B
MSCI $1.2B
FY24
CBOE $1.0B
MSCI $1.5B
FY25
CBOE $1.7B
MSCI $1.5B
CBOE
MSCI
Return on capital
FY16
CBOE —
MSCI 20.0%
FY17
CBOE —
MSCI 23.7%
FY18
CBOE 10.8%
MSCI 35.8%
FY19
CBOE 9.9%
MSCI 47.2%
FY20
CBOE 11.5%
MSCI 49.9%
FY21
CBOE 12.9%
MSCI 43.2%
FY22
CBOE 5.8%
MSCI 39.6%
FY23
CBOE 16.2%
MSCI 39.9%
FY24
CBOE 16.3%
MSCI 38.7%
FY25
CBOE 22.8%
MSCI 44.5%
CBOE
MSCI
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.