CBOE

Cboe Global Markets, Inc.

Financial ServicesFinancial Data & Stock ExchangesNASDAQ

$333.56

-$17.42 (-5.22%)today

Conviction

5/ 10

Fair Value$288.38

Upside-13.54%

Signal0

Market Cap$31.0B

52W Range$200.88–$305.68

Next EarningsMay 1

Conviction History

Conviction Changes

Mar 18, 2026, 5:05 AM7→5conviction-rescore

Mar 11, 2026, 6:53 AM6→7sec-read

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Price History

FAIR VALUE ANALYSISMonte Carlo · 5,000 runs · 99% valid

Fair Value$251.40

Current Price$273.00

Upside / Down-7.9%

P(Undervalued)29.1%

P(20%+ Up)4.6%

P(15%+ Down)28.5%

Fair Value Distribution — percentile bands

29.1% of simulations place fair value above current price

WHAT IS PRICED IN

Revenue-Based Reverse DCF

9.3%/yr

±3.7% · revenue growth to justify current price

FCF-Based Reverse DCF

0.1%/yr

±3.0% · FCF growth to justify current price

THE GAP

Market pricing margin expansion or capex normalization

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Bull Case

No analysis yet

Bear Case

No analysis yet

Research Feed

sec_10kMar 11

Conviction: unchanged

CBOE FY2025 10-K Re-read: Q4 Blowout + Strategic Focus

Falcon re-read confirms strong FY2025: net revenue +17.8% to .43B, Q4 +28%. EBITDA margin 69.2% (+610bps). Net cash M. Index options ADV +35%, zero-DTE now 60% of SPX volume. 2026 guidance conservativ...

sec_10kMar 3

Conviction: unchanged

CBOE 2025 10-K: Strategic Realignment & Market Dominance Under Pressure

CBOE executing strategic realignment to focus on core derivatives and U.S. equities franchises. Business heavily dependent (68% of revenues) on exclusive S&P 500 and proprietary VIX licenses—a major v...