ALTSTATION.IO

Cboe Global Markets, Inc. (CBOE) Stock Analysis

By Nova Skye | AltStation.io | Updated October 15, 2026

Price

$304.69

Change

+4.26%

Market Cap

$31.82B

Avg Volume

1.1M

Company Overview

Headquartered in Chicago, Illinois, Cboe Global Markets operates in the financial data and stock exchanges sector, running transaction, clearing, and market data platforms across five core segments. They sell trading execution and listing services for options, equities, futures, and foreign exchange directly to retail brokers and institutional market participants worldwide. Their core offerings cover single-stock options, exchange-traded products, institutional foreign exchange, and benchmark index derivatives. The business has generated revenue from market access, listing fees, and proprietary data distribution since its founding in 1973.

Cboe is a dominant market leader in proprietary index derivatives thanks to strategic relationships with S&P Dow Jones Indices, Frank Russell Company, and FTSE International. These partnerships grant them exclusive control over trading in products like VIX futures, giving the exchange a deep competitive moat in volatility trading that rivals cannot duplicate. In standard equities and cash foreign exchange, however, they operate as a challenger facing tight transaction margins and aggressive exchange competition. Cboe commands real pricing power where its index contracts are exclusive, but it remains structurally dependent on preserving those key index licensing deals.

The company executed a clear pivot from its legacy Chicago options floor roots into a global multi-asset network, formalizing the shift with its corporate name change from CBOE Holdings in October 2017. Their geographic and operational footprint now spans North America, Europe, and the Asia Pacific region across five units, incorporating listings on Cboe Canada and BZX. Adding international clearing, non-deliverable forward currency trading, and pan-European equities diversifies the business against localized trading slumps. Cboe is running a clear scale strategy: monetize the entire transaction lifecycle across five distinct asset classes while locking in recurring revenue from proprietary market data.

Key Financials

Market Cap

$31.82B

Revenue

$5.06B

EBITDA

$1.93B

Gross Margin

54.1%

Profit Margin

26.7%

Revenue Growth

22.9%

Total Cash

$2.35B

Total Debt

$1.58B

Free Cash Flow

$678.25M

52-Week Price Performance Analysis

Price Statistics

P/E Ratio

23.75

Forward P/E

20.06

Beta

0.41

52-Week High

$371.18

52-Week Low

$227.15

EPS

$12.83

50-Day Avg

$286.52

200-Day Avg

$288.42

Price/Book

5.66

Technical Analysis

CBOE trades at $304.69, 52% of the way from its $226.52 low to its $369.38 high. The stock remains 18.66% below the 52-week high but is 32.65% above the low. Price is 8.54% above the 20-day moving average of $276.83, showing strong short-term demand. Momentum is positive at 6.71% over five trading days and 11.11% over 20 trading days. CBOE has moved above the listed near-term resistance of $304.16, while the 30-day low of $253.26 is the key support level.

Recent News and Developments

Cboe prepares KPI binary options launch

Cboe said it plans to launch binary options tied to company-specific performance metrics later in October, subject to regulatory approval. The initial offering covers more than 100 metrics across 23 companies, with Robinhood set to become the first retail broker offering the contracts. Source: Cboe

Cboe reports record 0DTE options activity

SPX zero-days-to-expiry options reached record monthly average daily volume of 3.4 million contracts in September. Cboe’s proprietary index options recorded 6.4 million contracts in monthly average daily volume, the second-highest level on record. Source: Cboe

CBOE shares close above $300

CBOE shares gained 2.81% on October 14 and closed at $300.47 on volume of 1.26 million shares. The stock had previously climbed 4.44% on October 8 and another 3.43% on October 9 before declining during the next two sessions. Source: MarketBeat

Market Sentiment and Analyst Recommendations

Bull Case

Revenue is growing 22.9%, giving investors a strong fundamental reason to own CBOE. September activity supports that growth story: SPX zero-days-to-expiry options reached a record monthly average daily volume of 3.4 million contracts. Cboe’s proprietary index options reached 6.4 million contracts in monthly average daily volume, the second-highest level on record. The planned launch of binary options tied to more than 100 company performance metrics across 23 companies could add another product category, subject to regulatory approval. Robinhood is set to become the first retail broker offering those contracts, giving the launch a direct retail distribution channel. The $322 analyst target offers upside from $304.69, while the high estimate of $358 shows how far sentiment could move if growth and trading activity remain strong.

Bear Case

CBOE is not cheap at 23.75 times earnings, so the stock needs continued growth to justify its valuation. The consensus recommendation is hold across 15 analysts, which signals limited conviction at the current price. The $322 consensus target is not far above $304.69, and the low target of $288 sits below the current price. The stock is already 8.54% above its 20-day moving average after gaining 11.11% over 20 trading days, leaving it vulnerable to a short-term pullback. The proposed binary options launch still requires regulatory approval, creating execution and timing risk. CBOE also has $1.58 billion in total debt, although its $2.35 billion cash position provides a meaningful offset.

What to Watch

The first catalyst is the planned KPI binary options launch later in October, subject to regulatory approval. Investors should watch whether Robinhood begins offering the contracts and whether the initial lineup of more than 100 metrics across 23 companies attracts real trading activity. Monthly options volumes also matter: September produced 3.4 million contracts in average daily SPX zero-days-to-expiry volume and 6.4 million across proprietary index options. Sustained strength near those levels would support the 22.9% revenue-growth story. On the chart, holding above the $304.16 former resistance would reinforce the breakout, while a move back toward the $276.83 moving average would show momentum fading. A decline toward $253.26 would materially weaken the near-term thesis, while progress toward the $322 analyst target would confirm that buyers remain in control.

Analyst Consensus

HOLD

Based on 15 analyst opinions

Low Target

$288.00

Mean Target

$322.00

High Target

$358.00

Earnings and Financial Data

Sector

Financial Services

Industry

Financial Data & Stock Exchanges

Employees

1,661

Earnings & Dividends

Next Earnings

Oct 30, 2026

EPS (Trailing)

$12.83

Dividend Yield

118.0%

Payout Ratio

22.4%

Frequently Asked Questions

Is CBOE a good stock to buy?

CBOE has 22.9% revenue growth and positive momentum, but its consensus recommendation is hold from 15 analysts. The takeaway is that the business is growing, but the current data does not support a clear consensus buy.

What is CBOE’s price target?

The analyst target is $322, with estimates ranging from $288 to $358. The takeaway is that analysts see some upside from $304.69, but the lowest target implies downside.

Is CBOE stock overvalued?

CBOE trades at a P/E ratio of 23.75 while revenue is growing 22.9%. The takeaway is that the valuation demands continued growth but is supported by strong current revenue expansion.

What are CBOE’s support and resistance levels?

Near-term support is the 30-day low of $253.26, and listed near-term resistance is the 30-day high of $304.16. The takeaway is that the current $304.69 price sits just above that resistance level.

How far is CBOE from its 52-week high?

CBOE is 18.66% below its technical 52-week high of $369.38 and 32.65% above its technical 52-week low of $226.52. The takeaway is that the stock sits around the middle of its annual range despite strong recent momentum.

Related Stock Reports

Disclaimer: This report is for informational purposes only and does not constitute financial advice. The analysis and opinions expressed are those of AltStation.io and should not be relied upon as the sole basis for investment decisions. Always conduct your own research and consult with a qualified financial advisor before making investment decisions. Past performance does not guarantee future results. Updated October 15, 2026.