Cluenex
Log inStart free
All stocks · Financial Services · Financial Exchanges & Data

Cboe Global Markets CBOE

Cboe Global Markets scores excellent on business quality (7.9 of 10). Here is why, in plain words, and what our sealed record shows.

Last price$304.16Oct 10, 2026
Business qualityExcellent
Next earningsOct 30, 2026, before the open
Insiders, 90 daysQuiet

Why it matters

  1. What Cboe Global Markets does

    Cboe Global Markets operates global exchanges for equities, derivatives, and foreign exchange, making money through transaction fees and market data access. Wells Fargo recently initiated coverage on the stock with a price target of $301.

  2. What it does best

    Cboe dominates options trading through its proprietary S&P 500 index options, backed by an operating margin of 35.3% that ranks in the top quartile of its sector. This liquidity moat is virtually impossible to replicate because market makers and brokers cluster around its deeply liquid index complex.

  3. The main risk

    Regulatory changes targeting zero-commission retail trading or payment for order flow could squeeze transaction volumes across its options exchanges. Wells Fargo currently rates the stock equal-weight, reflecting balanced risk around these regulatory variables.

Quality, check by check

Scored against its own industry, from company filings.

ProfitabilityStrong

Operating margin sits at 35.3% with an FCF margin near top-quartile sector ranks, expanding on higher transaction volumes. This high-margin exchange model scales efficiently with rising trading activity.

MoatStrong

Its network effect locks in institutional brokers and market makers around proprietary index options. Operating margin ranks in the top quartile of its sector at 80th percentile, reflecting durable pricing power.

GrowthSteady

Revenue growth hit 15.1%, easily outpacing its historical baseline as the derivatives segment gains traction.

Financial healthStrong

Debt-to-equity sits at 0.3 with interest coverage at 33.6x: borrowing costs are easily managed. Free cash flow reached $1.9B, getting stronger as cash generation scales.

Insiders

Executives and directors, from SEC Form 4 filings we read ourselves. Open market trades only; grants, option exercises and pre-planned sales left out.

No open market buys or unplanned sales by executives or directors.

Our sealed record on CBOE

Verdicts appear here 30 days after we publish them; members see today's. Each one is in the nightly ledger, fingerprinted the night it was made.

The first sealed verdicts appear here on Oct 11, 2026.

Questions

Is CBOE a good business?

Cboe Global Markets scores excellent on the Cluenex quality check (7.9 of 10), measured against its own industry. Profitability is strong, moat strong, growth steady and financial health strong.

Are insiders buying CBOE?

In the last 90 days of SEC Form 4 filings: No open market buys or unplanned sales by executives or directors.

When does CBOE report earnings?

Oct 30, 2026, before the open.

For members

See CBOE today

  • Today's verdict on CBOE, and why
  • Fair value with cautious, base and optimistic cases
  • The exact price that would change the verdict
  • Which stocks each signal names, the night it fires
Open in Cluenex Free to start. First month of Core free.

Cite this page: Cluenex, “Cboe Global Markets (CBOE)”, https://cluenex.com/stocks/cboe/, data as of Oct 10, 2026.