Cboe Global Markets vs FactSet

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KIRA’s take AI analyst

I put Cboe Global Markets and FactSet side by side, using each one’s latest annual report. Here is what stands out:

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%).
Cboe Global Markets turned more of its sales into free cash flow (35.7% FCF margin, against 28.6%).
Cboe Global Markets earned a higher return on the capital invested in it (22.8%, against 18.2%).

Who comes out ahead

Of the 11 measures where higher (or lower) is clearly better, how many each company leads.

Cboe Global Markets

CBOE

8/11

Revenue growthGross marginOperating marginNet marginFCF marginReturn on capitalPiotroski F-scoreNet debt / EBITDA

FactSet

FDS

3/11

5-year growthReturn on equityShare count change

Side by side

Best in the row

Latest fiscal year	CBOE FY25	FDS FY26
Size
Market cap	$35.2B	$11.8B
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	26.1x	—
Piotroski F-score	9	6

Ten years

Revenue

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

FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 FY26

CBOE FDS

Operating margin

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%

FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 FY26

CBOE FDS

Free cash flow

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

FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 FY26

CBOE FDS

Return on capital

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%

FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 FY26

CBOE FDS

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.