Cboe Global Markets vs CME Group
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KIRA’s take AI analyst
I put Cboe Global Markets and CME Group side by side, using each one’s latest annual report. Here is what stands out:
- 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.
Who comes out ahead
Of the 10 measures where higher (or lower) is clearly better, how many each company leads.
Cboe Global Markets
CBOE
7/10
Revenue growth5-year growthReturn on capitalReturn on equityPiotroski F-scoreNet debt / EBITDAShare count change
CME Group
CME
3/10
Operating marginNet marginFCF margin
Side by side
Best in the row
| 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 |
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.