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Cboe Global Markets Inc Stock Research

CBOE

123.98USD+1.73(+1.42%)Delayed

Market Summary

USD123.98+1.73
Delayed
1.42%

CBOE Alerts

CBOE Stock Price

CBOE RSI Chart

CBOE Valuation

Market Cap

13.1B

Price/Earnings (Trailing)

55.9

Price/Sales (Trailing)

3.32

EV/EBITDA

22.38

Price/Free Cashflow

22.22

CBOE Price/Sales (Trailing)

CBOE Profitability

Operating Margin

44.00%

EBT Margin

10.94%

Return on Equity

6.78%

Return on Assets

3.36%

Free Cashflow Yield

4.5%

CBOE Fundamentals

CBOE Revenue

Revenue (TTM)

4.0B

Revenue Y/Y

15.96%

Revenue Q/Q

1.13%

CBOE Earnings

Earnings (TTM)

235.0M

Earnings Y/Y

-3.74%

Earnings Q/Q

6.32%

Price Action

52 Week Range

103.36131.50
(Low)(High)

Last 7 days

-0.8%

Last 30 days

-4.9%

Last 90 days

-1.5%

Trailing 12 Months

7.4%

CBOE Financial Health

Current Ratio

1.05

Debt/Equity

0.54

Debt/Cashflow

0.35

CBOE Investor Care

Dividend Yield

1.58%

Dividend/Share (TTM)

1.96

Buy Backs (1Y)

0.65%

Diluted EPS (TTM)

2.19

Peers (Alternatives to Cboe Global Markets)

View All Peers In Detail
NameMkt Capsorted ascendingRevenuePrice %, 1MReturns, 1YP/EP/SRev 1-YrInc 1-Yr
LARGE-CAP
67.2B
5.0B
-1.37% -20.87%
24.96
13.38
7.03% 2.07%
55.5B
9.6B
-10.69% -24.62%
38.36
5.76
5.10% -64.37%
26.1B
6.2B
-12.89% -69.27%
23.21
4.19
5.78% -5.22%
24.5B
6.5B
-12.11% -22.62%
12.06
3.54
-15.43% -49.47%
13.1B
4.0B
-4.92% 7.40%
55.9
3.32
13.27% -55.58%
MID-CAP
7.9B
2.7B
-12.10% 23.15%
4.31
2.95
95.77% 12.59%
7.5B
2.0B
-12.37% -3.86%
15.68
3.75
3.79% -13.01%
6.2B
4.6B
-17.08% -14.81%
9.36
1.35
-3.98% -19.72%
1.9B
64.7B
-11.71% 27.62%
8
0.03
35.87% 74.73%
SMALL-CAP
2.0B
1.8B
17.91% 16.69%
41.14
1.12
16.43% -60.72%
1.8B
2.4B
-12.59% -48.39%
6.93
0.78
-15.89% -44.42%
1.1B
1.5B
0.39% 32.10%
14.3
0.71
-27.22% -74.14%
816.3M
10.3M
-0.68% -10.61%
-15.36
79.32
-29.47% -152.67%
742.8M
301.3M
9.41% -21.41%
14.66
2.47
-0.98% 1.78%
445.7M
1.1B
-15.80% -8.69%
13.78
0.4
-20.31% -79.65%

Financials for Cboe Global Markets

Income Statement (Last 12 Months)
(In Millions)
* denotes actual numbers (not divided by Millions)
Description(%) Q/Q2022Q42022Q32022Q22022Q12021Q4
Revenue3.6%3,9593,8203,6443,4593,495
Cost Of Revenue3.3%2,2172,1452,0411,9302,019
Gross Profit4.0%1,7421,6751,6021,5291,476
Operating Expenses3.0%1,2521,2151,189688670
EBITDA1.5%6516415841,002-
EBITDA Margin-2.1%0.16*0.17*0.16*0.29*-
Earnings Before Taxes6.3%433407352788756
EBT Margin2.6%0.11*0.11*0.10*0.23*-
Interest Expenses-27.0%51.0070.0066.0037.0042.00
Net Income-2.6%235241211501529
Net Income Margin-6.0%0.06*0.06*0.06*0.14*-
Free Cahsflow885.5%59160.004491,206-
Balance Sheet
(In Millions)
* denotes actual numbers (not divided by Millions)
Description(%) Q/Q2022Q42022Q32022Q22022Q12021Q4
Assets-4.1%6,9997,2977,4768,1986,815
  Current Assets-18.0%1,5561,8971,9332,9351,531
    Cash Equivalents22.5%433353373659342
  Goodwill0.3%3,1233,1143,1323,0183,025
Liabilities-11.7%3,5344,0044,2144,6313,210
  Current Liabilities-4.4%1,4771,5451,6002,3411,169
  Long Term Debt-5.1%1,8601,9591,5941,299-
    LT Debt, Current-305----
    LT Debt, Non Current-22.7%1,4371,8601,9591,5941,299
Shareholder's Equity5.2%3,4653,2943,2623,5673,605
  Retained Earnings5.1%2,1712,0651,9682,2042,146
  Additional Paid-In Capital-5.1%1,4551,5331,5261,5191,509
Shares Outstanding-0.1%106106106106107
Cashflow (Last 12 Months)
(In Millions)
Description(%) Q/Q2022Q42022Q32022Q22022Q12021Q4
Cashflow From Operations513.7%6511065001,258597
  Share Based Compensation13.7%31.0027.0026.0024.0027.00
Cashflow From Investing13.1%-835-960-1,079-364-352
Cashflow From Financing-63.0%82.0022133066.00-200
  Dividend Payments0.9%209208206199193
  Buy Backs17.9%10186.0086.0010481.00

Risks for CBOE

What is the probability of a big loss on CBOE?

42.7%


Probability that Cboe Global Markets stock will be more than 20% underwater in next one year

29.2%


Probability that Cboe Global Markets stock will be more than 30% underwater in next one year.

0%


Probability that Cboe Global Markets stock will be more than 40% underwater in next one year.
*Calculated based on probability distribution of losses observed in actual data in the last 5 years.

How does CBOE drawdown profile look like?

Y-axis is the maximum loss one would have experienced if Cboe Global Markets was unfortunately bought at previous high price.

Drawdowns

Returns for CBOE

Cumulative Returns on CBOE

14.5%


10-Year Cumulative Returns

10.5%


7-Year Cumulative Returns

1.7%


5-Year Cumulative Returns

10.2%


3-Year Cumulative Returns

What are the long-term rolling returns for CBOE?

FIve years rolling returns for Cboe Global Markets.

Annualized Returns

Which funds bought or sold CBOE recently?

View All Details
Datesorted ascendingFund NameType% Chg$ Change$ Held% Portfolio
2023-03-10
VICTORY CAPITAL MANAGEMENT INC
reduced
-2.16
3,283,040
74,724,000
0.08%
2023-03-08
Capital Asset Advisory Services LLC
added
2.22
27,857
328,857
0.03%
2023-03-06
Rockefeller Capital Management L.P.
reduced
-0.53
484,000
8,142,000
0.04%
2023-03-01
Regal Investment Advisors LLC
added
1.32
17,977
240,977
0.02%
2023-02-28
Voya Investment Management LLC
added
2.41
423,315
4,889,320
0.01%
2023-02-24
SRS Capital Advisors, Inc.
new
-
1,129
1,129
-%
2023-02-24
National Pension Service
new
-
22,164,300
22,164,300
0.04%
2023-02-24
NATIXIS
added
58.77
1,307,070
3,188,070
0.02%
2023-02-22
TEACHERS RETIREMENT SYSTEM OF THE STATE OF KENTUCKY
unchanged
-
79,000
1,217,000
0.01%
2023-02-21
COGNIOS BETA NEUTRAL LARGE CAP FUND, LP
new
-
593,974
593,974
0.28%

1–10 of 46

Latest Funds Activity

Are funds buying CBOE calls or puts?
Calls
Puts
Are funds bullish or bearish(Calls - Puts)?
Net Call Options
No. of funds that own CBOE
No. of Funds

Cboe Global Markets News

Crain's Chicago Business

Paul Vallas emulates Rahm Emanuel to court business.

Crain's Chicago Business,
44 hours ago

The Wall Street Journal

Traders Fear Big Losses in Risky Bonds.

The Wall Street Journal,
3 days ago

Investor's Business Daily

Investor's Business Daily

Investor's Business Daily

CBOE Stock Global Trades Near All-Time High.

Investor's Business Daily,
4 days ago

The Wall Street Journal

Markets Media

Cboe Europe Derivatives Expands.

Markets Media,
5 days ago

The Wall Street Journal

Bets Against Banks Surge.

The Wall Street Journal,
9 days ago

Schedule 13G FIlings of Cboe Global Markets

Date FiledName of FilerPercent of ClassNo. of SharesForm Type
Feb 14, 2023
price t rowe associates inc /md/
0.4%
396,540
SC 13G/A
Feb 09, 2023
vanguard group inc
12.01%
12,744,399
SC 13G/A
Jan 30, 2023
blackrock inc.
10.4%
11,016,804
SC 13G/A
Feb 14, 2022
price t rowe associates inc /md/
6.5%
7,028,195
SC 13G/A
Feb 09, 2022
vanguard group inc
11.44%
12,196,048
SC 13G/A
Feb 03, 2022
blackrock inc.
9.3%
9,910,418
SC 13G/A
Feb 16, 2021
price t rowe associates inc /md/
9.5%
10,356,063
SC 13G/A
Feb 10, 2021
vanguard group inc
10.65%
11,510,947
SC 13G/A
Jan 29, 2021
blackrock inc.
8.2%
8,884,798
SC 13G/A
Feb 14, 2020
price t rowe associates inc /md/
10.8%
12,028,620
SC 13G/A

CBOE Fair Value

Cboe Global Markets fair value in different scenarios

The table shows the Fair Value estimates for Cboe Global Markets for various scenarios. Disclaimer: These are just estimations from a model. None of the models are good at predicting the future. Please dont buy or sell stocks based on these outputs.
Fair ValueVery PessimisticPessimisticBase CaseOptimisticVery Optimistic
Very Low Inflation

67.85

-45.27%

95.92

-22.63%

136.85

10.38%

198.69

60.26%

299.78

141.80%
Current Inflation

62.45

-49.63%

86.59

-30.16%

120.95

-2.44%

172.72

39.31%

257.91

108.03%
Very High Inflation

55.81

-54.98%

75.40

-39.18%

102.31

-17.48%

142.77

15.16%

210.00

69.38%

Historical Cboe Global Markets Fair Value Estimates


Very Pessimistic Case
Pessimistic Case
Fair Value
Optimistic Case
Very Optimistic Case
Closing Stock Price

Recent SEC filings of Cboe Global Markets

View All Filings
Date Filed Form Type Document
Feb 22, 2023
4
Insider Trading
Feb 22, 2023
4
Insider Trading
Feb 22, 2023
4
Insider Trading
Feb 22, 2023
4
Insider Trading
Feb 22, 2023
4
Insider Trading
Feb 22, 2023
4
Insider Trading
Feb 22, 2023
4
Insider Trading
Feb 22, 2023
4
Insider Trading
Feb 17, 2023
10-K
Annual Report
Feb 17, 2023
S-3ASR
S-3ASR

Latest Insider Trading transactions for CBOE

Filter Transactions
Datesorted ascendingNameBuy/Sell$ ValueAvg. Price# SharesTitle
2023-02-21
Schell Brian N
sold
-515,613
129
-3,997
executive vp, cfo & treasurer
2023-02-19
Isaacson Christopher A
sold (taxes)
-486,669
129
-3,770
evp, coo
2023-02-19
Howson Dave
sold (taxes)
-397,597
129
-3,080
evp, global president
2023-02-19
Tilly Edward T
acquired
3,033,230
129
23,497
chairman and ceo
2023-02-19
Clay Catherine R
sold (taxes)
-99,141
129
-768
evp, data and access solutions
2023-02-19
Griebenow Jill
sold (taxes)
-134,125
129
-1,039
svp, cao
2023-02-19
Sexton John P
sold (taxes)
-118,763
129
-920
evp, gc and corp sec
2023-02-19
Clay Catherine R
acquired
318,852
129
2,470
evp, data and access solutions
2023-02-19
Schell Brian N
sold (taxes)
-410,635
129
-3,181
executive vp, cfo & treasurer
2023-02-19
Isaacson Christopher A
acquired
1,096,880
129
8,497
evp, coo

1–10 of 50

Edward T. Tilly
1200
Cboe Global Markets, Inc., through its subsidiaries, operates as an options exchange worldwide. It operates through five segments: Options, North American Equities, Futures, Europe and Asia Pacific, and Global FX. The Options segment trades in listed market indices. The North American Equities segment trades in listed U.S. and Canadian equities. This segment also offers exchange-traded products (ETP) transaction and ETP listing services. The Futures segment trades in futures. The Europe and Asia Pacific segment offers pan-European listed equities and derivatives transaction services, ETPs, exchange-traded commodities, and international depository receipts, as well as ETP listings and clearing services. The Global FX segment provides institutional foreign exchange (FX) trading and non-deliverable forward FX transactions services. The company has strategic relationships with S&P Dow Jones Indices, LLC; FTSE International Limited; Frank Russell Company; MSCI Inc.; and DJI Opco, LLC. The company was formerly known as CBOE Holdings, Inc. and changed its name to Cboe Global Markets, Inc. in October 2017. Cboe Global Markets, Inc. was founded in 1973 and is headquartered in Chicago, Illinois.

CBOE Income Statement

2022-12-31
Consolidated Statements of Income - USD ($)
shares in Millions, $ in Millions
12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Revenues:   
Total revenues$ 3,958.5$ 3,494.8$ 3,427.1
Cost of revenues:   
Total cost of revenues2,216.82,018.72,172.8
Revenues less cost of revenues1,741.71,476.11,254.3
Operating expenses:   
Compensation and benefits363.0288.5224.9
Depreciation and amortization166.8167.4158.5
Technology support services77.766.754.5
Professional fees and outside services89.083.760.6
Travel and promotional expenses23.79.76.6
Facilities costs25.122.217.6
Acquisition-related costs19.915.645.2
Goodwill impairment460.9  
Other expenses26.016.424.2
Total operating expenses1,252.1670.2592.1
Operating income489.6805.9662.2
Non-operating (expenses) income:   
Interest expense, net(56.4)(47.4)(37.6)
Other (expense) income, net(0.3)(2.4)35.8
Income before income tax provision432.9756.1660.4
Income tax provision197.9227.1192.2
Net income235.0529.0468.2
Net income allocated to participating securities(0.9)(1.7)(1.2)
Net income allocated to common stockholders$ 234.1$ 527.3$ 467.0
Basic earnings per share (in dollars per share)$ 2.20$ 4.93$ 4.28
Diluted earnings per share (in dollars per share)$ 2.19$ 4.92$ 4.27
Basic weighted average shares outstanding (in shares)106.3107.0109.1
Diluted weighted average shares outstanding (in shares)106.7107.2109.3
Cash and spot markets   
Revenues:   
Total revenues$ 1,777.6$ 1,660.5$ 1,820.1
Data and access solutions   
Revenues:   
Total revenues497.0427.7360.5
Derivatives markets   
Revenues:   
Total revenues1,683.91,406.61,246.5
Liquidity payments   
Cost of revenues:   
Total cost of revenues1,670.21,650.71,554.1
Routing and clearing   
Cost of revenues:   
Total cost of revenues83.287.870.4
Section 31 fees   
Cost of revenues:   
Total cost of revenues329.8179.6465.0
Royalty fees and other cost of revenues   
Cost of revenues:   
Total cost of revenues$ 133.6$ 100.6$ 83.3

CBOE Balance Sheet

2022-12-31
Consolidated Balance Sheets - USD ($)
$ in Millions
Dec. 31, 2022
Dec. 31, 2021
Current assets:  
Cash and cash equivalents$ 432.7$ 341.9
Financial investments91.737.1
Accounts receivable, net of $2.2 allowance for credit losses at December 31, 2022 and $1.0 at December 31, 2021369.8326.9
Margin deposits and clearing funds543.0745.9
Digital assets - safeguarded assets22.9 
Income taxes receivable48.342.7
Other current assets47.636.8
Total current assets1,556.01,531.3
Investments253.2245.8
Land2.32.3
Property and equipment, net108.2105.2
Operating lease right of use assets111.7110.1
Goodwill3,122.83,025.4
Intangible assets, net1,662.81,668.6
Other assets, net181.9125.8
Total assets6,998.96,814.5
Current liabilities:  
Accounts payable and accrued liabilities420.2295.4
Section 31 fees payable147.140.8
Deferred revenue11.715.2
Margin deposits and clearing funds543.0745.9
Digital assets - safeguarded liabilities22.9 
Income taxes payable3.58.2
Current portion of long-term debt304.7 
Current portion of contingent consideration liabilities24.163.8
Total current liabilities1,477.21,169.3
Long-term debt1,437.31,299.3
Non-current unrecognized tax benefits196.1197.9
Deferred income taxes222.9372.7
Non-current operating lease liabilities129.3129.2
Non-current portion of contingent consideration liabilities15.06.7
Other non-current liabilities55.834.6
Total liabilities3,533.63,209.7
Commitments and contingencies
Stockholders' equity:  
Preferred stock, $0.01 par value: 20,000,000 shares authorized, no shares issued and outstanding at December 31, 2022 and December 31, 2021
Common stock, $0.01 par value: 325,000,000 shares authorized, 107,670,248 and 105,951,199 shares issued and outstanding, respectively at December 31, 2022 and 108,159,319 and 106,646,498 shares issued and outstanding, respectively at December 31, 20211.11.1
Common stock in treasury, at cost, 1,719,049 shares at December 31, 2022 and 1,512,821 shares at December 31, 2021(131.0)(106.8)
Additional paid-in capital1,455.11,509.4
Retained earnings2,171.12,145.5
Accumulated other comprehensive (loss) income, net(31.0)55.6
Total stockholders' equity3,465.33,604.8
Total liabilities and stockholders' equity$ 6,998.9$ 6,814.5