Cboe Global Markets, Inc. (CBOE): fair value, margin of safety and Wheel Score

Is CBOE undervalued?

CBOE closed at 308.09 on 16 Oct 2026, more than 30% above the GLS average fair value of 211.67. Only 2 of the 9 models that produced a value sit above the price. By our models the shares are priced well beyond what the filed earnings, cash flow and book value support; the Sunday Scan drops names like this at the "below fair value" rule.

There is a wide gap between Payback Time (8.40) and GLS Growth (791.18). When the models are this far apart the "fair value" is really a range, and the margin of safety above should be read with that range in mind.

The nightly engine files CBOE under High Growth: revenue and earnings growing fast enough that the growth-based models carry the valuation.

Nine valuation models for CBOE

Each model turns the latest filed numbers into a value per share; the GLS fair value is the simple average of the ones that produce a positive number. The last two rows are shown for reference and never enter the average. The Quote page lets you switch any model off and add your own margin of safety.

Quality and financial health

Cboe Global Markets, Inc. scores 5 of 9 on the Piotroski F-score: a middling result that falls one point short of the Sunday Scan's "6 or more" rule. Some of the nine tests on profitability, leverage and efficiency are failed, so the accounts are worth a look before selling a put on the name. A GLS Moat score of 7.9/10 puts CBOE among the more durable businesses we track: over ten years the metrics the score watches (revenue, EPS, book value, margins, cash flow, ROIC) have mostly moved the right way, year after year.

Returns on capital are high - ROIC 16.1%, ROE 21.4%, ROA 11.8% - with debt at 0.33 times equity and a free-cash-flow yield of 0.1%.

The dividend yield is 0.98% with a payout ratio of 22% - a small yield that leaves most of the earnings in the business. Revenue comes mainly from Transaction and clearing fees 72%, Regulatory fees 11%, Access and capacity fees 8% (quarter Q2 FY2026).

Institutional ownership scores 10/10, insider activity 9/10 and Congressional trading 1/10 on the GLS smart-money scales; the last recorded insider buy was on 12 Oct 2026.

Wheel Score 62: Fair

A Wheel Score of 62 puts Cboe Global Markets, Inc. in the Fair band - below the 70 the Sunday Scan requires. Value 0/25, Health 11/20, Moat 12/15, Premium 20/20 and Stability 19/20; the weakest part is Value (0/25).

Implied volatility is 42% on the near-the-money contracts 20-60 days out - inside the 35-60% range the Wheel Score pays full marks for: enough premium to be worth selling, not so much that the risk is unpaid. Chain open interest is 41,905 contracts across all expiries - enough for the wheel at normal size.

Volume runs at 1.2M shares a day on a market cap of $32.2B, with a beta of 0.41 - a low beta, so day-to-day moves are smaller than the market's; the Stability part of the Wheel Score gives that 19 of 20.

The Wheel Score ranks ~7,400 US stocks for selling cash-secured puts and covered calls; it is updated nightly and is not a recommendation. The walkthrough lesson shows how the score fits into a trade, start to finish.

Upcoming events

Cboe Global Markets, Inc. reports earnings on 30 Oct 2026 (before the open) - inside the 14-day window the Sunday Scan avoids, because a put sold now would carry the report's gap risk.

Earnings, dividend, IPO, split and economic calendars for the whole market, filterable to your watchlists.

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