Cboe Global Markets, Inc. (CBOE) Key Metrics
CBOE valuation today
Trailing 12 months · as of October 17, 2026- Market cap
- $32.89B
- Enterprise value
- $27.27B
- P/E (TTM)
- 24.6 10-yr median 26.7
- Forward P/E
- 21.9
- PEG ratio
- 2.38
- Price / sales
- 6.5 10-yr median 5.0
- Price / book
- 5.0 10-yr median 4.2
- EV / EBITDA
- 13.2 10-yr median 16.2
- Dividend yield
- 1.09% $3.44 a year
- Beta
- 0.41
CBOE key metrics, 2016–2025
Fiscal year ended December 31, 2025 · U.S. dollarsCBOE valuation Price multiples at each fiscal year-end price.
CBOE returns How much profit the business earns on the capital it uses.
CBOE per-share figures Results divided by the shares outstanding at year-end.
CBOE financial health Debt, liquidity and how easily interest is covered.
CBOE efficiency & capital use Working capital cycle and where the cash goes.
CBOE valuation history
CBOE returns on capital
Net income (ROE, ROA) or after-tax operating income (ROIC) divided by the average of the opening and closing balance.
CBOE debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease liabilities.
CBOE cash returned to shareholders
CBOE price vs earnings per share
CBOE key metrics
2016–2025| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Valuation | ||||||||||
| Market capitalization | $26.38B | $20.61B | $18.96B | $13.39B | $13.98B | $10.18B | $13.42B | $10.98B | $13.39B | $6.01B |
| Enterprise value | $25.81B | $21.18B | $19.97B | $14.73B | $15.03B | $11.18B | $14.09B | $11.88B | $14.55B | $5.92B |
| P/E ratio | 24.0 | 27.0 | 24.9 | 57.0 | 26.4 | 21.7 | 35.8 | 25.7 | 33.3 | 32.2 |
| Price / sales | 5.6 | 5.0 | 5.0 | 3.4 | 4.0 | 3.0 | 5.4 | 4.0 | 6.0 | 9.3 |
| Price / book | 5.1 | 4.8 | 4.8 | 3.9 | 3.9 | 3.0 | 4.0 | 3.4 | 4.3 | 18.9 |
| Price / free cash flow | 22.9 | 21.4 | 25.4 | 22.6 | 25.6 | 7.2 | 22.4 | 22.0 | 39.8 | 34.0 |
| Price / operating cash flow | 21.6 | 20.1 | 23.9 | 20.6 | 23.4 | 7.0 | 21.2 | 20.5 | 35.8 | 27.2 |
| EV / sales | 5.5 | 5.2 | 5.3 | 3.7 | 4.3 | 3.3 | 5.6 | 4.3 | 6.5 | 9.2 |
| EV / EBITDA | 14.8 | 16.7 | 15.8 | 22.3 | 15.5 | 13.0 | 19.7 | 14.6 | 25.7 | 16.6 |
| EV / free cash flow | 22.4 | 22.0 | 26.7 | 24.9 | 27.5 | 7.9 | 23.6 | 23.8 | 43.2 | 33.4 |
| Earnings yield | 4.2% | 3.7% | 4.0% | 1.8% | 3.8% | 4.6% | 2.8% | 3.9% | 3.0% | 3.1% |
| Free cash flow yield | 4.4% | 4.7% | 3.9% | 4.4% | 3.9% | 13.9% | 4.5% | 4.5% | 2.5% | 2.9% |
| Dividend yield | 1.1% | 1.2% | 1.2% | 1.6% | 1.4% | 1.7% | 1.1% | 1.2% | 0.9% | 1.3% |
| Shareholder yield (dividends + buybacks) | 1.4% | 2.3% | 1.8% | 2.3% | 2.0% | 5.1% | 2.4% | 2.7% | 1.1% | 2.4% |
| Share price at fiscal year-end | $251.00 | $195.40 | $178.56 | $125.47 | $130.40 | $93.12 | $120.00 | $97.83 | $124.59 | $73.89 |
| Per share | ||||||||||
| Revenue per share | $44.85 | $38.81 | $35.53 | $37.10 | $32.60 | $31.35 | $22.33 | $24.68 | $20.74 | $7.93 |
| Earnings per share | $10.47 | $7.25 | $7.17 | $2.20 | $4.93 | $4.28 | $3.35 | $3.80 | $3.74 | $2.30 |
| Operating cash flow per share | $11.65 | $9.71 | $7.47 | $6.10 | $5.57 | $13.35 | $5.66 | $4.77 | $3.48 | $2.72 |
| Free cash flow per share | $10.97 | $9.13 | $7.04 | $5.54 | $5.09 | $12.91 | $5.35 | $4.44 | $3.13 | $2.17 |
| Cash per share | $21.43 | $9.77 | $5.66 | $4.91 | $3.54 | $3.09 | $2.69 | $2.77 | $1.77 | $1.20 |
| Book value per share | $48.89 | $40.56 | $37.52 | $32.48 | $33.63 | $30.64 | $30.01 | $28.89 | $28.94 | $3.91 |
| Tangible book value per share | $6.57 | −$2.54 | −$7.16 | −$12.37 | −$10.16 | −$11.67 | −$8.20 | −$10.43 | −$13.95 | $2.70 |
| Dividends per share | $2.71 | $2.36 | $2.10 | $1.96 | $1.80 | $1.56 | $1.34 | $1.16 | $1.10 | $0.96 |
| Capex per share | $0.68 | $0.58 | $0.42 | $0.56 | $0.48 | $0.43 | $0.31 | $0.32 | $0.35 | $0.55 |
| Debt per share | $16.03 | $15.16 | $15.17 | $17.54 | $13.33 | $12.22 | $8.68 | $10.83 | $12.52 | $0.02 |
| Shares outstanding | 105.1M | 105.5M | 106.2M | 106.7M | 107.2M | 109.3M | 111.8M | 112.2M | 107.5M | 81.4M |
| Change in shares outstanding | −0.4% | −0.7% | −0.5% | −0.5% | −1.9% | −2.2% | −0.4% | +4.4% | +32.1% | −23.1% |
| Returns & profitability | ||||||||||
| Return on equity (ROE) | 23.4% | 18.5% | 20.4% | 6.6% | 15.2% | 14.0% | 11.4% | 13.4% | 23.4% | 64.7% |
| Return on invested capital (ROIC) | 22.6% | 15.8% | 15.7% | 5.6% | 12.5% | 11.2% | 9.7% | 10.6% | 16.6% | 94.6% |
| Return on assets (ROA) | 12.9% | 10.0% | 10.5% | 3.4% | 7.9% | 8.1% | 7.2% | 8.1% | 14.0% | 43.3% |
| Return on tangible assets | 22.6% | 23.6% | 27.8% | 10.6% | 24.9% | 24.7% | 44.5% | 46.9% | 61.3% | 49.3% |
| Free cash flow margin | 24.5% | 23.5% | 19.8% | 14.9% | 15.6% | 41.2% | 23.9% | 18.0% | 15.1% | 27.4% |
| Income quality (OCF / net income) | 1.11 | 1.34 | 1.04 | 2.77 | 1.13 | 3.12 | 1.69 | 1.25 | 0.93 | 1.19 |
| Financial health | ||||||||||
| Total debt | $1.68B | $1.60B | $1.61B | $1.87B | $1.43B | $1.34B | $970.6M | $1.22B | $1.35B | $1.8M |
| Cash & short-term investments | $2.25B | $1.03B | $600.7M | $524.4M | $379.0M | $337.8M | $300.3M | $310.8M | $190.8M | $97.3M |
| Net debt | −$567.9M | $568.7M | $1.01B | $1.35B | $1.05B | $998.2M | $670.3M | $904.6M | $1.16B | −$95.5M |
| Debt / equity | 0.33 | 0.37 | 0.40 | 0.54 | 0.40 | 0.40 | 0.29 | 0.38 | 0.43 | 0.01 |
| Debt / assets | 0.18 | 0.21 | 0.22 | 0.27 | 0.21 | 0.21 | 0.19 | 0.23 | 0.26 | 0.00 |
| Net debt / EBITDA | −0.33 | 0.45 | 0.80 | 2.04 | 1.08 | 1.16 | 0.94 | 1.11 | 2.04 | −0.27 |
| Current ratio | 1.87 | 1.78 | 1.43 | 1.05 | 1.31 | 1.19 | 2.16 | 1.15 | 1.31 | 2.80 |
| Quick ratio | 1.87 | 1.78 | 1.43 | 0.69 | 0.67 | 0.57 | 2.16 | 1.15 | 1.17 | 2.71 |
| Interest coverage | 29.0 | 21.3 | 17.0 | 8.2 | 16.8 | 17.1 | 14.2 | 15.7 | 9.0 | 51.9 |
| Working capital | $2.06B | $1.08B | $595.9M | $78.8M | $362.0M | $253.5M | $326.0M | $87.8M | $102.7M | $153.7M |
| Invested capital | $4.57B | $4.85B | $5.00B | $4.81B | $4.65B | $4.35B | $4.03B | $4.15B | $4.27B | $222.5M |
| Tangible asset value | $690.6M | −$268.3M | −$760.4M | −$1.32B | −$1.09B | −$1.28B | −$916.4M | −$1.17B | −$1.50B | $219.8M |
| Net current asset value | $254.4M | −$1.03B | −$1.52B | −$1.98B | −$1.68B | −$1.60B | −$1.15B | −$1.40B | −$1.72B | $79.9M |
| Graham number | $107.30 | $81.35 | $77.80 | $40.12 | $61.10 | $54.34 | $47.59 | $49.70 | $49.32 | $14.20 |
| Graham net-net per share | −$14.94 | −$19.81 | −$24.42 | −$22.72 | −$20.34 | −$19.50 | −$11.09 | −$13.38 | −$16.42 | $0.52 |
| Capital allocation | ||||||||||
| Dividends paid | $284.3M | $249.4M | $223.5M | $209.4M | $193.3M | $170.6M | $150.0M | $130.3M | $118.1M | $78.5M |
| Share buybacks (net) | $96.5M | $225.7M | $114.5M | $100.9M | $81.3M | $349.1M | $167.9M | $161.8M | $26.1M | $64.6M |
| Dividend payout ratio | 25.8% | 32.6% | 29.4% | 89.1% | 36.5% | 36.4% | 40.0% | 30.6% | 29.4% | 42.0% |
| Dividends + buybacks / free cash flow | 33.0% | 49.3% | 45.2% | 52.5% | 50.3% | 36.8% | 53.2% | 58.6% | 42.8% | 80.9% |
| Capex / revenue | 1.5% | 1.5% | 1.2% | 1.5% | 1.5% | 1.4% | 1.4% | 1.3% | 1.7% | 6.9% |
| Capex / operating cash flow | 5.8% | 5.9% | 5.7% | 9.2% | 8.5% | 3.2% | 5.5% | 6.8% | 10.0% | 20.1% |
| Capex / depreciation | 0.58 | 0.46 | 0.28 | 0.36 | 0.30 | 0.30 | 0.20 | 0.18 | 0.20 | 1.00 |
| Stock-based compensation / revenue | 1.1% | 1.0% | 1.1% | 0.8% | 0.8% | 0.6% | 0.9% | 1.3% | 2.4% | 2.2% |
| R&D / revenue | — | — | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| SG&A / revenue | 1.9% | 14.7% | 14.7% | 12.0% | 10.9% | 8.5% | 10.7% | 10.7% | 12.0% | 25.9% |
| Efficiency | ||||||||||
| Days sales outstanding | 37.8 | 41.5 | 40.1 | 36.3 | 39.7 | 36.3 | 47.5 | 39.0 | 30.2 | 65.2 |
| Days of inventory on hand | — | — | — | 106.1 | 140.9 | 136.4 | — | — | 8.1 | 16.6 |
| Days payables outstanding | 53.4 | 3.8 | 5.1 | 3.9 | 4.3 | 16.8 | 24.8 | 19.6 | 33.8 | 102.4 |
| Cash conversion cycle (days) | -15.6 | 37.6 | 35.0 | 138.6 | 176.2 | 155.9 | 22.7 | 19.4 | 4.4 | -20.6 |
| Receivables turnover | 9.64 | 8.80 | 9.09 | 10.05 | 9.20 | 10.05 | 7.69 | 9.35 | 12.09 | 5.60 |
| Payables turnover | 6.83 | 94.93 | 71.09 | 94.33 | 84.11 | 21.68 | 14.72 | 18.63 | 10.78 | 3.56 |
| Inventory turnover | — | — | — | 3.44 | 2.59 | 2.68 | — | — | 45.17 | 21.98 |
| Asset turnover | 0.55 | 0.54 | 0.52 | 0.57 | 0.52 | 0.59 | 0.48 | 0.52 | 0.78 | 1.50 |
| Average receivables | $488.9M | $465.1M | $414.9M | $393.9M | $380.0M | $340.9M | $324.6M | $296.1M | $184.4M | $115.2M |
| Average payables | $352.4M | $21.3M | $26.1M | $23.5M | $24.0M | $100.2M | $92.3M | $83.3M | $114.4M | $38.4M |
| Average inventory | — | — | — | $644.5M | $779.0M | $812.1M | — | — | $27.3M | $6.2M |
| Intangibles / total assets | 47.8% | 58.4% | 63.4% | 68.4% | 68.9% | 71.0% | 83.5% | 82.9% | 87.5% | 20.6% |
Computed from CBOE's annual financial statements (latest annual report filed February 20, 2026) and the closing share price on each fiscal year-end, adjusted for stock splits. Figures in U.S. dollars; data from EODHD. Averages use the opening and closing balance of each year.
CBOE valuation and financial ratios
At the end of fiscal 2025 (December 31, 2025), Cboe traded at 24.0 times earnings, against a 10-year median of 26.7. Based on the latest twelve months, the trailing P/E is 24.6 and the forward P/E is 21.9. Cboe earned a return on equity of 23.4% and a return on invested capital of 22.6% in fiscal 2025. It ended the year with $1.7 billion of debt and $2.3 billion in cash and short-term investments, a net cash position of $567.9 million. It returned $380.8 million to shareholders: $284.3 million in dividends and $96.5 million in share buybacks, 33% of free cash flow. The share count rose 29.1% from 81.4M to 105.1M over 9 years.
See the CBOE income statement, the CBOE chart for price history, or the CBOE stock overview for the latest quote and news.
CBOE key metrics FAQ
What is Cboe's P/E ratio?
Cboe's trailing P/E ratio is 24.6 based on the last twelve months of earnings (as of October 17, 2026), and its forward P/E is 21.9. At the end of fiscal 2025 it was 24.0, compared with a 10-year median of 26.7.
What is Cboe's EV/EBITDA?
Cboe's enterprise value was 14.8 times EBITDA at the end of fiscal 2025 (enterprise value $25.8 billion, EBITDA $1.7 billion); the current EV/EBITDA is 13.2.
What is Cboe's return on equity?
Cboe's return on equity (ROE) was 23.4% in fiscal 2025: net income of $1.1 billion on average shareholders' equity of $4.7 billion.
What is Cboe's ROIC?
Cboe's return on invested capital was 22.6% in fiscal 2025, using after-tax operating income divided by average debt plus equity minus cash.
How much debt does Cboe have?
Cboe had total debt of $1.7 billion at the end of fiscal 2025, a debt-to-equity ratio of 0.33 and more cash than debt.
What is Cboe's dividend yield?
Cboe's forward dividend yield is 1.09%. Cboe paid $284.3 million in dividends in fiscal 2025 ($2.71 per share), a payout ratio of 25.8%.
Does Cboe buy back its shares?
Yes. Cboe spent $96.5 million on net share repurchases in fiscal 2025 Shares outstanding changed −0.4% over the year, to 105.1M..
What is Cboe's free cash flow yield?
Cboe generated $1.2 billion of free cash flow in fiscal 2025, a free cash flow yield of 4.4% on its market value at year-end ($26.4 billion).
What is Cboe's current ratio?
Cboe's current ratio was 1.87 at the end of fiscal 2025: current assets were 1.87 times current liabilities.