Latest Ratios: P/E Ratio 24.8x · EV/EBITDA 16.2x · ROE 23.4%. (2008–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $27.1B | $26.4B | $20.6B | $19.0B | $13.4B | $14.0B | $10.2B | $13.4B | $11.0B | $13.4B | $7.8B |
| Enterprise Value | $26.5B | $25.8B | $21.3B | $20.0B | $14.8B | $15.1B | $11.3B | $14.1B | $11.9B | $14.5B | $7.7B |
| P/E Ratio → | 24.82 | 24.09 | 27.10 | 25.04 | 57.03 | 26.50 | 21.81 | 35.82 | 25.74 | 33.76 | 32.55 |
| P/S Ratio | 5.74 | 5.60 | 5.03 | 5.03 | 3.38 | 4.00 | 2.97 | 5.37 | 3.96 | 6.01 | 12.13 |
| P/B Ratio | 5.29 | 5.13 | 4.82 | 4.76 | 3.86 | 3.88 | 3.04 | 4.00 | 3.39 | 4.31 | 24.61 |
| P/FCF | 23.47 | 22.88 | 21.39 | 25.35 | 16.55 | 25.61 | 7.21 | 22.45 | 22.02 | 39.75 | 44.21 |
| P/OCF | 22.11 | 21.55 | 20.12 | 23.91 | 15.41 | 23.42 | 6.98 | 21.20 | 20.53 | 35.77 | 35.34 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 5.48 | 5.20 | 5.31 | 3.75 | 4.31 | 3.29 | 5.65 | 4.30 | 6.50 | 11.98 |
| EV / EBITDA | 16.21 | 15.79 | 17.29 | 16.47 | 22.59 | 15.48 | 13.73 | 19.75 | 14.83 | 25.68 | 22.56 |
| EV / EBIT | 17.53 | 15.97 | 18.76 | 18.05 | 30.08 | 18.74 | 16.12 | 26.15 | 19.56 | 38.74 | 24.74 |
| EV / FCF | — | 22.42 | 22.10 | 26.78 | 18.33 | 27.60 | 7.98 | 23.59 | 23.91 | 43.00 | 43.66 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 48.9% | 48.9% | 50.6% | 50.8% | 44.0% | 42.2% | 36.6% | 45.5% | 44.0% | 44.7% | 87.8% |
| Operating Margin | 32.1% | 32.1% | 26.8% | 28.0% | 12.4% | 23.1% | 19.3% | 21.5% | 21.6% | 16.7% | 46.2% |
| Net Profit Margin | 23.3% | 23.3% | 18.7% | 20.2% | 5.9% | 15.1% | 13.7% | 15.0% | 15.4% | 18.0% | 29.0% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 23.4% | 23.4% | 18.5% | 20.4% | 6.6% | 15.2% | 14.0% | 11.4% | 13.4% | 23.4% | 64.7% |
| ROA | 12.9% | 12.9% | 10.0% | 10.5% | 3.4% | 7.9% | 8.1% | 7.2% | 8.1% | 14.0% | 43.4% |
| ROIC | 17.9% | 17.9% | 14.4% | 14.5% | 7.1% | 12.4% | 11.1% | 9.2% | 10.2% | 12.0% | 77.4% |
| ROCE | 22.7% | 22.7% | 17.6% | 18.2% | 8.8% | 14.9% | 13.2% | 11.2% | 12.4% | 14.0% | 84.9% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.33 | 0.33 | 0.37 | 0.40 | 0.54 | 0.40 | 0.40 | 0.27 | 0.38 | 0.40 | — |
| Debt / EBITDA | 1.03 | 1.03 | 1.30 | 1.32 | 2.85 | 1.47 | 1.63 | 1.28 | 1.51 | 2.19 | — |
| Net Debt / Equity | — | -0.10 | 0.16 | 0.27 | 0.42 | 0.30 | 0.33 | 0.20 | 0.29 | 0.35 | -0.31 |
| Net Debt / EBITDA | -0.32 | -0.32 | 0.55 | 0.88 | 2.19 | 1.12 | 1.33 | 0.96 | 1.17 | 1.94 | -0.28 |
| Debt / FCF | — | -0.46 | 0.70 | 1.43 | 1.78 | 1.99 | 0.77 | 1.15 | 1.89 | 3.25 | -0.55 |
| Interest Coverage | 30.95 | 30.95 | 22.04 | 17.79 | 8.21 | 16.75 | 18.06 | 14.26 | 15.95 | 9.06 | 54.34 |
Net cash position: cash ($2.2B) exceeds total debt ($1.7B)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.87 | 1.87 | 1.78 | 1.43 | 1.05 | 1.31 | 1.19 | 2.16 | 1.15 | 1.31 | 2.80 |
| Quick Ratio | 1.87 | 1.87 | 1.78 | 1.43 | 1.05 | 1.31 | 1.19 | 2.16 | 1.15 | 1.31 | 2.80 |
| Cash Ratio | 0.94 | 0.94 | 0.66 | 0.39 | 0.29 | 0.29 | 0.19 | 0.81 | 0.46 | 0.43 | 1.14 |
| Asset Turnover | — | 0.51 | 0.53 | 0.50 | 0.57 | 0.51 | 0.53 | 0.49 | 0.52 | 0.42 | 1.35 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | — | — | — | — | — | — | — | — | — | — |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 1.0% | 1.1% | 1.2% | 1.2% | 1.6% | 1.4% | 1.7% | 1.1% | 1.2% | 0.9% | 1.0% |
| Payout Ratio | 25.8% | 25.8% | 32.6% | 29.4% | 89.1% | 36.5% | 36.4% | 40.0% | 30.6% | 29.4% | 42.0% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 4.0% | 4.2% | 3.7% | 4.0% | 1.8% | 3.8% | 4.6% | 2.8% | 3.9% | 3.0% | 3.1% |
| FCF Yield | 4.3% | 4.4% | 4.7% | 3.9% | 6.0% | 3.9% | 13.9% | 4.5% | 4.5% | 2.5% | 2.3% |
| Buyback Yield | 0.4% | 0.4% | 1.1% | 0.6% | 0.8% | 0.6% | 3.6% | 1.3% | 1.5% | 0.2% | 0.8% |
| Total Shareholder Yield | 1.4% | 1.4% | 2.3% | 1.8% | 2.4% | 2.0% | 5.2% | 2.4% | 2.7% | 1.1% | 1.8% |
| Shares Outstanding | — | $105M | $106M | $106M | $107M | $107M | $109M | $112M | $112M | $108M | $106M |
Regulatory 0DTE volume constraints
Based on current market data, CBOE trades at a forward P/E of 17.87, which appears to reflect investor confidence in the durability of its proprietary index products compared to the more commoditized equity-focused valuation multiples observed in broader exchange sector peers like Nasdaq or ICE.
The valuation premium relative to historical averages suggests that the market is pricing in a structural shift in trading behavior driven by 0DTE options. Investors should monitor whether this multiple expansion is sustainable, as it relies heavily on the assumption that proprietary volume growth will continue to outpace the lower-margin equity trading segments.
As reported in financial statements, CBOE's ROIC has remained in the mid-single digits, reaching 5.5% in 2026Q1, which suggests that the firm's significant goodwill and intangible asset base from past acquisitions may be diluting the returns generated by its core high-margin exchange operations.
While the underlying business model is highly profitable, the return on invested capital appears modest when compared to pure-play technology or data providers. This warrants further investigation into whether future capital allocation should prioritize organic product development over further inorganic expansion to improve long-term compounding efficiency.
According to recent quarterly filings, CBOE's asset turnover remains low at 0.12, a figure that reflects the capital-intensive nature of exchange infrastructure and the significant balance sheet weight of clearing-related assets rather than operational inefficiency in the core trading business.
The stability of the DSO metric around 32-36 days suggests that the firm maintains consistent control over its receivables despite the complexity of global clearing cycles. Investors should interpret these turnover ratios as a function of the exchange business model rather than a signal of operational sluggishness.
Based on reported figures, CBOE maintains a disciplined debt-to-equity ratio of 0.29 as of 2026Q1, indicating that the firm is well-positioned to manage its interest obligations, which are comfortably covered by an interest coverage ratio of nearly 40x in the most recent quarter.
This conservative capital structure provides a significant buffer against market volatility and potential regulatory shocks. The firm's ability to maintain such low leverage while funding growth suggests a prudent approach to balance sheet management that distinguishes it from more highly levered financial services peers.
The P/E ratio is frequently misapplied to CBOE because it fails to account for the significant non-cash amortization of intangible assets resulting from past acquisitions, which artificially depresses reported earnings and obscures the company's true underlying cash-generative capacity and operational profitability.
Analysts should instead focus on EV/EBITDA or free cash flow metrics to better assess the firm's economic performance. Relying solely on P/E may lead to an undervaluation of the business, as it ignores the high-margin nature of the proprietary index products that drive the majority of the firm's value.
Includes 30+ ratios · 18 years · Updated daily
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Quick answers to the most common questions about buying CBOE stock.
Cboe Global Markets, Inc.'s current P/E ratio is 24.8x. The historical average is 27.9x. This places it at the 31th percentile of its historical range.
Cboe Global Markets, Inc.'s current EV/EBITDA is 16.2x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 16.9x.
Cboe Global Markets, Inc.'s return on equity (ROE) is 23.4%. This is above the typical threshold of 15-20% considered good for most companies. The historical average is 38.1%.
Based on historical data, Cboe Global Markets, Inc. is trading at a P/E of 24.8x. This is at the 31th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Cboe Global Markets, Inc.'s current dividend yield is 1.05% with a payout ratio of 25.8%.
Cboe Global Markets, Inc. has 48.9% gross margin and 32.1% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
Cboe Global Markets, Inc.'s Debt/EBITDA ratio is 1.0x, indicating moderate leverage. A ratio below 2x is generally considered financially healthy.