Cboe Global Markets vs Morningstar
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KIRA’s take AI analyst
I put Cboe Global Markets and Morningstar 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 $2.4B for Morningstar, about 1.9 times as much.
- Cboe Global Markets grew revenue faster (15.1%, against 7.5%).
- Cboe Global Markets kept more of each dollar of sales as operating profit (31.1% operating margin, against 21.5%).
- Cboe Global Markets turned more of its sales into free cash flow (35.7% FCF margin, against 18.1%).
- Investors pay more for each dollar of Cboe Global Markets’s earnings: a P/E of 26.1x against 21.4x for Morningstar.
Who comes out ahead
Of the 11 measures where higher (or lower) is clearly better, how many each company leads.
Cboe Global Markets
CBOE
7/11
Revenue growthOperating marginNet marginFCF marginReturn on capitalPiotroski F-scoreNet debt / EBITDA
Morningstar
MORN
4/11
5-year growthGross marginReturn on equityShare count change
Side by side
Best in the row
| Latest fiscal year | CBOE FY25 | MORN FY25 |
|---|---|---|
| Size | ||
| Market cap | $35.2B | $8.6B |
| Revenue | $4.7B | $2.4B |
| Free cash flow | $1.7B | $443M |
| Net income | $1.1B | $374M |
| Growth | ||
| Revenue growth | 15.1% | 7.5% |
| 5-year growth | 6.6% | 12.0% |
| Share count change | −0.4% | −2.1% |
| Profitability | ||
| Gross margin | 51.5% | 61.0% |
| Operating margin | 31.1% | 21.5% |
| Net margin | 23.3% | 15.3% |
| FCF margin | 35.7% | 18.1% |
| Return on capital | 22.8% | 22.5% |
| Return on equity | 23.4% | 26.4% |
| Balance sheet | ||
| Net debt | −$810M | $544M |
| Net debt / EBITDA | −0.5x | 0.8x |
| Dividends and buybacks | $351M | $864M |
| Valuation & quality | ||
| P/E | 26.1x | 21.4x |
| Piotroski F-score | 9 | 6 |
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.