Cme Group Inc. (CME) intrinsic value & 10-year financials
Cme Group Inc. (CME) has a Graham intrinsic value of $235.89 per share. At $293.87 on Oct 17, 2026, the stock trades 25% above that value. Over the last 10 fiscal years revenue grew 6.8% a year to $6.5B, with an average return on invested capital of 9.7%.
- Graham intrinsic value
- $235.89
- Share price (Oct 17, 2026)
- $293.87
- Price vs Graham value
- 25% above
- Market cap
- $105.9B
- Revenue (FY2025)
- $6.5B
- Revenue growth (10-yr CAGR)
- 6.8%
- ROIC (10-yr avg)
- 9.7%
- Free cash flow (FY2025)
- $4.2B
CME 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $6.5B | $4.1B | $11.16 | $4.2B | 64.9% | 13.1% |
| FY2024 | $6.1B | $3.5B | $9.67 | $3.6B | 64.1% | 12.5% |
| FY2023 | $5.6B | $3.2B | $8.86 | $3.4B | 61.6% | 10.9% |
| FY2022 | $5.0B | $2.7B | $7.40 | $3.0B | 60.1% | 9.2% |
| FY2021 | $4.7B | $2.6B | $7.29 | $2.3B | 56.4% | 8.1% |
| FY2020 | $4.9B | $2.1B | $5.87 | $2.5B | 54.0% | 8.1% |
| FY2019 | $4.9B | $2.1B | $5.91 | $2.4B | 53.2% | 8.1% |
| FY2018 | $4.3B | $2.0B | $5.71 | $2.3B | 60.5% | 8.1% |
| FY2017 | $3.6B | $4.1B | $11.94 | $1.8B | 63.4% | 11.3% |
| FY2016 | $3.6B | $1.5B | $4.53 | $1.6B | 61.3% | 7.3% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
CME Group has demonstrated mature, steady growth, with revenue compounding at 6.8% annually over the past decade.
CME Group returns on capital have been average, hovering around 9.9% ROIC over the decade.
CME Group 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, CME Group is modeled at 8.0% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $235.89 per share.