Cboe Global Markets vs Coinbase
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KIRA’s take AI analyst
I put Cboe Global Markets and Coinbase side by side, using each one’s latest annual report. Here is what stands out:
- Coinbase is the larger business, with $7.2B of revenue in fiscal 2025 against $4.7B for Cboe Global Markets, about 1.5 times as much.
- Cboe Global Markets grew revenue faster (15.1%, against 9.4%).
- Cboe Global Markets kept more of each dollar of sales as operating profit (31.1% operating margin, against 20.0%).
- Cboe Global Markets turned more of its sales into free cash flow (35.7% FCF margin, against 31.9%).
- Cboe Global Markets earned a higher return on the capital invested in it (22.8%, against 14.5%).
Who comes out ahead
Of the 10 measures where higher (or lower) is clearly better, how many each company leads.
Cboe Global Markets
CBOE
8/10
Revenue growthOperating marginNet marginFCF marginReturn on capitalReturn on equityPiotroski F-scoreShare count change
Coinbase
COIN
2/10
5-year growthNet debt / EBITDA
Side by side
Best in the row
| Latest fiscal year | CBOE FY25 | COIN FY25 |
|---|---|---|
| Size | ||
| Market cap | $35.2B | $42.0B |
| Revenue | $4.7B | $7.2B |
| Free cash flow | $1.7B | $2.3B |
| Net income | $1.1B | $1.3B |
| Growth | ||
| Revenue growth | 15.1% | 9.4% |
| 5-year growth | 6.6% | 41.2% |
| Share count change | −0.4% | 5.1% |
| Profitability | ||
| Gross margin | 51.5% | — |
| Operating margin | 31.1% | 20.0% |
| Net margin | 23.3% | 17.6% |
| FCF margin | 35.7% | 31.9% |
| Return on capital | 22.8% | 14.5% |
| Return on equity | 23.4% | 10.1% |
| Balance sheet | ||
| Net debt | −$810M | −$3.9B |
| Net debt / EBITDA | −0.5x | −2.4x |
| Dividends and buybacks | $351M | $790M |
| Valuation & quality | ||
| P/E | 26.1x | — |
| Piotroski F-score | 9 | 4 |
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.