Cboe Global Markets, Inc. (CBOE)

FairStock Score: 68/100 — STEADY

Key Financials

AI Analysis

AI-generated, general educational analysis — not personal investment advice.

As a Buffett-style investor, I begin with business quality. Cboe operates a derivatives and securities exchange network across options, North American equities, Europe and Asia Pacific, futures, and global FX. Exchange networks can benefit from scale, regulatory barriers, and recurring transaction flows, but the numbers must justify the price. The filed figures show fiscal year 2025, the year ended 2025-12-31, had revenue of $4.7B, net income of $1.1B, and diluted EPS of $10.42, up from fiscal year 2024, the year ended 2024-12-31, with revenue of $4.1B, net income of $764.9M, and diluted EPS of $7.21. In fiscal Q2 2026, the quarter ended 2026-06-30, revenue was $1.4B, net income was $353.1M, and diluted EPS was $3.35, compared with fiscal Q2 2025, the quarter ended 2025-06-30, when revenue was $1.2B, net income was $235.1M, and diluted EPS was $2.23. FairStock calculations show ROE of 26.3%, ROCE of 11.58%, debt/equity of 0.28, trailing free cash flow of $1.9B, a 6.1% FCF yield, and an Altman Z-score of 4.75. At the 2026-10-13 close of $292.25, however, FairStock calculates a P/E of 22.80, P/B of 5.43, and a Graham Number of $124.59, producing a margin of safety of -134.57%. The FairStock Score is 67/100 and the Piotroski F-score is 4/9. The computed Lynch category is STALWART, based on 18.6% five-year profit growth and 6.6% revenue growth. Quality is evident, but the price leaves little Graham-style cushion.

In plain English: Cboe runs marketplaces where people trade options, futures, stocks, and currencies. The business looks strong: it earns big profits, carries little debt, and turns a lot of revenue into cash. But at $292.25, the stock looks expensive compared with its current profits and accounting value, so the market is already paying a high price for those strengths.

The full AI analysis, bull and bear case and key monitorables are in FairStock Pro.

Data as of 2026-10-13 close · note generated 2026-10-15 · model deepseek-flash

Sources (SEC EDGAR): fiscal Q2 2026 10-Q (period ended 2026-06-30) · fiscal Q1 2026 10-Q (period ended 2026-03-31) · fiscal Q3 2025 10-Q (period ended 2025-09-30) · fiscal Q2 2025 10-Q (period ended 2025-06-30) · FY2025 10-K (period ended 2025-12-31) · FY2024 10-K (period ended 2024-12-31) · FY2023 10-K (period ended 2023-12-31)

Fundamentals from company filings and market-data providers; prices are end-of-day, not real-time. AI-generated analysis is general and educational — not personal investment advice. Scoring methodology · Score test · Disclaimer