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Cboe Global Markets

BATS:CBOE
Snowflake Description

Adequate balance sheet and slightly overvalued.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
CBOE
BATS
$13B
Market Cap
  1. Home
  2. US
  3. Diversified Financials
Company description

Cboe Global Markets, Inc., through its subsidiaries, operates as an options exchange in the United States. The last earnings update was 11 days ago. More info.


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CBOE Share Price and Events
7 Day Returns
-0.1%
BATS:CBOE
1.6%
US Capital Markets
0.8%
US Market
1 Year Returns
5.1%
BATS:CBOE
5.9%
US Capital Markets
11%
US Market
CBOE Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Cboe Global Markets (CBOE) -0.1% -0.4% -3.6% 5.1% 68% 93.1%
US Capital Markets 1.6% 6.3% 6.7% 5.9% 36.7% 58%
US Market 0.8% 4.3% 6.1% 11% 40.2% 45%
1 Year Return vs Industry and Market
  • CBOE matched the Capital Markets industry (5.9%) over the past year.
  • CBOE underperformed the Market in United States of America which returned 11% over the past year.
Price Volatility
CBOE
Industry
5yr Volatility vs Market

CBOE Value

 Is Cboe Global Markets undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of Cboe Global Markets to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for Cboe Global Markets.

BATS:CBOE Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model Excess Returns Model
Stable EPS Median Return on Equity from the past 5 years.
= Stable Book Value * Return on Equity
= $32.11 * 12.7%
$4.08
Book Value of Equity per Share Weighted future Book Value estimates from 2 analysts. $32.11
Discount Rate (Cost of Equity) See below 7.9%
Perpetual Growth Rate 10-Year US Government Bond Rate 2.7%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for BATS:CBOE
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year US Govt Bond Rate 2.7%
Equity Risk Premium S&P Global 6%
Capital Markets Unlevered Beta Simply Wall St/ S&P Global 0.76
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.758 (1 + (1- 21%) (7.24%))
0.867
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
0.87
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 2.73% + (0.867 * 5.96%)
7.9%

Discounted Cash Flow Calculation for BATS:CBOE using Excess Returns Model Model

The calculations below outline how an intrinsic value for Cboe Global Markets is arrived at using the Excess Return Model. This approach is used for finance firms where free cash flow is difficult to estimate.

In the Excess Return Model the value of a firm can be written as the sum of capital invested currently in the firm and the present value of excess returns that the firm expects to make in the future.

The model is sensitive to the Return on Equity of the company versus the Cost of Equity, how these are calculated is detailed below the main calculation.

Note the calculations below are per share.

See our documentation to learn about this calculation.

BATS:CBOE Value of Excess Returns
Calculation Result
Excess Returns = (Stable Return on equity – Cost of equity) (Book Value of Equity per share)
= (12.7% – 7.9%) * $32.11)
$1.54
Terminal Value of Excess Returns = Excess Returns / (Cost of Equity - Expected Growth Rate)
= $1.54 / (7.9% - 2.73%)
$29.87
Value of Equity = Book Value per share + Terminal Value of Excess Returns
= $32.11 + $29.87
$61.98
BATS:CBOE Discount to Share Price
Calculation Result
Value per share (USD) From above. $61.98
Current discount Discount to share price of $115.10
= -1 x ($115.10 - $61.98) / $61.98
-85.7%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

  • The current share price of Cboe Global Markets is above its future cash flow value.
Often investors are willing to pay a premium for a company that has a high dividend or the potential for future growth.
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for Cboe Global Markets's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Cboe Global Markets's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
BATS:CBOE PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-09-30) in USD $3.80
BATS:CBOE Share Price ** BATS (2019-11-11) in USD $115.1
United States of America Capital Markets Industry PE Ratio Median Figure of 80 Publicly-Listed Capital Markets Companies 36.52x
United States of America Market PE Ratio Median Figure of 2,909 Publicly-Listed Companies 18.22x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of Cboe Global Markets.

BATS:CBOE PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= BATS:CBOE Share Price ÷ EPS (both in USD)

= 115.1 ÷ 3.80

30.27x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Cboe Global Markets is good value based on earnings compared to the US Capital Markets industry average.
  • Cboe Global Markets is overvalued based on earnings compared to the United States of America market.
Price based on expected Growth
Does Cboe Global Markets's expected growth come at a high price?
Raw Data
BATS:CBOE PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 30.27x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 12 Analysts
9.9%per year
United States of America Capital Markets Industry PEG Ratio Median Figure of 36 Publicly-Listed Capital Markets Companies 1.91x
United States of America Market PEG Ratio Median Figure of 2,014 Publicly-Listed Companies 1.47x

*Line of best fit is calculated by linear regression .

BATS:CBOE PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 30.27x ÷ 9.9%

3.07x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Cboe Global Markets is poor value based on expected growth next year.
Price based on value of assets
What value do investors place on Cboe Global Markets's assets?
Raw Data
BATS:CBOE PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-09-30) in USD $29.92
BATS:CBOE Share Price * BATS (2019-11-11) in USD $115.1
United States of America Capital Markets Industry PB Ratio Median Figure of 151 Publicly-Listed Capital Markets Companies 6.6x
United States of America Market PB Ratio Median Figure of 5,043 Publicly-Listed Companies 1.74x
BATS:CBOE PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= BATS:CBOE Share Price ÷ Book Value per Share (both in USD)

= 115.1 ÷ 29.92

3.85x

* Primary Listing of Cboe Global Markets.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Cboe Global Markets is good value based on assets compared to the US Capital Markets industry average.
X
Value checks
We assess Cboe Global Markets's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the Capital Markets industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the Capital Markets industry average (and greater than 0)? (1 check)
  5. Cboe Global Markets has a total score of 2/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

CBOE Future Performance

 How is Cboe Global Markets expected to perform in the next 1 to 3 years based on estimates from 12 analysts?

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
9.9%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Cboe Global Markets expected to grow at an attractive rate?
  • Cboe Global Markets's earnings growth is expected to exceed the low risk savings rate of 2.7%.
Growth vs Market Checks
  • Cboe Global Markets's earnings growth is positive but not above the United States of America market average.
  • Cboe Global Markets's revenue growth is positive but not above the United States of America market average.
Annual Growth Rates Comparison
Raw Data
BATS:CBOE Future Growth Rates Data Sources
Data Point Source Value (per year)
BATS:CBOE Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 12 Analysts 9.9%
BATS:CBOE Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 12 Analysts 0.1%
United States of America Capital Markets Industry Earnings Growth Rate Market Cap Weighted Average 4.9%
United States of America Capital Markets Industry Revenue Growth Rate Market Cap Weighted Average 3.5%
United States of America Market Earnings Growth Rate Market Cap Weighted Average 14.2%
United States of America Market Revenue Growth Rate Market Cap Weighted Average 7.2%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
BATS:CBOE Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (1 month ago) See Below
Future Estimates Average of up to 12 Analyst Estimates (S&P Global) See Below
All numbers in USD Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
BATS:CBOE Future Estimates Data
Date (Data in USD Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2023-12-31 1,336 1
2022-12-31 1,289 1
2021-12-31 1,263 481 9
2020-12-31 1,211 440 12
2019-12-31 1,139 383 12
2019-11-12
BATS:CBOE Past Financials Data
Date (Data in USD Millions) Revenue Cash Flow Net Income *
2019-09-30 2,645 622 424
2019-06-30 2,546 503 404
2019-03-31 2,593 489 398
2018-12-31 2,769 535 422
2018-09-30 2,642 504 539
2018-06-30 2,677 552 514
2018-03-31 2,651 556 499
2017-12-31 2,229 374 397
2017-09-30 1,799 234 187
2017-06-30 1,357 287 168
2017-03-31 889 115 151
2016-12-31 703 230 185

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Cboe Global Markets's earnings are expected to grow by 9.9% yearly, however this is not considered high growth (20% yearly).
  • Cboe Global Markets's revenue is expected to grow by 0.1% yearly, however this is not considered high growth (20% yearly).
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
BATS:CBOE Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (1 month ago) See Below
Future Estimates Average of up to 12 Analyst Estimates (S&P Global) See Below

All data from Cboe Global Markets Company Filings, last reported 1 month ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

BATS:CBOE Future Estimates Data
Date (Data in USD Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2023-12-31 5.27 5.27 5.27 1.00
2022-12-31 4.90 4.90 4.90 1.00
2021-12-31 4.45 4.60 4.34 4.00
2020-12-31 4.02 4.15 3.89 4.00
2019-12-31 3.45 3.51 3.39 4.00
2019-11-12
BATS:CBOE Past Financials Data
Date (Data in USD Millions) EPS *
2019-09-30 3.80
2019-06-30 3.62
2019-03-31 3.57
2018-12-31 3.78
2018-09-30 4.81
2018-06-30 4.58
2018-03-31 4.44
2017-12-31 3.70
2017-09-30 1.88
2017-06-30 1.83
2017-03-31 1.80
2016-12-31 2.27

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • Cboe Global Markets is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).
X
Future performance checks
We assess Cboe Global Markets's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the United States of America market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the United States of America market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
Cboe Global Markets has a total score of 1/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

CBOE Past Performance

  How has Cboe Global Markets performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare Cboe Global Markets's growth in the last year to its industry (Capital Markets).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • Cboe Global Markets has delivered over 20% year on year earnings growth in the past 5 years.
  • Cboe Global Markets's 1-year earnings growth is negative, it can't be compared to the 5-year average.
  • Cboe Global Markets's 1-year earnings growth is negative, it can't be compared to the US Capital Markets industry average.
Earnings and Revenue History
Cboe Global Markets's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from Cboe Global Markets Company Filings, last reported 1 month ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

BATS:CBOE Past Revenue, Cash Flow and Net Income Data
Date (Data in USD Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-09-30 2,645.20 424.00 334.60
2019-06-30 2,545.70 403.50 336.30
2019-03-31 2,592.60 398.30 340.00
2018-12-31 2,768.80 422.10 354.20
2018-09-30 2,641.80 539.30 362.20
2018-06-30 2,677.30 514.00 364.10
2018-03-31 2,650.60 498.90 357.00
2017-12-31 2,229.10 396.70 337.00
2017-09-30 1,799.20 187.00 299.50
2017-06-30 1,356.50 167.60 263.20
2017-03-31 888.80 150.80 230.20
2016-12-31 703.10 184.90 205.50
2016-09-30 668.25 190.18 202.84
2016-06-30 686.58 217.10 202.75
2016-03-31 662.21 211.25 195.93
2015-12-31 663.80 204.10 190.70
2015-09-30 645.09 203.06 187.24
2015-06-30 606.96 183.99 182.72
2015-03-31 602.18 181.94 184.83
2014-12-31 617.23 188.39 191.75
2014-09-30 592.57 184.92 185.33
2014-06-30 580.40 177.72 184.29
2014-03-31 587.23 180.60 186.35
2013-12-31 572.05 173.86 187.17
2013-09-30 560.30 167.49 189.75
2013-06-30 551.87 171.75 191.45
2013-03-31 533.65 164.18 186.49
2012-12-31 512.34 155.25 181.15

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • Cboe Global Markets has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • Cboe Global Markets used its assets more efficiently than the US Capital Markets industry average last year based on Return on Assets.
  • Cboe Global Markets's use of capital deteriorated last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess Cboe Global Markets's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the Capital Markets industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
Cboe Global Markets has a total score of 2/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

CBOE Health

 How is Cboe Global Markets's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up Cboe Global Markets's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Cboe Global Markets is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • Cboe Global Markets's long term commitments exceed its cash and other short term assets.
Balance sheet
This treemap shows a more detailed breakdown of Cboe Global Markets's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • Low level of unsold assets.
  • Debt is not covered by short term assets, assets are 0.6x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from Cboe Global Markets Company Filings, last reported 1 month ago.

BATS:CBOE Past Debt and Equity Data
Date (Data in USD Millions) Total Equity Total Debt Cash & Short Term Investments
2019-09-30 3,328.70 867.10 171.40
2019-06-30 3,332.80 916.60 244.20
2019-03-31 3,294.80 1,216.00 376.40
2018-12-31 3,250.40 1,215.40 310.80
2018-09-30 3,161.30 1,214.70 137.70
2018-06-30 3,159.00 1,214.10 271.80
2018-03-31 3,184.60 1,213.40 230.30
2017-12-31 3,120.00 1,237.90 190.80
2017-09-30 2,887.30 1,312.40 127.20
2017-06-30 2,829.30 1,411.30 259.00
2017-03-31 2,758.00 1,486.70 194.60
2016-12-31 330.50 0.00 97.30
2016-09-30 302.17 0.00 72.76
2016-06-30 278.36 0.00 52.19
2016-03-31 260.53 0.00 107.48
2015-12-31 259.65 0.00 102.25
2015-09-30 259.82 0.00 121.68
2015-06-30 227.02 0.00 89.63
2015-03-31 243.74 0.00 137.56
2014-12-31 250.07 0.00 147.93
2014-09-30 245.12 0.00 126.52
2014-06-30 263.89 0.00 145.11
2014-03-31 286.68 0.00 199.07
2013-12-31 284.52 0.00 221.34
2013-09-30 325.40 0.00 226.38
2013-06-30 309.91 0.00 207.77
2013-03-31 274.73 0.00 210.49
2012-12-31 239.12 0.00 135.60
  • Cboe Global Markets's level of debt (26%) compared to net worth is satisfactory (less than 40%).
  • Unable to establish if Cboe Global Markets's debt level has increased without past 5-year debt data.
  • Debt is well covered by operating cash flow (71.7%, greater than 20% of total debt).
  • Interest payments on debt are well covered by earnings (EBIT is 21.6x coverage).
X
Financial health checks
We assess Cboe Global Markets's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. Cboe Global Markets has a total score of 4/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

CBOE Dividends

 What is Cboe Global Markets's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
1.25%
Current annual income from Cboe Global Markets dividends. Estimated to be 1.27% next year.
If you bought $2,000 of Cboe Global Markets shares you are expected to receive $25 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • Cboe Global Markets's pays a lower dividend yield than the bottom 25% of dividend payers in United States of America (1.43%).
  • Cboe Global Markets's dividend is below the markets top 25% of dividend payers in United States of America (3.66%).
Upcoming dividend payment

Purchase Cboe Global Markets before the 'Ex-dividend' to receive their next dividend payment.

Dividends are usually paid every 3 or 6 months, you can time your share purchase to take advantage of upcoming dividend payments.
Dividend payment calendar
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
BATS:CBOE Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 12 Analyst Estimates (S&P Global) See Below
United States of America Capital Markets Industry Average Dividend Yield Market Cap Weighted Average of 42 Stocks 2%
United States of America Market Average Dividend Yield Market Cap Weighted Average of 1942 Stocks 2.4%
United States of America Minimum Threshold Dividend Yield 10th Percentile 0.8%
United States of America Bottom 25% Dividend Yield 25th Percentile 1.4%
United States of America Top 25% Dividend Yield 75th Percentile 3.7%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

BATS:CBOE Future Dividends Estimate Data
Date (Data in $) Dividend per Share (annual) Avg. No. Analysts
2023-12-31
2022-12-31
2021-12-31 1.62 6.00
2020-12-31 1.50 10.00
2019-12-31 1.34 10.00
2019-11-12
BATS:CBOE Past Annualized Dividends Data
Date (Data in $) Dividend per share (annual) Avg. Yield (%)
2019-07-31 1.440 1.235
2019-02-13 1.240 1.211
2018-10-30 1.240 1.235
2018-08-01 1.240 1.235
2018-05-17 1.080 1.049
2018-02-15 1.080 0.972
2017-10-27 1.080 0.880
2017-07-28 1.080 1.047
2017-05-18 1.000 1.113
2017-02-16 1.000 1.232
2016-10-26 1.000 1.381
2016-07-28 1.000 1.481
2016-05-19 0.920 1.407
2016-02-17 0.920 1.433
2015-10-28 0.920 1.393
2015-07-29 0.920 1.424
2015-04-29 0.840 1.430
2015-02-04 0.840 1.416
2014-10-29 0.840 1.338
2014-07-30 1.340 2.507
2014-04-29 1.220 2.471
2014-02-05 1.220 2.239
2013-10-24 1.220 2.391
2013-07-30 0.720 1.527
2013-05-01 0.600 1.389
2013-02-06 0.600 1.664
2012-10-31 0.600 1.947
2012-07-31 0.600 2.061
2012-05-01 0.480 1.796
2012-02-08 0.480 1.746
2011-11-02 0.480 1.845
2011-08-02 0.480 1.927
2011-05-05 0.400 1.616
2011-02-10 0.400 1.455
2010-11-02 0.400 1.688
2010-08-05 0.400 1.798

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Cboe Global Markets has been paying a dividend for less than 10 years and during this time payments have been volatile (annual drop of over 20%).
  • Dividend payments have increased, but Cboe Global Markets only paid a dividend in the past 9 years.
Current Payout to shareholders
What portion of Cboe Global Markets's earnings are paid to the shareholders as a dividend.
  • Dividends paid are well covered by earnings (2.9x coverage).
Future Payout to shareholders
  • Dividends after 3 years are expected to be well covered by earnings (3.6x coverage).
X
Income/ dividend checks
We assess Cboe Global Markets's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 0.8%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can Cboe Global Markets afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Cboe Global Markets has a total score of 2/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

CBOE Management

 What is the CEO of Cboe Global Markets's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Ed Tilly
COMPENSATION $8,453,137
AGE 56
TENURE AS CEO 6.5 years
CEO Bio

Mr. Edward T. Tilly, also known as Ed, has been the Chief Executive Officer at Cboe Exchange, Inc. and C2 Options Exchange (C2) since May 23, 2013 and President since January 14, 2019. Mr. Tilly serves as the Chairman of CBOE Futures Exchange, LLC. He has been Chairman at Cboe Exchange, Inc. since February 28, 2017. He has been an integral part of the CBOE community, as both a trader and exchange executive, for more than 25 years. He traded as both a market maker and a designated primary market maker (DPM) until joining CBOE’s executive management team in 2006. He served as the President and Chief Operating Officer of Cboe Global Markets, Inc. at C2 Options Exchange, Inc. since November 1, 2011 to May 23, 2013. He served as an Executive Vice Chairman at Cboe Exchange, Inc. since August 2006 to 2011. He has been a Director of Cboe Global Markets, Inc. since May 2013. He served as a Director of The Options Clearing Corporation. Mr. Tilly serves as Director of American Financial Exchange, LLC. Mr. Tilly served as a Director of the CBOE Stock Exchange since May 2013. He served as a Director of OneChicago LLC. He served on the CBOE Board of Directors from 1998 to 2000 and from 2003 to November 2006. He serves as Vice Chairman of World Federation of Exchanges. He serves on the Board of Directors for World Federation of Exchanges, Northwestern Medical Group, the OCC and Working in the Schools and on the Board of Visitors of the Weinberg College of Arts and Sciences at Northwestern University. He is a Member of the Economic Club of Chicago and Commercial Club of Chicago. Mr. Tilly holds Bachelors in Arts degree in Economics from Northwestern University.

CEO Compensation
  • Ed's compensation has been consistent with company performance over the past year, both up more than 20%.
  • Ed's remuneration is about average for companies of similar size in United States of America.
Management Team Tenure

Average tenure and age of the Cboe Global Markets management team in years:

1.8
Average Tenure
54
Average Age
  • The average tenure for the Cboe Global Markets management team is less than 2 years, this suggests a new team.
Management Team

Ed Tilly

TITLE
Chairman
COMPENSATION
$8M
AGE
56
TENURE
6.5 yrs

Brian Schell

TITLE
Executive VP
COMPENSATION
$2M
AGE
54
TENURE
1.8 yrs

Chris Isaacson

TITLE
Executive VP & COO
COMPENSATION
$4M
AGE
41
TENURE
0.8 yrs

Mark Hemsley

TITLE
Executive VP & President of Europe
COMPENSATION
$2M
AGE
57

Jill Griebenow

TITLE
Senior VP & Chief Accounting Officer
AGE
39
TENURE
1.3 yrs

Eric Crampton

TITLE
Senior VP & Chief Technology Officer
TENURE
0.8 yrs

Debbie Koopman

TITLE
Vice President of Investor Relations

Alexandra Albright

TITLE
Chief Compliance Officer
TENURE
7.6 yrs

Pat Sexton

TITLE
Executive VP
AGE
54
TENURE
1.7 yrs

Stephanie Klein

TITLE
Chief Marketing Officer & VP
TENURE
4.7 yrs
Board of Directors Tenure

Average tenure and age of the Cboe Global Markets board of directors in years:

7.4
Average Tenure
61.5
Average Age
  • The tenure for the Cboe Global Markets board of directors is about average.
Board of Directors

Ed Tilly

TITLE
Chairman
COMPENSATION
$8M
AGE
56
TENURE
2.8 yrs

Roderick Palmore

TITLE
Independent Director
COMPENSATION
$241K
AGE
67
TENURE
19.8 yrs

Carole Stone

TITLE
Director
COMPENSATION
$254K
AGE
72
TENURE
13.8 yrs

Jill Goodman

TITLE
Independent Director
COMPENSATION
$234K
AGE
52
TENURE
7.4 yrs

Ed Fitzpatrick

TITLE
Independent Director
COMPENSATION
$251K
AGE
53
TENURE
6.5 yrs

Bill Farrow

TITLE
Independent Director
COMPENSATION
$235K
AGE
64
TENURE
3.5 yrs

Gene Sunshine

TITLE
Lead Director
COMPENSATION
$300K
AGE
69

Janet Froetscher

TITLE
Independent Director
COMPENSATION
$227K
AGE
59
TENURE
14.8 yrs

Frank English

TITLE
Independent Director
COMPENSATION
$231K
AGE
73
TENURE
7.4 yrs

Joe Ratterman

TITLE
Independent Director
COMPENSATION
$218K
AGE
53
TENURE
2.8 yrs
Who owns this company?
Recent Insider Trading
  • Cboe Global Markets individual insiders have only sold shares in the past 3 months.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price ($) Value ($)
19. Aug 19 Sell Michael Richter Individual 15. Aug 19 15. Aug 19 -2,600 $120.50 $-313,300
07. Aug 19 Sell Carole Stone Individual 05. Aug 19 05. Aug 19 -2,766 $117.70 $-325,558
04. Jun 19 Sell Brian Schell Individual 31. May 19 31. May 19 -10,000 $108.47 $-1,084,700
23. May 19 Sell Bryan Harkins Individual 22. May 19 22. May 19 -4,300 $106.71 $-458,853
X
Management checks
We assess Cboe Global Markets's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. Cboe Global Markets has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

CBOE News

Simply Wall St News

CBOE Company Info

Description

Cboe Global Markets, Inc., through its subsidiaries, operates as an options exchange in the United States. It operates in five segments: Options, U.S. Equities, Futures, European Equities, and Global FX. The Options segment trades in listed market indexes. The U.S. Equities segment trades in listed cash equities; and offers exchange-traded products (ETP) transaction and ETP listing services. The Futures segment trades in futures, bitcoins, and other products. The European Equities segment trades in pan-European listed equities transaction services, ETPs, exchange-traded commodities, and international depository receipts that occur on the recognized investment exchange. It also provides listed cash equities and ETPs routed transaction services, as well as listing services. The Global FX segment provides institutional foreign exchange (FX) and non-deliverable forward FX transactions services. Cboe Global Markets, Inc. has strategic relationships with S&P Dow Jones Indices, LLC; FTSE International Limited; Frank Russell Company; MSCI Inc.; DJI Opco, LLC.; and Cboe Vest Financial Group, Inc. The company was formerly known as CBOE Holdings, Inc. and changed its name to Cboe Global Markets, Inc. in October 2017. Cboe Global Markets, Inc. was founded in 1973 and is headquartered in Chicago, Illinois.

Details
Name: Cboe Global Markets, Inc.
CBOE
Exchange: BATS
Founded: 1973
$12,760,132,177
110,861,270
Website: http://www.cboe.com
Address: Cboe Global Markets, Inc.
400 South LaSalle Street,
Chicago,
Illinois, 60605,
United States
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
BATS CBOE Common Stock Better Alternative Trading System US USD 15. Jun 2010
DB C67 Common Stock Deutsche Boerse AG DE EUR 15. Jun 2010
LSE 0HQN Common Stock London Stock Exchange GB USD 15. Jun 2010
BMV CBOE * Common Stock Bolsa Mexicana de Valores MX MXN 15. Jun 2010
Number of employees
Current staff
Staff numbers
842
Cboe Global Markets employees.
Industry
Financial Exchanges and Data
Diversified Financials
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/11/12 02:00
End of day share price update: 2019/11/11 00:00
Last estimates confirmation: 2019/11/08
Last earnings filing: 2019/11/01
Last earnings reported: 2019/09/30
Last annual earnings reported: 2018/12/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.