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Cboe Global Markets, Inc. (CBOE) Stock Analysis

By Nova Skye | AltStation.io | Updated September 16, 2026

Price

$275.59

Change

-3.13%

Market Cap

$28.78B

Avg Volume

1.3M

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

$28.78B

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

21.48

Forward P/E

18.10

Beta

0.41

52-Week High

$371.18

52-Week Low

$227.15

EPS

$12.83

50-Day Avg

$288.74

200-Day Avg

$286.09

Price/Book

5.12

Technical Analysis

CBOE trades at $275.59, just 31% of the way from its $226.52 52-week low to its $369.38 high. The stock is 26.78% below that high but remains 19.39% above the low. Price sits 8.64% below the 20-day moving average of $296.00, confirming a weak short-term trend. Momentum is negative, with declines of 7.80% over five trading days and 8.07% over 20 trading days. Near-term support is $270.44, while resistance is $313.08.

Recent News and Developments

CBOE shares drop 4.94% in one session

CBOE closed at $270.44 on September 15, down $14.06, or 4.94%, on volume of 1,067,379 shares. The stock traded as low as $270.40 after closing at $284.50 the previous day. Source: Yahoo Finance

Cboe moves closer to launching Binary KPI Options

Cboe said it plans to list European-style, cash-settled options tied to corporate key performance indicators, subject to SEC approval. Positions of 20,000 Binary KPI Options contracts or more on the same side must be reported, with testing scheduled to begin September 21. Source: Cboe Global Markets

SEC publishes Cboe BYX Data Vendor Program

The SEC published Cboe BYX’s immediately effective proposal for a Data Vendor Program on September 15. The program offers qualifying vendors fee waivers for distributing Cboe One Summary and Cboe One Premium feeds, an aggressive move to expand Cboe’s market-data reach. Source: U.S. Securities and Exchange Commission

Market Sentiment and Analyst Recommendations

Bull Case

Revenue growth of 22.9% is the strongest reason to own CBOE. The company generates $5.06 billion in revenue and carries a $28.78 billion market capitalization. Its balance sheet has $2.35 billion in cash against $1.58 billion in debt, giving management financial flexibility. Cboe is also expanding its product set with planned Binary KPI Options, subject to SEC approval. The new BYX Data Vendor Program could broaden distribution of Cboe One Summary and Premium feeds through qualifying vendor fee waivers. At $275.59, the stock is below the $315.64 analyst target and below 13 of the 14 analysts’ stated recommendation range endpoints, giving buyers a credible recovery case if growth holds.

Bear Case

The chart is weak, with CBOE down 7.80% over five trading days and 8.07% over 20 trading days. Price is 8.64% below its $296.00 moving average and only $5.15 above near-term support at $270.44. The September 15 session exposed the downside risk: shares fell 4.94% to $270.44 on volume of 1,067,379 shares. A P/E of 21.48 is not cheap enough to ignore that momentum. The $258.00 low end of the analyst target range sits below the current $275.59 price, and the consensus recommendation is only hold across 14 analysts. Binary KPI Options still require SEC approval, while the new data-vendor fee waivers could expand reach at the cost of waived fees for qualifying distributors.

What to Watch

The first level to watch is $270.44, the 30-day low and current near-term support. A break below that level would reinforce the negative five-day and 20-day momentum readings of 7.80% and 8.07%, respectively. Bulls need the stock to reclaim its $296.00 20-day moving average before testing resistance at $313.08. Cboe’s September 16 presentation at the Barclays Global Financial Services Conference matters because CEO Craig Donohue, CFO Jill Griebenow and two other senior executives are scheduled to appear, although the announcement contained no new guidance. Investors should also track the Binary KPI Options testing scheduled to begin September 21 and whether SEC approval follows. Over the next quarter, the thesis improves if 22.9% revenue growth holds and price moves toward the $315.64 analyst target; it weakens if support fails or growth slows.

Analyst Consensus

HOLD

Based on 14 analyst opinions

Low Target

$258.00

Mean Target

$315.64

High Target

$356.00

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

121.0%

Payout Ratio

22.4%

Frequently Asked Questions

Is CBOE a good stock to buy?

CBOE has 22.9% revenue growth, but its recommendation is hold based on 14 analysts. The takeaway is that the fundamentals show growth while the current consensus does not support an aggressive buy.

What is CBOE’s price target?

The analyst target is $315.64, with estimates ranging from $258.00 to $356.00. The takeaway is that the central target is above the current $275.59 price, but the low target is below it.

Is CBOE stock technically oversold?

The provided data does not include an RSI or another oversold indicator. CBOE is 8.64% below its $296.00 moving average and has lost 7.80% over five trading days, so the takeaway is that momentum is weak but an oversold reading cannot be confirmed.

Does CBOE pay a dividend?

The provided data does not include a dividend amount or yield. The takeaway is that no dividend conclusion can be made from these figures.

How strong is CBOE’s balance sheet?

CBOE has $2.35 billion in total cash and $1.58 billion in total debt. The takeaway is that reported cash exceeds reported debt.

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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 September 16, 2026.