Cboe is a wide-moat, high-quality exchange operator and industry growth leader in a breakout, but the price is 9.2% above the analyst target and 68% of revenue sits in options and futures.
Thesis pillars
- Wide Moat Compounder Quality→Stable
- Industry Growth Leadership→Stable
- Options Futures Concentration↓Deteriorating
- +2 more pillars — see the Why tab for full reasoning
Pillars as of Nov 1, 2026, based on the 10-K filed Feb 20, 2026
Cboe Global Markets, Inc. (CBOE) Stock Analysis
Breakout setup
Financial Services · Financial Data & Stock Exchanges
Hold if already holding. Not a fresh buy at $345.21, but acceptable to hold if already in. Reasons: Concentration risk — Product: options and futures segments (68.0%); Analyst target reached - limited upside remaining.
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
Hold if already holding. Not a fresh buy at $345.21, but acceptable to hold if already in. Reasons: Concentration risk — Product: options and futures segments (68.0%); Analyst target reached - limited upside remaining. Chart setup: Golden cross, above all MAs, RSI 66, MACD bullish. Downgraded from BUY WAIT — price $345.21 vs the analyst target $318.72: -7.7% upside; No upside left. Score 6.4/10, high confidence.
Passes 6/8 gates (positive momentum, clean insider activity, news boost analyst 0.60, earnings proximity 92d 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.
Show full overview
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 Nov 4, 2026Recent Developments — Cboe Global Markets, Inc.
Latest news
- NEWS Cboe and Citadel Securities Are Suing to Overturn the CFTC's Approval of Stock Perpetual Futures. Could That Slow Hyperl — 24/7 Wall St. Nov 4, 2026 neutral
- NEWS Cboe Global Markets Inc. stock underperforms Wednesday when compared to competitors - MarketWatch — MarketWatch Oct 28, 2026 negative
- NEWS CBOE Global Markets, Inc. expected to post earnings of $3.43 a share - Earnings Preview - TradingView — TradingView Oct 28, 2026 neutral
- NEWS Cboe Global Markets (BATS:CBOE) Stock Forecast & Analyst Predictions - Simply Wall St — Simply Wall St Oct 28, 2026 neutral
- NEWS Cboe Stock Jumps As 25-Year SPX License Extension Resets The Game - StocksToTrade — StocksToTrade Sep 30, 2026 positive
Latest item Nov 4, 2026 · Generated 2026-11-05T11:34:07Z.
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. How we score · Editorial policy
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Rating Breakdown
1 floor-breaker·1 ceiling hit
Technicals below the gate floor. Component breakdown shows what dragged the score down.static
Price Targets
Position Sizing
Risk Alerts
Earnings
Verdict History
Frequently Asked Questions
Hold if already holding. Not a fresh buy at $345.21, but acceptable to hold if already in. Reasons: Concentration risk — Product: options and futures segments (68.0%); Analyst target reached - limited upside remaining. Chart setup: Golden cross, above all MAs, RSI 66, MACD bullish. Downgraded from BUY WAIT — price $345.21 vs the analyst target $318.72: -7.7% upside; No upside left. Analyst target $318.72 reached (−7.7%), stop $308.65 (−11.8%), A.R:R -0.5:1. Score 6.4/10, high confidence.
Analyst target $318.72 reached (−7.7% from $345.21); no take-profit level is published. Analyst target $318.72 reached (−7.7%), stop $308.65 (−11.8%), A.R:R -0.5:1. Stop-loss: $308.65.
Concentration risk — Product: options and futures segments (68.0%); Analyst target reached - limited upside remaining.
Cboe Global Markets, Inc. trades at a P/E of 24.6 (forward 22.3). TrendMatrix value score: 4.3/10. Verdict: Hold.
25 analysts rate CBOE, with a consensus score of 3.5/5. 15 analysts publish price targets averaging $354.
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.