Stock fact sheet · data as of
Cboe Global Markets, Inc. (CBOE): fair value, margin of safety and Wheel Score
Ticker symbol CBOE · Financial Services · Financial - Data & Stock Exchanges · United States · Growth
Is CBOE undervalued?
CBOE closed at 345.21 on 5 Nov 2026, more than 30% above the GLS average fair value of 234.08. Only 1 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 "below fair value" Wheel Trade Filter keeps names like this under 70.
There is a wide gap between DDM (44.44) and GLS Growth (867.33). 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.
Ranked against every other company we cover, CBOE is clearly faster-growing than it is cheap, so the nightly engine files it under Growth (value score 20, growth score 78, out of 100).
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.
| Model | Value | vs price | What it measures |
|---|---|---|---|
| DCF | 249.55 | -28% | Present value of the projected free cash flows, discounted at the cost of capital |
| Graham Number | 134.46 | -61% | The most a defensive investor pays for the earnings and book value per share |
| Graham Growth | 325.13 | -6% | Graham's growth formula: EPS × (8.5 + 2 × growth), adjusted for bond yields |
| Lynch | 106.05 | -69% | EPS × the earnings growth rate (PEG of 1), growth capped at 25% |
| GLS Growth | 867.33 | +151% | EPS compounded ten years at the blended growth rate, discounted back at 15% a year |
| 10 Cap | 146.43 | -58% | Owner's earnings (operating cash flow less maintenance capex) capitalised at 10% |
| Payback Time | 75.90 | -78% | Eight years of compounded free cash flow: the price at which the business pays for itself |
| DDM | 44.44 | -87% | Dividend discount model: next year's dividend ÷ (10% − 3% growth); needs a dividend |
| EPV | 157.42 | -54% | Earnings power value: current EPS capitalised at 9% with no growth |
| Zombie (liquidation) | 2.44 | -99% | Current assets less all liabilities, per share: the balance-sheet floor. Not in the average |
| Wall St target | 345.83 | +0% | Analysts' average 12-month price target. Not in the average |
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 "Piotroski 6 or more" Wheel Trade Filter. 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 7.8/10 puts CBOE among the more durable businesses we track: over up to ten years its returns on capital have stayed high, its margins steady and its balance sheet sound.
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 0.6%.
The dividend yield is 0.87% with a payout ratio of 21% - a small yield that leaves most of the earnings in the business. Revenue comes mainly from Derivatives Markets 56%, Cash And Spot Markets 33%, Data Vantage 11% (quarter Q3 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.
| Piotroski F-score | 5 / 9 | ROIC | 16.1% |
|---|---|---|---|
| GLS Moat | 7.8 / 10 | ROE | 21.4% |
| Debt / equity | 0.33 | ROA | 11.8% |
| Free-cash-flow yield | 0.6% | Payout ratio | 21% |
| Institutions | 10 / 10 | Insiders · Congress | 9 · 1 / 10 |
Wheel Score 45: Weak
With a Wheel Score of 45 Cboe Global Markets, Inc. sits in the Weak band. It fails filter 3, below fair value - trades 47% above our fair value; and filter 4, financially healthy - Piotroski 5/9 (under 6); Value (weak) is its weakest part.
Implied volatility is 37% on the near-the-money contracts 20-60 days out - inside the 35-60% sweet spot the Wheel Score rewards most: enough premium to be worth selling, not so much that the risk is unpaid. Chain open interest is 31,183 contracts across all expiries - enough for the wheel at normal size.
Volume runs at 1.1M shares a day on a market cap of $36.0B, 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 rates that strong.
| Filter | Wheel Trade Filter | Result | Detail |
|---|---|---|---|
| 1 | Options that actually trade | Passes | Listed options with 1,000+ contracts of open interest and 100+ traded a day |
| 2 | A real business, not a gamble | Passes | Profitable over the last twelve months - not a speculative stock, fund or note |
| 3 | Below fair value | Fails | trades 47% above our fair value |
| 4 | Financially healthy | Fails | Piotroski 5/9 (under 6) |
| 5 | Can repay its debt | Passes | Long-term debt repaid from 3 years of operating cash flow or less (6 for real estate and utilities; banks and insurers are not judged on it) |
| 6 | No serious red flags | Passes | Red Flags score 60 or more out of 100 (earnings, margins, debt, analysts, filings and price checked the same way for every stock) |
| 7 | A premium worth selling | Passes | Implied volatility 25-80% (enough premium, not a lottery ticket) |
| 8 | Big enough | Passes | Market cap $1 billion or more |
| 9 | Not a penny stock | Passes | Share price $5 or more |
| How it ranks | Rating | From | |
|---|---|---|---|
| Value | Weak | 47% above fair value | |
| Premium | Strong | implied volatility 37% | |
| Moat | Good | moat 7.8/10 | |
| Health | Fair | Piotroski 5/9 | |
| Red Flags | Strong | Red Flags score 100/100 | |
| Option trading | Good | 3,800 contracts a day, 31,183 open interest | |
| Stability | Strong | beta 0.41, $36.0B company |
The Wheel Score ranks ~7,400 US stocks for selling cash-secured puts and covered calls: a stock must pass all 9 Wheel Trade Filters to score 70, and the score then ranks the ones that pass; the Sunday Scan is the top 10. It is updated nightly and is not a recommendation. How the Wheel Score works · the walkthrough lesson shows how it fits into a trade, start to finish.
Upcoming events
No upcoming earnings date is recorded for CBOE in the nightly calendar. The shares go ex-dividend on 30 Nov 2026 (0.8600 per share), so a covered call sold before then carries a small early-assignment risk around that date.
Analysts upgraded CBOE 2 times in the last 30 days with no downgrades; the latest action was a reiterated rating by Cowen & Co. on 2 Nov 2026.
Earnings, dividend, IPO, split and economic calendars for the whole market, filterable to your watchlists.
Similar stocks in Financial - Data & Stock Exchanges
The 12 companies below are the closest to Cboe Global Markets, Inc. by market cap within the Financial - Data & Stock Exchanges industry, each with its own fact sheet; the Compare page puts up to eight of them side by side.
| Stock | Close | Fair value | MoS | Wheel | Mkt cap |
|---|---|---|---|---|---|
| COIN Coinbase Global, Inc. | 151.50 | 148.21 | -2% | 33Weak | $40.1B |
| MSCI MSCI Inc. | 674.30 | 388.95 | -73% | 38Weak | $49.0B |
| NDAQ Nasdaq, Inc. | 109.70 | 62.37 | -76% | 44Weak | $61.3B |
| TRU TransUnion | 82.13 | 92.99 | +12% | 78Good | $15.7B |
| MCO Moody's Corporation | 528.34 | 363.95 | -45% | 41Weak | $91.1B |
| ICE Intercontinental Exchange, Inc. | 174.92 | 156.07 | -12% | 41Weak | $97.8B |
| FDS FactSet Research Systems Inc. | 342.19 | 283.81 | -21% | 44Weak | $12.1B |
| CME CME Group Inc. | 308.27 | 224.77 | -37% | 40Weak | $110.3B |
| SPGI S&P Global Inc. | 481.69 | 308.18 | -56% | 45Weak | $139.6B |
| MORN Morningstar, Inc. | 244.25 | 295.15 | +17% | 50Fair | $9.1B |
| OTCM OTC Markets Group Inc. | 52.45 | 47.22 | -11% | 25No options | $629M |
| VALU Value Line, Inc. | 44.40 | 25.42 | -75% | 22No options | $417M |
⚖ Compare CBOE with 7 of them All Financial Services stocks →
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A free GLS Equity account gets you nightly fair value and the Wheel Score on ~7,400 US stocks, a watchlist, the scanner preview and the Sunday Scan - the top 10 stocks that pass all 9 Wheel Trade Filters, emailed every week. Pro adds the full put and call scanners, unlimited watchlists with alerts and the trade journal.
Start free See the Sunday ScanQuestions about CBOE
Is CBOE undervalued right now?
No: at 345.21 the stock trades 47% above the GLS average fair value of 234.08 (data as of 5 Nov 2026), well beyond what trailing earnings, cash flow and book value support.
What is the Wheel Score of CBOE and what does it mean?
CBOE scores 45 out of 100 (Weak) - it fails Wheel Trade Filters 3, 4. The Wheel Score ranks stocks for the wheel strategy - selling cash-secured puts, then covered calls if assigned - in two parts: the 9 pass/fail Wheel Trade Filters (busy options, a real business, below fair value, Piotroski 6 or more, debt it can repay, a Red Flags score of 60 or more, implied volatility of 25-80%, a $1 billion company, $5 a share) and a ranking of how strongly a stock passes on value, premium, moat, health, red flags, option trading and stability. A stock that fails any filter stays under 70; 70-84 is Good, 85 and above is Prime. The Sunday Scan is the top 10 that pass, sorted by Wheel Score.
What is the GLS fair value for CBOE?
234.08 per share as of 5 Nov 2026 - the simple average of the 9 valuation models (out of nine: DCF, Graham Number, Graham Growth, Lynch, GLS Growth, 10 Cap, Payback Time, DDM and EPV) that produced a positive value. The models run every night on the latest filings; the Quote page lets you switch any of them off and add a margin of safety of your own.
When does Cboe Global Markets, Inc. report earnings next?
No upcoming earnings date is recorded for CBOE in our calendar as of 5 Nov 2026; the Calendars page is refreshed every morning.
Does CBOE have listed options, and how liquid are they?
Yes. The nightly snapshot found 650 listed contracts with 31,183 open interest across all expiries and implied volatility of 37% on the near-the-money contracts. The Options scanner lists the cash-secured put and covered call set-ups with premium and annualised yield worked out.