CBOE GLOBAL MARKETS INC (CBOE)
POSITIVEファンダメンタル
78
株価
$309.91
時価総額
$32.17B
パート1 · 企業の価値
概要
Cboe Global Markets runs stock, options, futures and currency exchanges — marketplaces where buyers and sellers of financial instruments meet — plus a data business that sells the trading data those markets generate. It doesn't take positions on where prices go: it earns a fee each time a trade crosses its systems, whichever way the market moves. Its best-known products are options on the S&P 500 index (SPX) and the VIX volatility index, both exclusive to Cboe.
収益の仕組み
Cboe earns transaction fees on the volume of contracts and shares traded across its exchanges, plus fixed fees for market data, index licensing and connectivity that clients pay whether or not they trade. Because exclusive products like SPX options and the VIX cannot be traded anywhere else, Cboe can charge more for them than for products that also trade on rival exchanges, which is why options are the largest single share of revenue. Data and access fees provide a steadier, less volume-dependent income stream.
セグメント別売上高
Trading in listed options, including the exclusive SPX and VIX products, Cboe's largest and most profitable business.
Market data, analytics and index products sold to trading firms and other clients, largely independent of trading volume.
Cboe's US stock exchanges, competing directly with NYSE and Nasdaq for equity trading volume.
Equities and derivatives trading venues outside North America.
Futures on the VIX and other Cboe-listed products.
Institutional currency trading platform, Cboe's smallest reporting segment.
競争優位性（moat）
ネットワーク効果 · 狭いExchanges benefit from network effects: traders go where liquidity already is, which keeps volume concentrated on a handful of venues. Cboe reinforces this with products only it can list, SPX options and the VIX, which cannot trade on any competing exchange. Everywhere else — plain equities, multi-listed options, futures — it competes on price against several rivals, and margins there face real, ongoing pressure.
需要を左右する要因
景気循環型Cboe's revenue tracks how much trading happens, not any underlying trend in prices, so it can actually rise when markets get volatile and investors hedge or speculate more actively. Extended calm periods with low volatility reduce trading volume and can dent revenue, especially in the more price-competitive parts of the business like equities and multi-listed options.
主なリスク
- Fee competition on multi-listed products — Rival exchanges keep cutting transaction fees and incentives to win order flow on products also listed elsewhere, putting ongoing pressure on Cboe's pricing outside its exclusive franchises.
- Volatility-dependent revenue — Trading volume, and therefore revenue, can fall sharply during extended periods of low market volatility, when investors trade and hedge less.
- Regulatory and market-structure risk — Cboe is heavily regulated by the SEC and CFTC, and changes to market-structure rules or transaction fees imposed by regulators can directly affect its economics.
- Dependence on licensed index products — A large share of Cboe's differentiated profitability rests on its license to list options on S&P indices; a change to that licensing relationship or a new competing product could erode the advantage.
強気材料
Buyers argue that the exclusive SPX options and VIX franchise gives Cboe pricing power no other exchange can match, that growing retail and institutional use of options provides a structural volume tailwind, and that the Data Vantage business turns that trading activity into a second, steadier revenue stream.
弱気材料
Sellers worry that fee competition keeps compressing margins everywhere outside the exclusive index-options franchise, that a prolonged period of low market volatility would directly cut trading volumes and revenue, and that the business depends on a licensing relationship for the S&P indices it does not fully control.
Written by the editors, published on 2026年8月18日
Direct competitors
Who this company fights with for the same customers
No editorial profile for this company yet
No competitor list for this company yet.
貸借対照表と流動性
売上高
$5.06B
直近12か月（2026/6/30まで）
純利益
$1.35B
直近12か月（2026/6/30まで）
フリーキャッシュフロー
$1.68B
自己資本合計
$5.14B
負債合計
$4.17B
流動比率
1.57
利払い倍率
33.06
負債/EBITDA
0.99
一株当たり利益（EPS）
売上高と純利益
フリーキャッシュフロー
収益内訳
財務推移表
利益率の推移
負債の推移
負債の重さ
成長率グリッド
成長率 — 売上高
適正価値の推定
適正価値
$418.61
現在株価
$309.91
安全マージン
+26.0%
適正価値レンジ
$272.10 - $565.13
推定方法
バリュエーション指標
P/E レシオ
24.01
ROE
21.4%
P/B レシオ
5.72
P/FCF
17.16
粗利益率
54.1%
ROIC
20.3%
収益性レーダー
Value Creation (Economic Moat)
ROIC
20.3%
WACC
7.7%
ROIC − WACC
+12.6 pp
ROIC exceeds the cost of capital — the company is creating value for shareholders.
ファンダメンタル分析基準
合格（22）
- EPS shows upward trend
- EPS CAGR 14.64%
- Price CAGR 15.07%
- ROIC 20.3%
- Gross Margin 54.1%
- P/FCF 17.16
- Debt/Equity ratio
- Operating Margin 34.7%
- Positive Free Cash Flow
- CapEx intensity
- Current Ratio
- Interest Coverage
- Debt/EBITDA
- Return on Tangible Assets
- ROE 25.8%
- Revenue Growth 5Y 6.6%
- Earnings Surprise avg 4.1%
- PEG Ratio 1.15
- Earnings Quality (OCF/NI) 1.45
- Share Dilution -0.5%
- Net Margin Trend 26.7% vs 19.9%
- Piotroski F-Score 8/9
不合格（5）
- P/B Ratio 5.72
- Low reliance on intangibles
- Price below Graham Number
- DCF valuation (Overvalued)
- Analyst Consensus 40% Buy
データなし（1）
- Dividend Payout NaN%
Piotroski F-スコア
財務健全性が高い
利益の質
高品質：利益はキャッシュに裏付けられている
株式希薄化
株式を買い戻している。株主に友好的
ガバナンス
経営陣
| 氏名 | 役職 | 年齢 |
|---|---|---|
| Mr. Craig Steven Donohue | CEO, President & Director | 63 |
| Ms. Jill M. Griebenow CPA | Executive VP & CFO | 45 |
| Mr. Timothy Lipscomb | Executive VP & CTO | 50 |
| Mr. John Patrick Sexton J.D. | Executive VP, General Counsel & Corporate Secretary | 60 |
| Mr. Christopher Andrew Isaacson | Advisor | 47 |
| Mr. Fredric J. Tomczyk A.C.A. | Director | 69 |
| Mr. Scott L. Johnston | Executive VP & COO | 60 |
| Mr. Allen L. Wilkinson CPA | Senior VP & Chief Accounting Officer | 37 |
| Mr. Kenneth William Hill C.F.A. | Senior VP, Treasurer and Head of Investor Relations & Business Intelligence | - |
| Ms. Stacie Fleming | Senior Vice President of Marketing & Communications | - |
監査リスク
6
取締役会リスク
1
報酬リスク
3
株主権利リスク
5
パート2 · 株価と買い時
この部分は企業に価値があるかを判断するものではありません。ファンダメンタルズに納得したうえで、いつ買うかを選ぶためのものです。内容：テクニカル分析、ポテンシャル、過去のドローダウン、ガンマエクスポージャー。
Latest News
Recent headlines for CBOE, sourced from Markets Gazette.
- 11h agoNEUTRALKalshi Looks to Regulators to Delay Competing Products From Cboe
Kalshi, a prediction market operator, is petitioning regulators to delay the launch of competing products by Cboe Global Markets Inc. This move highlights the growing tension between new entrants in the prediction market space and established financial exchanges. The outcome of this regulatory request could impact the competitive landscape for event contracts and derivatives, potentially affecting revenue streams and market share for both Kalshi and Cboe. Investors will monitor regulatory decisions for insights into the future of this niche financial market.
- 7/1/2026NEUTRALCboe Seeks to List Prediction Market Type Options on Earnings Metrics
Cboe Global Markets Inc. has submitted a proposal to U.S. regulators for approval to list a new type of all-or-nothing options contract. These options would be based on specific corporate earnings metrics, allowing traders to speculate on outcomes such as SpaceX's revenue, Nvidia's data center sales, or JPMorgan Chase & Co.'s credit loss provisions. This initiative aims to expand the range of derivative products available on Cboe's platform, potentially attracting new market participants interested in event-driven trading strategies.
- 6/23/2026NEUTRALCboe Revives Binary Options to Compete with Kalshi, Polymarket
Cboe Global Markets has reintroduced S&P 500 binary options, a product absent for over a decade. This move positions Cboe to directly challenge prediction market platforms like Kalshi and Polymarket, which have gained significant traction with similar offerings. The reintroduction aims to capture a share of the growing market for event-driven trading and binary contracts. While the news highlights Cboe's strategic response to market trends and competitive pressures, its direct impact on Cboe's stock price remains to be seen as the success of these contracts depends on market adoption and regulatory reception.
via Markets Gazette