Cboe Global Markets - Public Comps and Valuation Multiples

Cboe Global Markets Overview

About Cboe Global Markets

Founded in 1973, Cboe controls the largest option exchange in the US, which provides around 60% of the firm's revenue. The company is best known for its proprietary S&P 500 and VIX index options, which it offers through an exclusive contract with S&P Global. The firm moved into US and European equities through the $3.4 billion acquisition of BATS in 2017. Cboe has continued to look to expand internationally, using acquisitions to build a presence in both Canada and Australia.

Founded

2006

HQ

Employees

1.7K+

Website

cboe.com

Sectors

Stock Exchanges
FinTech

Financials

LTM Revenue $2.3B

LTM EBITDA $1.5B

EV

$25.6B

Valuation Multiples

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Cboe Global Markets Financials

As of September 2025, Cboe Global Markets reported last 12-month revenue of $2.3B and EBITDA of $1.5B.

In the same period, Cboe Global Markets generated $20.8M in LTM gross profit and $1.0B in net income.

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Cboe Global Markets P&L

In the most recent fiscal year, Cboe Global Markets reported revenue of $4.1B and EBITDA of $1.3B.

Cboe Global Markets expects next 12-month revenue of XXX and NTM EBITDA of XXX

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	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Revenue	$2.3B	XXX	$4.1B	XXX	XXX	XXX
Gross Profit	$20.8M	XXX	$2.1B	XXX	XXX	XXX
Gross Margin	1%	XXX	51%	XXX	XXX	XXX
EBITDA	$1.5B	XXX	$1.3B	XXX	XXX	XXX
EBITDA Margin	65%	XXX	31%	XXX	XXX	XXX
EBIT	$1.4B	XXX	$1.2B	XXX	XXX	XXX
EBIT Margin	63%	XXX	29%	XXX	XXX	XXX
Net Profit	$1.0B	XXX	$765M	XXX	XXX	XXX
Net Margin	44%	XXX	19%	XXX	XXX	XXX
Net Debt	XXX	XXX	$521M	XXX	XXX	XXX

Financial data powered by Morningstar, Inc.

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Financial performance metrics for Cboe Global Markets including revenue, profitability, and margin analysis across different time periods. The company reported last twelve months revenue of $2.3B. EBITDA for the last twelve months was $1.5B. In the most recent fiscal year, Cboe Global Markets achieved $4.1B in revenue and $1.3B in EBITDA.
Financial Metric	Last Twelve Months (LTM)	Next Twelve Months (NTM)	Most Recent Fiscal Year	Current Fiscal Year (2025)	Next Fiscal Year (2026)	Two Years Forward (2027)
Total Revenue	$2.3B	Analyst estimates available to subscribers	$4.1B	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit	$20.8M	Analyst estimates available to subscribers	$2.1B	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit Margin	0.9% gross margin	Analyst estimates available to subscribers	50.6% gross profit margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBITDA (Earnings Before Interest, Taxes, Depreciation, Amortization)	$1.5B	Analyst estimates available to subscribers	$1.3B	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBITDA Margin	65.1% EBITDA margin	Analyst estimates available to subscribers	31.0% EBITDA margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT (Earnings Before Interest and Taxes)	$1.4B	Analyst estimates available to subscribers	$1.2B	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT Margin	63.0% EBIT margin	Analyst estimates available to subscribers	28.8% EBIT margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Income (Net Profit)	$1.0B	Analyst estimates available to subscribers	$765M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Profit Margin	44.4% net profit margin	Analyst estimates available to subscribers	18.7% net profit margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Debt Position	Detailed debt information available to subscribers	Detailed debt information available to subscribers	$521M	Detailed debt information available to subscribers	Detailed debt information available to subscribers	Detailed debt information available to subscribers

Financial Performance Summary for Cboe Global Markets

This financial data table provides comprehensive performance metrics for Cboe Global Markets, a company based in United States of America. The metrics include revenue, profitability measures, and operational efficiency indicators across multiple time periods.

Recent Performance Highlights

Cboe Global Markets generated $2.3B in revenue over the last twelve months.
The company achieved $1.5B in EBITDA over the last twelve months.
Gross profit for the last twelve months was $20.8M.
Net income over the last twelve months reached $1.0B.

Fiscal Year Performance

In the most recent fiscal year, Cboe Global Markets reported $4.1B in total revenue.
Fiscal year EBITDA was $1.3B.
The company maintained a gross profit margin of 50.6% in the most recent fiscal year.
EBITDA margin for the fiscal year was 31.0%.
Net profit margin reached 18.7% in the most recent fiscal year.

This financial data is sourced from Morningstar, Inc. and represents the most recent available information for Cboe Global Markets. Forward-looking estimates and detailed financial projections are available through our premium subscription service.

Cboe Global Markets Stock Performance

Cboe Global Markets has current market cap of $25.5B, and EV of $25.6B.

Market Cap Evolution

Cboe Global Markets Stock Data

As of October 14, 2025, Cboe Global Markets's stock price is $243.

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EV	Market Cap	Price 1D	Price 1M	Price 3M	Price 12M	EPS
$25.6B	$25.5B	XXX	XXX	XXX	XXX	$9.58

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Cboe Global Markets Valuation Multiples

Cboe Global Markets's trades at 6.3x EV/Revenue multiple, and 20.2x EV/EBITDA.

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Cboe Global Markets Financial Valuation Multiples

As of October 14, 2025, Cboe Global Markets has market cap of $25.5B and EV of $25.6B.

Equity research analysts estimate Cboe Global Markets's 2025E EV/Revenue multiple at XXX and 2025E EV/EBITDA multiple at XXX

Cboe Global Markets has a P/E ratio of 25.3x.

	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Market cap (current)	$25.5B	XXX	$25.5B	XXX	XXX	XXX
EV (current)	$25.6B	XXX	$25.6B	XXX	XXX	XXX
EV/Revenue	11.3x	XXX	6.3x	XXX	XXX	XXX
EV/EBITDA	17.4x	XXX	20.2x	XXX	XXX	XXX
EV/EBIT	18.0x	XXX	21.7x	XXX	XXX	XXX
EV/Gross Profit	1230.4x	XXX	n/a	XXX	XXX	XXX
P/E	25.3x	XXX	33.3x	XXX	XXX	XXX
EV/FCF	15.8x	XXX	24.6x	XXX	XXX	XXX

Valuation data powered by FactSet, Inc. and Morningstar, Inc.

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Cboe Global Markets Margins & Growth Rates

Cboe Global Markets's last 12 month revenue growth is 6%

Cboe Global Markets's revenue per employee in the last FY averaged $2.4M, while opex per employee averaged $0.5M for the same period.

Cboe Global Markets's rule of 40 is 39% (metric relevant for SaaS companies only, counted as combined revenue growth rate and EBITDA margin).

Cboe Global Markets's rule of X is 79% (created by Bessemer, rule of X is another metric relevant for SaaS companies only, ~1.5x stronger vs. the traditional Rule of 40, counted as revenue growth rate multiplied by 2.5 plus EBITDA margin).

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Cboe Global Markets Operational Valuation Multiples

	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Revenue Growth	6%	XXX	-23%	XXX	XXX	XXX
EBITDA Margin	65%	XXX	31%	XXX	XXX	XXX
EBITDA Growth	7%	XXX	9%	XXX	XXX	XXX
Rule of 40	39%	XXX	37%	XXX	XXX	XXX
Bessemer Rule of X	XXX	XXX	79%	XXX	XXX	XXX
Revenue per Employee	XXX	XXX	$2.4M	XXX	XXX	XXX
Opex per Employee	XXX	XXX	$0.5M	XXX	XXX	XXX
S&M Expenses to Revenue	XXX	XXX	1%	XXX	XXX	XXX
G&A Expenses to Revenue	XXX	XXX	n/a	XXX	XXX	XXX
R&D Expenses to Revenue	XXX	XXX	n/a	XXX	XXX	XXX
Opex to Revenue	XXX	XXX	22%	XXX	XXX	XXX

Valuation data powered by FactSet, Inc. and Morningstar, Inc.

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