Cboe Global Markets, Inc. (CBOE) intrinsic value & 10-year financials
Cboe Global Markets, Inc. (CBOE) has a Graham intrinsic value of $346.11 per share. At $314.98 on Oct 17, 2026, the stock trades 9% below that value. Over the last 10 fiscal years revenue grew 23.5% a year to $4.7B, with an average return on invested capital of 20.1%.
- Graham intrinsic value
- $346.11
- Share price (Oct 17, 2026)
- $314.98
- Price vs Graham value
- 9% below
- Market cap
- $33.1B
- Revenue (FY2025)
- $4.7B
- Revenue growth (10-yr CAGR)
- 23.5%
- ROIC (10-yr avg)
- 20.1%
- Free cash flow (FY2025)
- $1.7B
CBOE 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $4.7B | $1.1B | $10.42 | $1.7B | 31.1% | 21.9% |
| FY2024 | $4.1B | $764.9M | $7.21 | $1.0B | 26.8% | 15.5% |
| FY2023 | $3.8B | $761.4M | $7.13 | $1.0B | 28.0% | 15.5% |
| FY2022 | $4.0B | $235.0M | $2.19 | $591.3M | 12.4% | 5.5% |
| FY2021 | $3.5B | $529.0M | $4.92 | $545.8M | 23.1% | 12.4% |
| FY2020 | $3.4B | $468.2M | $4.27 | $1.4B | 19.3% | 11.1% |
| FY2019 | $2.5B | $374.9M | $3.34 | $597.7M | 21.5% | 9.7% |
| FY2018 | $2.8B | $426.5M | $3.76 | $498.4M | 21.6% | 10.6% |
| FY2017 | $2.2B | $401.7M | $3.69 | $336.9M | 16.7% | 16.8% |
| FY2016 | $703.1M | $186.8M | $2.27 | $185.2M | 42.4% | 82.1% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
Cboe Global Markets is a consistent compounder, expanding top-line revenue at 23.5% annually over the past decade.
Cboe Global Markets has earned high returns on invested capital, averaging 20.1% ROIC over the available history. High ROIC is consistent with a durable franchise, but it is not by itself proof of an economic moat.
Cboe Global Markets has not shown aggressive share repurchases (>10% retirement) or a major balance-sheet leverage increase (>50% net debt growth) over the 10-year window.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, Cboe Global Markets is modeled at 15.0% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $346.11 per share.