Cboe operates a wide-moat exchange franchise with 26% net margins, a 25% return on equity, and four consecutive earnings beats — while the stock's 23.9% potential return to resistance and a 3.4-to-1 favorable risk/reward represent a materially attractive setup for a patient investor willing to look through a near-term momentum pullback that has pushed RSI to oversold territory.
Thesis pillars
- Product Segment Concentration→Stable
- Wide Moat Compounder Quality→Stable
- Perfect Earnings Execution→Stable
- +2 more pillars — see the Why tab for full reasoning
Cboe Global Markets, Inc. (CBOE) Stock Analysis
Catalyst-Driven edge
Financial Services · Financial Data & Stock Exchanges
Wait for pullback to $235.94. At $246.00 the A.R:R is 1.2:1 — below the 1.5:1 minimum for BUY_NOW. Engine's entry $235.94 (Support Atr Sticky) is the shallowest technical level that clears the 2:1 A.R:R minimum. Key risk: Concentration risk — Product: options and futures segments (68.0%).
Cboe Global Markets operates the largest U.S. options exchange and four additional segments—North American Equities, Futures, Global FX, and Europe and Asia Pacific—covering derivatives, equities, FX, and clearing globally. Transaction and clearing fees drove 74% of 2025 net... Read more
Wait for pullback to $235.94. At $246.00 the A.R:R is 1.2:1 — below the 1.5:1 minimum for BUY_NOW. Engine's entry $235.94 (Support Atr Sticky) is the shallowest technical level that clears the 2:1 A.R:R minimum. Key risk: Concentration risk — Product: options and futures segments (68.0%). Chart setup: No clear chart pattern; technical signals are mixed. Wide-moat business. Accumulate on weakness. Score 6.1/10, moderate confidence.
Passes 6/9 gates (positive momentum, clean insider activity, news events none recent, earnings proximity 25d clear, semi cycle peak clear, materials cycle peak clear). Fails on favorable risk/reward ratio and 8k serious 2.05. Suitability: moderate.
About Cboe Global Markets, Inc.
About Cboe Global Markets, Inc.
Cboe Global Markets generated 68% of 2025 net revenues from its Options and Futures segments—anchored by SPX options and VIX options and futures—with 74% of total net revenues attributable to transaction and clearing-based business. The company holds exclusive U.S. rights to trade S&P 500 index options through December 31, 2032, under a license with S&P Dow Jones Indices. Cboe's U.S. exchanges are SEC-registered national securities exchanges; CFE operates as a CFTC-registered futures exchange. Cboe Clear Europe provided CCP protection for an average €69 billion of cleared value daily in 2025.
Cboe earns revenue across three captions: derivatives markets (proprietary SPX and VIX products plus multi-listed options), cash and spot markets (U.S., European, Canadian, and Australian equities plus FX), and Cboe Data Vantage (market data licenses, access fees, and proprietary index licensing). For proprietary products such as SPX options, pricing uses price-time or pro-rata allocation where all participants pay fees, generating higher per-contract net revenue than multi-listed products, which face intense pricing competition through payment-for-order-flow and inverted-fee structures. Cboe Clear Europe eliminated 73% of gross exposure through netting in 2025, generating clearing fee income. In 2025 Cboe initiated wind-down of its Japanese equities business and commenced sales processes for Cboe Australia and Cboe Canada; subsequent to December 31, 2025, Cboe initiated wind-down of CEDX, its pan-European derivatives platform, redirecting capital toward core Options, Futures, U.S. Equities, and Global FX businesses.
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The most concentrated dependency in Cboe's revenue base is the exclusive license from S&P Dow Jones Indices granting sole U.S. rights to list S&P 500 index options through December 31, 2032. The 10-K discloses that if S&P declines to renew on an exclusive basis, Cboe would face multi-listing competition in what is now an exclusive product; non-renewal entirely would eliminate the right to list the product. Given that SPX options and VIX options/futures represent the bulk of the 68% options-and-futures net revenue share, the 2032 S&P renewal is a binary event for this revenue stream. CFTC and SEC regulatory changes, including equity market structure proposals affecting fee schedules, may weigh on pricing flexibility across Cboe's listed equities businesses.
See also: Financial Services · Financial Data & Stock Exchanges
From Cboe Global Markets, Inc.'s most recent 10-K filing, extracted June 9, 2026.
Recent developments
updated 2026-07-07Recent Developments — Cboe Global Markets, Inc.
Latest news
- NEWS CBOE Global and CME Group lead S&P 500 industrials movers in Q1 - MSN — MSN neutral
- NEWS Cboe to Offer Expanded Trading Hours for Select Equity Options - Traders Magazine — Traders Magazine positive
- NEWS Cboe Global to appoint Duinstra as EVP and Chief Risk Officer - Securities Finance Times — Securities Finance Times positive
- NEWS 3 reasons why growth investors shouldn't overlook CBOE (CBOE) - MSN — MSN positive
- NEWS Canada’s TMX Group in Talks to Buy Cboe Australia, AFR Says - Bloomberg — Bloomberg positive
Generated 2026-07-07T12:21:43Z.
Upcoming dated catalysts
Thesis
Key Metrics
Quality Signals
Options Flow
Concentration Risks(10-K Item 1A)
- HIGHProductoptions and futures segments68%10-K Item 1A: 'approximately 68% of our total revenues less cost of revenues were generated by the options and futures segments, the majority of which was generated by products based on exclusively licensed indices'
Material Events(8-K, last 90d)
- 2026-05-01Item 2.02LOWCboe reported financial results for the quarter ended March 31, 2026. Press release attached as Exhibit 99.1.SEC filing →
- 2026-05-01Item 2.05MEDIUMCboe announced additional strategic realignment actions expected to be substantially completed by end of 2026, with pre-tax restructuring charges of approximately $36 million to $46 million, primarily severance. Follows comprehensive strategic review conducted in Q4 2025.SEC filing →
Model-generated analysis — not investment advice. Not a registered investment advisor. Past performance does not guarantee future results.
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Rating Breakdown
10 dimensions · all in-band
Price Targets
Position Sizing
Risk Alerts
Earnings
Verdict History
Frequently Asked Questions
Wait for pullback to $235.94. At $246.00 the A.R:R is 1.2:1 — below the 1.5:1 minimum for BUY_NOW. Engine's entry $235.94 (Support Atr Sticky) is the shallowest technical level that clears the 2:1 A.R:R minimum. Key risk: Concentration risk — Product: options and futures segments (68.0%). Chart setup: No clear chart pattern; technical signals are mixed. Wide-moat business. Accumulate on weakness. Target $278.21 (+13.1%), stop $209.42 (−17.5%), A.R:R 1.3:1. Score 6.1/10, moderate confidence.
Take-profit target: $278.21 (+19.0% upside). Target $278.21 (+13.1%), stop $209.42 (−17.5%), A.R:R 1.3:1. Stop-loss: $209.42.
Concentration risk — Product: options and futures segments (68.0%).
Cboe Global Markets, Inc. trades at a P/E of 21.3 (forward 16.9). TrendMatrix value score: 5.7/10. Verdict: Buy (Wait for Entry).
24 analysts cover CBOE with a consensus score of 3.3/5. Average price target: $320.
What does Cboe Global Markets, Inc. do?Cboe Global Markets operates the largest U.S. options exchange and four additional segments—North American Equities,...
Cboe Global Markets operates the largest U.S. options exchange and four additional segments—North American Equities, Futures, Global FX, and Europe and Asia Pacific—covering derivatives, equities, FX, and clearing globally. Transaction and clearing fees drove 74% of 2025 net revenues, anchored by proprietary SPX options and VIX options/futures. Cboe holds exclusive S&P 500 index options trading rights through December 31, 2032.