Market Summary
USD123.98+1.73
Delayed1.42%
CBOE Alerts
CBOE Stock Price
CBOE RSI Chart
CBOE Valuation
CBOE Price/Sales (Trailing)
CBOE Profitability
CBOE Fundamentals
CBOE Revenue
CBOE Earnings
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
CBOE Investor Care
Peers (Alternatives to Cboe Global Markets)
View All Peers In Detail| Name | Mkt Capsorted ascending | Revenue | Price %, 1M | Returns, 1Y | P/E | P/S | Rev 1-Yr | Inc 1-Yr |
|---|---|---|---|---|---|---|---|---|
| LARGE-CAP | ||||||||
CME | 67.2B | 5.0B | -1.37% | -20.87% | 24.96 | 13.38 | 7.03% | 2.07% |
ICE | 55.5B | 9.6B | -10.69% | -24.62% | 38.36 | 5.76 | 5.10% | -64.37% |
NDAQ | 26.1B | 6.2B | -12.89% | -69.27% | 23.21 | 4.19 | 5.78% | -5.22% |
TROW | 24.5B | 6.5B | -12.11% | -22.62% | 12.06 | 3.54 | -15.43% | -49.47% |
CBOE | 13.1B | 4.0B | -4.92% | 7.40% | 55.9 | 3.32 | 13.27% | -55.58% |
| MID-CAP | ||||||||
IBKR | 7.9B | 2.7B | -12.10% | 23.15% | 4.31 | 2.95 | 95.77% | 12.59% |
SEIC | 7.5B | 2.0B | -12.37% | -3.86% | 15.68 | 3.75 | 3.79% | -13.01% |
SF | 6.2B | 4.6B | -17.08% | -14.81% | 9.36 | 1.35 | -3.98% | -19.72% |
SNEX | 1.9B | 64.7B | -11.71% | 27.62% | 8 | 0.03 | 35.87% | 74.73% |
| SMALL-CAP | ||||||||
BGCP | 2.0B | 1.8B | 17.91% | 16.69% | 41.14 | 1.12 | 16.43% | -60.72% |
VIRT | 1.8B | 2.4B | -12.59% | -48.39% | 6.93 | 0.78 | -15.89% | -44.42% |
COWN | 1.1B | 1.5B | 0.39% | 32.10% | 14.3 | 0.71 | -27.22% | -74.14% |
AC | 816.3M | 10.3M | -0.68% | -10.61% | -15.36 | 79.32 | -29.47% | -152.67% |
WETF | 742.8M | 301.3M | 9.41% | -21.41% | 14.66 | 2.47 | -0.98% | 1.78% |
OPY | 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) | |||||
|---|---|---|---|---|---|---|
| Description | (%) Q/Q | 2022Q4 | 2022Q3 | 2022Q2 | 2022Q1 | 2021Q4 |
| Revenue | 3.6% | 3,959 | 3,820 | 3,644 | 3,459 | 3,495 |
| Cost Of Revenue | 3.3% | 2,217 | 2,145 | 2,041 | 1,930 | 2,019 |
| Gross Profit | 4.0% | 1,742 | 1,675 | 1,602 | 1,529 | 1,476 |
| Operating Expenses | 3.0% | 1,252 | 1,215 | 1,189 | 688 | 670 |
| EBITDA | 1.5% | 651 | 641 | 584 | 1,002 | - |
| EBITDA Margin | -2.1% | 0.16* | 0.17* | 0.16* | 0.29* | - |
| Earnings Before Taxes | 6.3% | 433 | 407 | 352 | 788 | 756 |
| EBT Margin | 2.6% | 0.11* | 0.11* | 0.10* | 0.23* | - |
| Interest Expenses | -27.0% | 51.00 | 70.00 | 66.00 | 37.00 | 42.00 |
| Net Income | -2.6% | 235 | 241 | 211 | 501 | 529 |
| Net Income Margin | -6.0% | 0.06* | 0.06* | 0.06* | 0.14* | - |
| Free Cahsflow | 885.5% | 591 | 60.00 | 449 | 1,206 | - |
| Balance Sheet | (In Millions) | |||||
|---|---|---|---|---|---|---|
| Description | (%) Q/Q | 2022Q4 | 2022Q3 | 2022Q2 | 2022Q1 | 2021Q4 |
| Assets | -4.1% | 6,999 | 7,297 | 7,476 | 8,198 | 6,815 |
| Current Assets | -18.0% | 1,556 | 1,897 | 1,933 | 2,935 | 1,531 |
| Cash Equivalents | 22.5% | 433 | 353 | 373 | 659 | 342 |
| Goodwill | 0.3% | 3,123 | 3,114 | 3,132 | 3,018 | 3,025 |
| Liabilities | -11.7% | 3,534 | 4,004 | 4,214 | 4,631 | 3,210 |
| Current Liabilities | -4.4% | 1,477 | 1,545 | 1,600 | 2,341 | 1,169 |
| Long Term Debt | -5.1% | 1,860 | 1,959 | 1,594 | 1,299 | - |
| LT Debt, Current | - | 305 | - | - | - | - |
| LT Debt, Non Current | -22.7% | 1,437 | 1,860 | 1,959 | 1,594 | 1,299 |
| Shareholder's Equity | 5.2% | 3,465 | 3,294 | 3,262 | 3,567 | 3,605 |
| Retained Earnings | 5.1% | 2,171 | 2,065 | 1,968 | 2,204 | 2,146 |
| Additional Paid-In Capital | -5.1% | 1,455 | 1,533 | 1,526 | 1,519 | 1,509 |
| Shares Outstanding | -0.1% | 106 | 106 | 106 | 106 | 107 |
| Cashflow (Last 12 Months) | (In Millions) | |||||
|---|---|---|---|---|---|---|
| Description | (%) Q/Q | 2022Q4 | 2022Q3 | 2022Q2 | 2022Q1 | 2021Q4 |
| Cashflow From Operations | 513.7% | 651 | 106 | 500 | 1,258 | 597 |
| Share Based Compensation | 13.7% | 31.00 | 27.00 | 26.00 | 24.00 | 27.00 |
| Cashflow From Investing | 13.1% | -835 | -960 | -1,079 | -364 | -352 |
| Cashflow From Financing | -63.0% | 82.00 | 221 | 330 | 66.00 | -200 |
| Dividend Payments | 0.9% | 209 | 208 | 206 | 199 | 193 |
| Buy Backs | 17.9% | 101 | 86.00 | 86.00 | 104 | 81.00 |
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 ascending | Fund Name | Type | % 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% |
Latest Funds Activity
Calls
Puts
Net Call Options
No. of Funds
CBOE Alerts
Cboe Global Markets News
Schedule 13G FIlings of Cboe Global Markets
| Date Filed | Name of Filer | Percent of Class | No. of Shares | Form 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 Value | Very Pessimistic | Pessimistic | Base Case | Optimistic | Very 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 ascending | Name | Buy/Sell | $ Value | Avg. Price | # Shares | Title |
|---|---|---|---|---|---|---|
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 |
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
2022-12-31Consolidated 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 revenues | 2,216.8 | 2,018.7 | 2,172.8 |
| Revenues less cost of revenues | 1,741.7 | 1,476.1 | 1,254.3 |
| Operating expenses: | |||
| Compensation and benefits | 363.0 | 288.5 | 224.9 |
| Depreciation and amortization | 166.8 | 167.4 | 158.5 |
| Technology support services | 77.7 | 66.7 | 54.5 |
| Professional fees and outside services | 89.0 | 83.7 | 60.6 |
| Travel and promotional expenses | 23.7 | 9.7 | 6.6 |
| Facilities costs | 25.1 | 22.2 | 17.6 |
| Acquisition-related costs | 19.9 | 15.6 | 45.2 |
| Goodwill impairment | 460.9 | ||
| Other expenses | 26.0 | 16.4 | 24.2 |
| Total operating expenses | 1,252.1 | 670.2 | 592.1 |
| Operating income | 489.6 | 805.9 | 662.2 |
| 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 provision | 432.9 | 756.1 | 660.4 |
| Income tax provision | 197.9 | 227.1 | 192.2 |
| Net income | 235.0 | 529.0 | 468.2 |
| 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) | 106.3 | 107.0 | 109.1 |
| Diluted weighted average shares outstanding (in shares) | 106.7 | 107.2 | 109.3 |
| Cash and spot markets | |||
| Revenues: | |||
| Total revenues | $ 1,777.6 | $ 1,660.5 | $ 1,820.1 |
| Data and access solutions | |||
| Revenues: | |||
| Total revenues | 497.0 | 427.7 | 360.5 |
| Derivatives markets | |||
| Revenues: | |||
| Total revenues | 1,683.9 | 1,406.6 | 1,246.5 |
| Liquidity payments | |||
| Cost of revenues: | |||
| Total cost of revenues | 1,670.2 | 1,650.7 | 1,554.1 |
| Routing and clearing | |||
| Cost of revenues: | |||
| Total cost of revenues | 83.2 | 87.8 | 70.4 |
| Section 31 fees | |||
| Cost of revenues: | |||
| Total cost of revenues | 329.8 | 179.6 | 465.0 |
| Royalty fees and other cost of revenues | |||
| Cost of revenues: | |||
| Total cost of revenues | $ 133.6 | $ 100.6 | $ 83.3 |
CBOE Balance Sheet
2022-12-31Consolidated Balance Sheets - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
|---|---|---|
| Current assets: | ||
| Cash and cash equivalents | $ 432.7 | $ 341.9 |
| Financial investments | 91.7 | 37.1 |
| Accounts receivable, net of $2.2 allowance for credit losses at December 31, 2022 and $1.0 at December 31, 2021 | 369.8 | 326.9 |
| Margin deposits and clearing funds | 543.0 | 745.9 |
| Digital assets - safeguarded assets | 22.9 | |
| Income taxes receivable | 48.3 | 42.7 |
| Other current assets | 47.6 | 36.8 |
| Total current assets | 1,556.0 | 1,531.3 |
| Investments | 253.2 | 245.8 |
| Land | 2.3 | 2.3 |
| Property and equipment, net | 108.2 | 105.2 |
| Operating lease right of use assets | 111.7 | 110.1 |
| Goodwill | 3,122.8 | 3,025.4 |
| Intangible assets, net | 1,662.8 | 1,668.6 |
| Other assets, net | 181.9 | 125.8 |
| Total assets | 6,998.9 | 6,814.5 |
| Current liabilities: | ||
| Accounts payable and accrued liabilities | 420.2 | 295.4 |
| Section 31 fees payable | 147.1 | 40.8 |
| Deferred revenue | 11.7 | 15.2 |
| Margin deposits and clearing funds | 543.0 | 745.9 |
| Digital assets - safeguarded liabilities | 22.9 | |
| Income taxes payable | 3.5 | 8.2 |
| Current portion of long-term debt | 304.7 | |
| Current portion of contingent consideration liabilities | 24.1 | 63.8 |
| Total current liabilities | 1,477.2 | 1,169.3 |
| Long-term debt | 1,437.3 | 1,299.3 |
| Non-current unrecognized tax benefits | 196.1 | 197.9 |
| Deferred income taxes | 222.9 | 372.7 |
| Non-current operating lease liabilities | 129.3 | 129.2 |
| Non-current portion of contingent consideration liabilities | 15.0 | 6.7 |
| Other non-current liabilities | 55.8 | 34.6 |
| Total liabilities | 3,533.6 | 3,209.7 |
| 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, 2021 | 1.1 | 1.1 |
| 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 capital | 1,455.1 | 1,509.4 |
| Retained earnings | 2,171.1 | 2,145.5 |
| Accumulated other comprehensive (loss) income, net | (31.0) | 55.6 |
| Total stockholders' equity | 3,465.3 | 3,604.8 |
| Total liabilities and stockholders' equity | $ 6,998.9 | $ 6,814.5 |