CBOE: CBOE · Financial Data & Stock Exchanges
Cboe Global Markets (CBOE) fair value: undervalued or overvalued?
As of 26 Sep 2026, Faircurve's model values Cboe Global Markets (CBOE) at $297.31 a share. The stock last closed at $271.26, which puts the model's fair value 9.6% above the price. On the model's bands that reads as Fairly valued.
Revalued . Price is the close of 2 Oct 2026. Cboe Global Markets, Inc.
Faircurve Insights · 26 Sep 2026
Cboe Global Markets, Inc. functions as a global operator of various financial exchanges, primarily renowned for its options trading platforms, all managed through its numerous subsidiaries.
On 26 Sep 2026, Faircurve's model gave a fair value of $297.31 a share, the midpoint of 2,000 simulations. This was a move of -3.9% from the previous run on 19 Sep 2026, which gave $309.35. The calibrated range over 63 trading days was $244.78 to $324.61; ranges built this way held the price 60% of the time at this horizon. The model's evidence grade was Medium.
The company's overall quality score was 51 out of 100 against comparable companies. Its profitability score was 88, with ROIC at 26.0% against a peer median of 11.4%, and its balance sheet score was 77, with Net debt / EBITDA at -0.35x against a peer median of 1.40x. The model compares the company with MSCI Inc., Coinbase Global, Inc., Nasdaq, Inc., TransUnion, FactSet Research Systems Inc., Moody's Corporation, Intercontinental Exchange, Inc., and CME Group Inc. The stock's moves around its last 8 earnings reports ranged from +9.0% on 1 May 2026 to -1.9% on 1 Nov 2024.
Written from the figures on this page for the 26 Sep 2026 valuation and checked by rule before publishing: every number is one printed here, no forecast, no instruction. The price, the gap and the verdict are the page's own and change daily. Not a recommendation.
What price range does the model give CBOE?
The calibrated range for CBOE over 63 trading days is $244.78 to $324.61. It sits around the last close, and its width comes from the volatility that CBOE's own options imply (40% a year), calibrated weekly against realised prices (n = 3,330 past valuations, refreshed 26 Sep 2026). Ranges built this way held the price 60% of the time at this horizon. The fair value is the model's opinion and rides beside the range. It is not the centre of it.
The model's own simulated range, from the 20th to the 80th percentile of its runs, is $228.58 to $387.39. In 67% of the simulations the fair value came out above the price the model ran on.
How does CBOE score on business quality?
Cboe Global Markets's overall quality score is 51 out of 100. Each factor below is a score against comparable companies, not a percentile of the metric beside it.
| Factor | Score (0 to 100) | Headline measure | Peer median |
|---|---|---|---|
| ProfitabilityReturn on invested capital against the peer group, with a bonus for an improving trend. | 88 | 26.0%ROIC | 11.4% |
| Earnings qualityHow much of reported profit is cash: free cash flow to net income, and the accrual ratio (the share of earnings that is not cash). | 0 | 0.02xFCF / net income | 1.04x |
| Growth qualityTrailing revenue growth, forward growth from consensus, and the direction of analyst estimate revisions. | 49 | 15.1%Revenue growth, trailing | 8.6% |
| Capital disciplineReinvestment efficiency (capital spending per unit of revenue) and net buybacks. | 42 | 0.3%Net buybacks / market value | 0.9% |
| Balance sheetNet debt to EBITDA and interest coverage. | 77 | -0.35xNet debt / EBITDA | 1.40x |
| StabilityDownside volatility of the EBITDA margin over the last five years. | 33 | 5.6 ptsEBITDA margin downside volatility, 5y | 5.5 pts |
How does CBOE compare with similar companies?
The companies in financial data & stock exchanges closest to Cboe Global Markets in market value, each on the same model and the same date.
| Company | Last close | Model fair value | Gap | Model verdict |
|---|---|---|---|---|
| MSCI MSCI Inc. | $535.95 | $514.81 | -3.9% | Fairly valued |
| COIN Coinbase Global, Inc. | $183.00 | $215.07 | +17.5% | Undervalued |
| NDAQ Nasdaq, Inc. | $90.33 | $91.41 | +1.2% | Fairly valued |
| TRU TransUnion | $63.44 | $72.03 | +13.5% | Fairly valued |
| FDS FactSet Research Systems Inc. | $266.00 | $297.84 | +12.0% | Fairly valued |
| MCO Moody's Corporation | $441.36 | $434.79 | -1.5% | Fairly valued |
| ICE Intercontinental Exchange, Inc. | $150.15 | $150.99 | +0.6% | Fairly valued |
| CME CME Group Inc. | $263.14 | $259.14 | -1.5% | Fairly valued |
All financial data & stock exchanges stocks ranked by gap to fair value
When does CBOE report earnings, and how has the stock reacted?
Cboe Global Markets's next earnings report is scheduled for 30 Oct 2026. Companies can move their dates.
Options prices on 2 Oct 2026 imply a move of about 5.8% in either direction through the nearest expiry, about 13 days out. That is the size the market is pricing, not a direction. CBOE's 30 day implied volatility works out to about 11.5% over one month.
On 30 Sep 2026 CBOE moved 5.2% in one session, against the 2.6% a day that options had priced: 2.0 times the implied size.
How CBOE moved around its last 8 earnings reports
Each move runs from the last close before the report to the first close after it, so it covers companies that report before the open and after the close. The median size across these 8 reports, ignoring direction, was 3.1%.
| Report date | Two session move |
|---|---|
| 31 Jul 2026 | +0.4% |
| 1 May 2026 | +9.0% |
| 6 Feb 2026 | +2.0% |
| 31 Oct 2025 | +4.3% |
| 1 Aug 2025 | +4.1% |
| 2 May 2025 | +4.7% |
| 7 Feb 2025 | +1.3% |
| 1 Nov 2024 | -1.9% |
Cboe Global Markets at a glance
Cboe Global Markets, Inc. functions as a global operator of various financial exchanges, primarily renowned for its options trading platforms, all managed through its numerous subsidiaries.
- Market value
- $27.0B
- Sector
- Financial Services
- Industry
- Financial Data & Stock Exchanges
- Revenue expected, next twelve months
- $3.0B
- Consensus revenue growth, next fiscal year
- -39.1%
- Analysts with estimates
- 9
- Beta to the US market
- -0.29
- First valued by Faircurve
- 1 May 2026
How the fair value is worked out: the model prices Cboe Global Markets on the value of the whole business, debt included, against the operating profit analysts expect next year (forward EV/EBITDA), runs 2,000 simulations across its inputs and takes the midpoint. The full method is documented here.
What changed in the latest valuation?
On 19 Sep 2026 the model's fair value for CBOE was $309.35. As of 26 Sep 2026 it is $297.31, a change of -3.9%. The model revalues every stock it covers each week, and again after an earnings report.
Questions about Cboe Global Markets's valuation
Is Cboe Global Markets stock undervalued or overvalued?
On Faircurve's model, CBOE reads as Fairly valued as of 26 Sep 2026. The model's fair value is $297.31 a share against a last close of $271.26, a gap of +9.6%.
What is CBOE's fair value?
$297.31 a share as of 26 Sep 2026, the midpoint of 2,000 simulations. The model's own 20th to 80th percentile range is $228.58 to $387.39.
What price range does the model give CBOE?
$244.78 to $324.61 over 63 trading days. Ranges built this way held the price 60% of the time across 3,330 past valuations, refreshed 26 Sep 2026.
When does Cboe Global Markets report earnings next?
The next report is scheduled for 30 Oct 2026. Companies can move their dates.
How much has CBOE moved on past earnings reports?
Across its last 8 reports the median two session move was 3.1%, ignoring direction. The largest was +9.0% around the report of 1 May 2026.
How confident is the model in this valuation?
The model's evidence grade for CBOE is medium. The grade looks at how complete the inputs are, how many comparable companies there are and how closely they agree, and how wide the range of outcomes is. It is not a probability that the fair value is right, or that the price reaches it.