Cboe Global Markets vs MSCI
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KIRA’s take AI analyst
I put Cboe Global Markets and MSCI 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 $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 32.7x against 26.1x for Cboe Global Markets.
Who comes out ahead
Of the 9 measures where higher (or lower) is clearly better, how many each company leads.
Cboe Global Markets
CBOE
3/9
Revenue growthPiotroski F-scoreNet debt / EBITDA
MSCI
MSCI
6/9
5-year growthOperating marginNet marginFCF marginReturn on capitalShare count change
Side by side
Best in the row
| Latest fiscal year | CBOE FY25 | MSCI FY25 |
|---|---|---|
| Size | ||
| Market cap | $35.2B | $44.7B |
| 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 | 26.1x | 32.7x |
| Piotroski F-score | 9 | 7 |
Ten years
Revenue
Operating margin
Free cash flow
Return on capital
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.